Buying a property gives you the good feels knowing that you can finally become an owner. Yet buying the property through a loan can give you an opposite feeling. Since getting a property through loan has become the trend in the real estate business, it seems that you are left with no choice but to just go with the flow.
However, you can actually buy a property without a loan. Indeed, it is possible.
Paying upfront to get a discount
Yes, the hassles of paying the interest and other charges can be avoided if the buyer is willing to pay 80 percent to 90 percent funds. Nitin Bhatia calls this Down Payment Plan wherein if the buyer is willing to pay a full percentage of the price, the building will also be willing to give a discount of up to 10 to 15 percent. With this payment scheme, the buyer doesn't need to get a home loan.
Creating a sale agreement between the buyer and the seller
Before having a Sale Deed, Nitin Bhatia suggests that signing a Sale Agreement with listed terms and conditions of property transaction is a must. Having it notarized would be very helpful in the future. With this sale agreement, the buyer and the seller can simply transact without having to involve any bank to grant a home loan.
Setting a time frame to be financially ready
Maybe you are too in a hurry to get the house you want that you think getting a Home Loan will also be the last resort. Actually, time is essential in buying a property. Why not set your target time to gather all your money and get them ready to purchase a property rather than rushing to buy it by getting a loan in a bank? By patiently waiting for the right time to buy a property, you can save the money that you are supposed to pay for the interest charges should you get the house through home loan. Rediff also suggests that you can hire a financial consultant to help you with this.
