Every Indian wants to be a homeowner. Owning a residential property is a dream that most of us cherish, but the process of finding the right apartment and buying it can be quite stressful.
So let us take a look at the top 5 challenges to finding a home and learn more about the solutions that Blox brings to the table.
1. Finding the right match - Location is often the first thing that comes to mind when you start looking for a property. The location of your property will determine several aspects of your lifestyle. The time you spend commuting to work and back, which school your children attend, the medical facilities and shopping centres you have nearby - these are all a function of the location of your new home. In a major city like Mumbai, there are older, more populated neighbourhoods and newer upcoming suburbs. Each neighbourhood has its own advantages and shortcomings. Picking the right place to live can be a balancing act and can be quite challenging.
2. Finding the right intermediary - In India, finding the right property or project is one of the greatest challenges to finding a home and apartment. Middlemen or agents are often touted to be the solution to this issue. They act as conduits that can help prospective homeowners find properties in the right location, for their budget, and to suit their requirements. The problem is that middlemen often charge both the buyers and the developers, even though the homebuyers’ expectations may not be met. They prefer to tout the properties of developers who pay them more, but this does not translate into support for the homebuyers.
3. Finding original documents - Having clear titles and legal documents is important for two reasons - to be able to get the funding or secure a bank loan from a bank and also to lend legitimacy to your purchase. This seals your ownership of your property and makes any future sale possible. Being able to verify the title documents that have been bought and sold several times, old properties etc. can be difficult at times. Despite this, opting for a property with clear titles and no litigation is very important. Apart from this, there are a number of permits that developers need to get for every construction.
4. Securing finances - In most cases, prospective homeowners are required to put up at least 20% of the price as a downpayment. The remaining can be sourced from a reputed bank or NBFC in the form of a home loan. To be able to secure approval for your loan, you must have a good credit score. But this is not the only criterion. The bank or lender will need a number of documents such as your KYC and identification documents, employment records or salary slips, bank records and other statements of accounts. The bank will also need titles and documents that prove that the property is free from litigation and free for purchase. Another challenge that you may face is finding the right product that offers low-interest rates with a comfortable tenor.
5. Site visits and home tours - Young professionals find it very difficult to take time out for site visits and tours. Managing a busy career, family time, and all other social commitments with taking long hours to visit different projects can be quite challenging. In addition, being able to objectively compare projects is also difficult. This may be particularly unrewarding when middlemen or untrustworthy developers fail to deliver on your expectations from the apartment or the facilities and amenities the project features.
Finding Solutions
We at Blox routinely meet homebuyers who have been riddled with these challenges. We understand that home buying is the journey to fulfil your aspirations, and these challenges may make it a very stressful experience. Our goal is to turn the tide and make house hunting an easy and delightful process.
The Blox online portal is designed to bring you project recommendations that meet your specific criteria like location, budget, developer, and amenities. We use state-of-the-art tech tools such as data science and proprietary algorithms to help you compare properties fairly and change the home-buying experience. You can now go from home search to buying in seven clicks.
Besides the digital experience, Blox endeavours to build investor trust by showcasing only RERA-registered projects from verified developers with a track record of on-time delivery of high-quality residential real estate. This helps secure your interests as a home buyer by assuring your timely delivery of the projects and providing you quality assurance as well. Personalised guidance is available from our relationship managers, who are experts in helping homebuyers find the right apartments. We also offer virtual home tours and site visits that help save time and effort in your house search. Furthermore, Blox is a zero-fee consumer-centric online portal that takes the pressure of paying an additional brokerage away.
