Don't Fall for These 4 Real Estate Traps - Page 2

Don't Fall for These 4 Real Estate Traps

By siliconindia   |   Thursday, March 21, 2013   |    4 Comments

What's the trap?

Before choosing this pre-EMI scheme, home buyers need to ensure that the developer has not padded up the cost. This means, developers might not give any discounts or freebies in the deal. Therefore, it is always better to bargain at the first place when buying a house and then choose the scheme. Moreover, if developer delays to complete the project on time then the time period for pre-EMI payment will get extended and home buyers will end up paying the balance payments all by themselves.

"Try to bargain with the builder to extend the tenure of the scheme till possession and not restrict it to a specific time period. This keeps the pressure on the builder to hasten completion and give possession since he is paying the interest till then," said Samantak Das, director, research & advisory services, Knight Frank India.

Also buyers need to ensure if developer will pay the penalty in case of delay in possession or construction.

Also Read: 11 Most Expensive Cities to Buy a Home 

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