You purchase a residential apartment commonly called a flat as a place to reside/stay.
How do you pay for your residential apartment?
If you are purchasing an under construction flat check for the:
- Down Payment
- Construction linked costs
- Flexi payment options
Features of Accidental Insurance Plan
You have to pay around 10-15% of the cost of the apartment at the time of the purchase. This is the down payment for the apartment. Builders ask you to make a down payment at the time of booking of the apartment (10-15% of the cost) and another (70-75%) within a couple of months after booking the apartment. You make the remaining payment at the time you take possession of the flat. This is a highly risky method of making the payments, as you are stuck if the builder delays the construction of your apartment. You could opt for a construction linked plan where you pay 10-15% of the amount as a down payment and the rest of the payments are made as each level of construction is complete. You could opt for the flexi plan where 30-40% of the payments are made as a down payment and the rest as each stage of construction is completed.
Why buy Residential Apartment?
Roof over your head
A roof over your head is a basic necessity. A residential apartment provides you a place to reside.
A Good Investment
You can buy a second apartment as an investment. You can also use it as a vacation home.
No more rent
Tired of living in a rented apartment? Tired of shifting houses? Your own apartment is the answer.
Save on Tax
You save on tax, if you take a home loan to buy your apartment. You save both on the principal and the interest.
Things to remember while purchasing an apartment
Check the title of the land
- The builder needs to have the title deed showing the ownership of the land. The title of the property needs to be clear and marketable. The builder then needs to get approvals from the municipal and other authorities.
Group Accident Policies:
- A the term itself suggests, a Group Accident Policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.
How to make a claim on a Personal Accidental Insurance Plan?
Inform the insurer about the accident:
- The insurer must be informed about the accident as soon as possible. The insurer may also be informed while the insured is on the way to the hospital. In order to show proof that the claim has been filed with the insurer, the policy number or reference number of the insurer should be communicated.
Inform the insurer at the time of hospitalization:
- Fill the claim form.
- Submit the FIR or police report if required.