Buying a house is like completing a huge responsibility and if it comes as smooth as it can then, it is cherry on the top of the ice-cream. Every step you move into buying a house, you feel the heat and keeps you awake at night. But when you are armed with all the information and document and you are aware of the basic real estate terms, then you can land up in the safe zone.
DOCUMENTS NEEDED TO BUY A FLAT
Builders may promote flats without getting approvals and may get the approval in due course. Check whether he has got all the approvals.
1 TITLE DEED, MOTHER DEEDS OR PARENT DOCUMENT:
Get this document and check it for his right to sell the property. If he has any minor children, or if is an ancestral property then you may face problem in the future. He should have a No objection certificate to sell the property on behalf of the minors.
2 GOVERNMENT APPROVED PLAN:
Make sure that the builder has got the approval for building the flat. If he has started the constructions then make sure that the approval building layout is same and there is no deviation in the house or flats. If there is deviation then it will create problems in the future
3 PROPERTY TAX RECEIPTS:
Get the copy of the property tax paid by the owner. If it is ambiguous, then enquire this issue with the corporation office or the municipal office. The property tax should be updated till date and for at least 10 years.
4 SALE AGREEMENTS:
Get the sale agreement between yourself and builder
5 COMMENCEMENT CERTIFICATE:
Usually given by the municipal or corporation authority for the commencement of the construction of the property; it is mandatory for builder to have one, if not, it is illegal.
6 NO ENCUMBRANCE CERTIFICATE:
It is a certificate to make sure that the property which he is going to sell you as a flat is not mortgaged for loan.
7 COMPLETION CERTIFICATE:
It is document given by the municipality or corporation to make sure that the construction is complete and without any deviation.
8 OCCUPATION CERTIFICATE:
It is issued by the municipal and corporation that you have legal electricity connections, water supply and sewage connections for you flat.
9 NO OBJECTION CERTIFICATE: by the land owner for change in electricity bill
Remember for getting loan from the bank you have to produce another set of document. These are:
1 Two passport size photograph, PAN card and employee ID
2 Residential proof address: Ration card, Adhaar card, voter ID
3 Last four months salary slip. Some banks ask for 6 months salary slip
4 Appointment letter from the present organisation and relieving order if your present employment is less those 3 years
5 Form 16 for last two years
6 Bank statements for past 6 months
7 One cheque from salary account as processing fee
Two passport size photo and PAN card details
DOCUMENTS NEEDED FOR BUYING A PLOT
Planning to buy a plot to build a house of your choice is a good idea. The documents that are needed are
1 Mother document
2 Sale deed
3 Encumbrance certificate
4 Tax receipt tax paid by the owner of the land
5 Plan layout and
6 Sale agreements between you and the seller
Hope this blog helps you and do share with us your suggestions