Home Buying Guide
At the core of everything are you and your family. Your home should complement you. Depending on your daily schedule, work location, and the need for good schools for your children, you should pick a house in the right area. An area that will let you enjoy every urban convenience that you will need. When you invest in a Sreedhanya Homes apartment, you can be sure that you are close to a strategic location in the capital city.
Here is a checklist of the documentation you need to keep handy
- Approved plan of the building
- Letter of allotment
- Sale deed/Original sale deed
- No objection certificate
- Certificate of commencement
- Certificate of conversion
- Certification of completion
- Certification of possession also called Occupancy Certificate
Duties and taxes
Understanding Government policy and other legalities such as Stamp duty, Service tax, etc. will be extremely handy in making an informed choice of property. The final sale deed should be stamped and registered at the appropriate local area office.
Getting a home loan
Factors to keep in mind before getting a home loan
1. Your income and your track record of repaying previous loans – also known as the credit score this is obtained from the Credit Bureau.
2. Your current expenses including other loans you are servicing. The amount of loan related to the property value.
3. Ownership of the property – this means that the lending bank should be comfortable that the seller has full and complete ownership of the property.
4. Getting a loan depends on the report of the local bank surveyor who will inspect the property and give his recommendation.
5. Home loan eligibility depends on your ability to pay (i.e. based on your salary) and not on the age of the building. However, the quantum of loan depends on the age and undivided share too, in addition to your repayment ability.
What are the eligibility criteria for a home loan?
There are many factors that decide the eligibility of an applicant for a home loan.
The most important are
1. Stability of employment
3. Credit rating
4. Employers reputation
5. Financial stability
1. What is a Sale Deed ?
A sale deed is the most crucial document of your housing deal. It is the document that you need to provide as proof of ownership. The sale deed lists in clear detail the price, terms, and conditions upon which the two parties reached an agreement for the sale of the property.
2. What do you mean by registration of the property?
Registering your immoveable property should be the top priority when you buy a house, commercial shop or land as it proves your legitimacy to carry out any transaction. A person is considered the legal owner of a property only after he gets the property registered in his name. Registering a property is a legal documentation procedure that you have to do to ensure your legitimacy over a property.
3. What is a Power of attorney and how to obtain it?
A power of attorney (POA) is a legal document in which the principal (you) designates another person (called the agent or attorney-in-fact) to act on your behalf. The document authorizes the agent to make either a limited or broader set of decisions. The term “power of attorney” can also refer to the individual designated to act in this way. The first thing to do if you want a power of attorney is to select someone you trust to handle your affairs if and when you cannot. Then you must decide what the agent can do on your behalf, and in what circumstances. A classic case is when you are an NRI you can designate a family member or friend who is a resident in India as a power of attorney holder to carry out transactions on your behalf.
4. Can you sell a flat without registration?
Section 17 of the Registration Act, 1908, mandates that documents of immovable property need to be compulsorily registered. However, there is an exception – where the owner is in some difficulty because of which he is unable to register the property.
5. What is the meaning of a property’s market value?
The market value of a property is the price that would be negotiated between a willing buyer and willing seller in an arm’s length transaction after proper marketing. The value isn’t the current listing price nor the amount of the most recent offer on the property.