We are reminded of a story when we think about constructing a house.
A boom boom mattukkaran was earning his living by using his boom boom madu. Whatever he says it would respond by shaking his head conveying NO. He would say, "Is Ayya a bad man", the madu would say NO. One day, all on a sudden, it stoped shaking it's head. He lost his livelihood. He rang the bell in front of the fort. In the assembly, the Raja felt that it was his duty to redress the grievance of his subject. He offed Ponmudi of 100 gold coins who make the animal shake it's head as it had done earlier. Ministers and others tried all tricks but failed. At last our hero went to the animal and said something in its ears. To everyone's surprise, it shook it's head conveying a big NO. The Raja asked our hero as to what he told the madu. Our hero said that he asked the animal whether he is interested in building/purchasing a sontha veedu. It said NO, NO.
We can adopt the story to other situations. But the fact remains that building/purchasing a house has become a Herculean Task. But no other option. Once we start earning, we have to have a sontha veedu. Now brides would put a precondition that the bridegroom should have his own house.
Having worked in housing loan section in Canara Bank, our Team Leader, N Thangavel,Retired Senior Manager would make the process simple but foolproof. The process would be as follows:
1. Let us first arrive at the budget. We can purchase a house for any amount from Rs. 25 Lakhs to more than Rs. One crore. Besides our own savings, we have to visit banks and know about loan eligibility. We should not rely on agents. On the face of it, the agents or others would say that you would get this much. But we have to show our income papers and from the mouth of the Manager we should know our eligibility.
We should understand one more practical issue. We should have own funds of more than Rs. 10 lakhs. Banks may say margin of 10 or 20%. But, at the time of purchase of plot, the plot cost may be Rs. 15 lakhs or more. But the guideline value maay be less than Rs. 5 lakhs. Banks would be give 80 or 90%of the guideline Value only. So, we need not less than Rs. 10 lakhs. So we may need more money in hand.
2. Then after arriving at the house value and source, we have to decide whether to purchase a built house or we have to purchase a plot and construct a house. As in the case of any matter, there are both plus and minuses on both sides. We feel that the best option is to build a house by ourselves. But, today it may not be possible,as we may receide elsewhere or we maynot know the intricacies in building a house. Our Experience team will make it possible. We will help you to make the process simple but foolproof. Give us a chance.
3. We will help you to find a plot. It is not easy. We need not go for a big plot we can purchase a small plot and construct first floor and have one bedroom in Ground floor. Regarding the plot, we have to ensure that It should be an approved or regularised plot. Owners/mediators may tell many things but we should not rely on them. It is true that unapproved plots can also be purchased/ registered. But, for plan approval, the plot should be an approved/regularised one. So, when we identify a plot, we should ensure that it is an approved plot or we have to ensure that after purchase it can be got regularised. We can know whether it could be got regularised by visiting the corporation/Town panchayat office.Our Experienced team will help you in these regards.
4. Next important issue is ensuring clear title. We should not pay high advance before ensuring clear title. When we say clear title, everyone will say that we will obtain Encumbrance Certificate. It is not enough. We have to verify land records and all the parental documents. We should get a Legal opinion from the Bank's panel advocate. We may purchase a plot and go for loan for construction. But, before purchasing plot we should get LSR. (Legal Scrutiny Report).Because after purchasing a plot, if there are defaults in the title we will find it difficult to get a loan. After ourchase of the plot,the owner of the plot will not help us by giving necessary paper or clarifications. The cost of getting an LSR woud be less than cost of 5,000. Our Experienced team with rich experience in these field, will help you in these matter.
5. After identifying a plot, we have get a concept plan from an Engineer. It is nothing but the house construction we propose. We can draw more than one plan and re-draw the plan. We can take more time for this process. Our Engineer will help you to draw a plan as per vasthu. In small plot also, he will draw two bedroom house and he will ensure that no place is wasted as passage etc.
6. Next we will arrive at the estimate. We need not build a luxurious house but we should build a good house with quality materials. You may come across many quotations in papers where they offer to build at a cost of from Rs. 1800/-. We advise you to find out what is included and what is excluded and also would they increase the cost during construction. When they quote less, they will exclude septic tank, thattodu, loose kuzhi, etc. During construction, they may claim for some works saying that they are not included in the estimate. Hence, we would advise our friends to know all the details and the detailed work details may be obtained. Our Team will give a detailed list of Works included with minute details like cost of tiles, Closets etc. We also assure you that during the time of construction we will not demand more than the agreed amount coating the increae in the price of materials. you can have a thorough discussion after going through the list we give. We will give you the details of amounts you have to give at varoius stages of construction and at any point of time you would feel happy that the amount you give as, is already invested in your house.
7. Again, another issue also we should know. Most banks will disburse construction loan only after we construct basement. So, we need funds to construct upto basement level, we may help you by utilizing our funds on selective basis.
The above is not exhaustive. There is no limit for questions and clarifications.