10 Steps to Own your House! (Step 1 & 2)

HouseInKerala.org breaks down the entire process of House Construction in Kerala to 10 steps and gives you an idea on what to expect at various stages of home construction to prioritize your time and effort more effectively.

STEP 1 - Raising the funds

The idea of building your own home can be an overwhelming one, but the processes involved in getting started are similar to buying a house on the normal property market.

First, you need to establish your financial situation and how much of your own - and a lender's! - money you will be able to spend. You will need to pay for the building plot and also the costs of the building project, and the two should come to at least 10% less than the final value of the finished property.

  

Chances are that most of the money will be coming from a bank or a home-loan finance institution so a good start would be to visit a few of the various home-loan agencies and Banks, particularly those that finance property in your region.

You will be required to furnish details of your income, and the estimated cost of construction. Each financial institution has its own set of rules and documents to be submitted to be eligible for a home loan.

STEP 2 - Procuring the Land

Once you have established the level of funding, you need to overcome the biggest hurdle facing most home-builders - finding a building plot.

You should only consider purchasing land that has been earmarked for residential development or with the appropriate zonal exemption.

Details about Zoning and Zonal Exemption can be obtained from your Local Administrative Office.

  

You can search for plots in the same way that you would look for a house. It is quicker and easier to use the services of Real Estate Agents, if you are willing to pay their Fee or Commissions.

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