Buying Properties

Thinking to buy flat in Pune, then you should know everything from basic while you finally decide to buy. Advance payment is the most crucial thing when you plan to invest in a real estate property anywhere all across. A homebuyer should be clear about how much he needs to provide as advance payment before entering into a contract.

The buyer’s interest is guaranteed through the means of this advance payment when the purchase of a flat undergoes.

Some frequently asked questions that we try to give answers and provide you better understanding.

    1 What is token money?

Token money is the amount paid when the buyer either buy new properties in Pune or an old one. Booking amount or token money or advance payments they are all the same.

While purchasing the seller and buyer comes under a verbal agreement to seal the deal with a small amount as per the price of the property. It helps in securing the interest of buyer and seller both.

   1 How much do you need to pay as token money?

There are no firms rules or regulations for the token amount a buyer need to pay. It solely depends upon both the parties. It is usually also known as advance payment but in realty industry TOKEN is the most common word used. 

    1 A property with a running loan can be bought or sold?

Any property can be sold or bought only after the existing owner repays the loan amount in full. As the clear dues is a necessity for making any transaction in the property.

The best residential projects in Pune comes with many other complementary features. Along with that the property also have supplementary costs that are hidden at the time of purchase.

Also, the legal transfer of the asset includes many other cost and that is important. The buyer for real estate can be asked to pay advance payment in various forms.

Continue reading to know everything about the payments: 

It should always be made sure to safeguards the interests of a buyer and maintains complete visibility with property dealings. It doesn’t matter that either you are buying an affordable 1 BHK or a luxurious 5 BHK flat in Pune.

    • Booking amount or token money

This is important to seal the deal and book the particular property in buyer’s name. But these things are discussed after knowing the interest of the buyer. The seller can ask for it when the buyer likes everything and is sure about the property. 

It can be asked in the terms like:

    • Goodwill deposit

    • Booking amount

    • Token money

    • Bayana

    • Earnest deposit. 

Usually, a seller may ask for an amount ranging from Rs. 50,000 to Rs. 1 lakh as a token amount.

    • Stamp Duty 

The stamp duty is a law abided payment that a buyer has to make while purchasing a property. But this payment is non-transferable and non-refundable. So, make a decision carefully.

Advance TDS payment, home loan advance payment and many other things are needed to be considered before you book a the best property in Pune.

Keep reading to know more about property deals and how to safeguard your intentions to buy a property.

Happy Investing!!!