Various factors go into the acquiring of your dream home. We at NorthernSky strive to make this a pleasurable experience for you. Do read the following FAQ’s before going in for any apartment:
1. What do you mean by Super Built Up Area, Carpet area and Built up Area?
The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid.
When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area.
The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
2. What is the list of documents that you should verify before booking a property?
Confirm the approved plans from the appropriate authority are in place.
Check that all other permissions from various authorities are in place. E.g. Corporation permissions, Environment clearance etc.
Confirm that the Land title is clear and there is no disputes/litigation (Title Certificate).
Confirm Builder has the Intimation of Disapproval (IOD) and commencement Certificate (CC) to start construction.
Have the agreement evaluated by an Advocate. Check possession date promised and provide for penalty if Builder does not deliver as agreed.
Check and negotiate the payment schedule.
Do not book in Pre-launch without executing and registering the agreement.
3. How to verify the authenticity of the various documents submitted by the Builder?
Approved plans can be verified from the corporation or other plan sanctioning authority’s office.
Ownership documents of land or development rights held by the builder can be confirmed from the Sub Registrar’s office where they are registered.
Society share certificate can be verified from the Society itself.
4. What is a building completion & Occupancy Certificate?
A building completion certificate is the final document granted by the plan sanctioning authority and usually follows the occupancy certificate. This document certifies that all acts necessary in connection with the construction of a building are complete.
An occupancy certificate is granted by the plan sanctioning authority once the building is complete and ready for Inhabitation. In some places, an official water connection is granted only after the OC has been obtained. This document is given after verification that the construction has been carried out in accordance with the approved plans. The builder is not entitled to give possession and the unit buyer is not allowed to occupy the unit till the OC has been obtained. Further, the property comes into existence on and from the date of granting of OC. Property taxes are also levied as a unit from the OC date.
5. House Loans?
Once you have selected a property at NorthernSky, you can apply for a house loan and all of our projects are approved by most banks therefore getting a loan won’t be difficult.
6. Who is eligible for a house loan and what are the documents required?
Anyone above the age of 21 who has an income is eligible for a house loan; the documents required are as follows:
• Last 3 Months Pay Slips.
• Latest Form – 16.
• Latest 6 months Bank Statement showing Salary Credits.
• Age & Residence Proof.
• Latest Photographs with Signature.
• Processing Fee Cheque.
• Application duly filled & Signed by the Applicant(s).
• Pan card.
• Self attestation in all paper.
7. Which bank do I go to for a loan?
Though most bank give out loans, the dynamics vary. The various factors to keep in mind while going for a loan are as follows:
• Property valuation and loan amount offered;
• Repayment terms;
• Interest rates;
• Date for implementing interest rate adjustments;
• Early redemption penalties and notice period;
• Handling fees, legal fees, etc.
8. Buying only what you can afford
Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. You will need to consider the assets you have – like savings – as well as the money that’s coming in and going out.
Although it may reduce your buying options, you don’t want to commit to a mortgage and then realize you can’t afford some of the nicer things in life! It may sound obvious but take time to think of all the things you spend money on throughout the year, even without a mortgage.
9. How do I select my ideal apartment?
The various factors that go into an ideal apartment are as follows:
• Number of bedrooms / bathrooms.
• Parking provisions.
• Separate kitchen and dining room.
• Private garden.
• How much time/money you may want to spend redecorating etc.
Tell us exactly what type of property you are looking for and the elements that you could possibly compromise on. Also inform them what you don’t want and whether you have a mortgage agreed in principle and we shall give you the best NorthernSky has to offer to suit your individual needs.
10. Which area do I go for?
NorthernSky has properties in various locations in and around Mangalore, if you are moving to a new area, you may want to do some research to see if it is suitable for your lifestyle. Useful information about prices, schools, public transport links and other amenities, etc.
11. Is it the right time to invest?
At NorthernSky we believe that an apartment never goes to waste, with the increasing scarcity of land and ever increasing property prices, we say that an apartment is the best investment.