Purchasing a new home is a great idea. It is always good to have a good plan, proper documents in a organized fashion, proper execution for successful result. Lets start with a simple home purchase plan with the following checklist
1) Choosing right location - This doesnt mean the distance, cost of property. It is important to have the location studied for 10 days to 1 month. Look out for neighbourhood. Meet people staying there and enquire the actual status of the area. Make a point to get sufficient feedback. If you find it difficult to meet and speak to people in person, seek help of forums, social media, networking websites. They help great
2) Take opinion from same apartment occupant - It is a great idea. Speak to apartment/flat resident. You can search for rental advertisements posted by person in that area and get a true picture of the apartment. Most people are candid about the purchase
3) Look out for sellers title - Make sure that the sellers title is clear. This starts with getting the encumbrance certificate from the registrar(sub-registrar) office of the location. Give address, pay Rs.2 chalan and you get encumbrance. Legally 13 years of clean emcumbrance is needed. It is possible to get 50 years of encumbrance
4) Look out for DTCP approval - Many villages are converted to apartments today. DTCP approval is mandatory. Panchayat approval alone is not sufficient. Many people are fooled at this point. Beware of this
5) Go for home loan - Contact loan officer and get the home loan approval
1) Choosing right location - This doesnt mean the distance, cost of property. It is important to have the location studied for 10 days to 1 month. Look out for neighbourhood. Meet people staying there and enquire the actual status of the area. Make a point to get sufficient feedback. If you find it difficult to meet and speak to people in person, seek help of forums, social media, networking websites. They help great
2) Take opinion from same apartment occupant - It is a great idea. Speak to apartment/flat resident. You can search for rental advertisements posted by person in that area and get a true picture of the apartment. Most people are candid about the purchase
3) Look out for sellers title - Make sure that the sellers title is clear. This starts with getting the encumbrance certificate from the registrar(sub-registrar) office of the location. Give address, pay Rs.2 chalan and you get encumbrance. Legally 13 years of clean emcumbrance is needed. It is possible to get 50 years of encumbrance
4) Look out for DTCP approval - Many villages are converted to apartments today. DTCP approval is mandatory. Panchayat approval alone is not sufficient. Many people are fooled at this point. Beware of this
5) Go for home loan - Contact loan officer and get the home loan approval
