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
Never thought of a house as an investment; then it is a good time to know about its pros and cons so that one can choose the path one feels comfortable.
When one buys a house with a sole aim of reselling them within a year; it is a good option. Let us go into the details. Buying a house when the projects starts and selling it, when it is completed will fetch good returns. But these are point to be considered,
If one funds the buying with his savings, then it is an attractive investment. But, when going for a loan, one has to pay the interest, not the EMI until you sell the house. This is a burden one has consider and there is no tax exemption.
Then there is the issue of capital gain tax which creeps in when one sells his house within the period of 3 years There is no possibility of tax saving in capital gains ,when one sells the house during this period.
There is another option. One can go for an outright purchase of a finished property. Paying the EMI and getting the rentals from the property and availing the tax deductions under 80C for the loan sounds good. One can enjoy the benefits of rent for 3 years, then sell the property. But there is a catch, rentals from the property is taxable.
All these scenarios have to be considered before taking a decision.
Throwing the door open for women empowerment in real estate sector, several state governments have given concession on buying property in wife’s name. It is really good idea and must be appreciated. The Delhi government is giving 2% concession on stamp duty, when one purchases property in wife name.
Finding it attractive, male members of the family have not left this benefit unattended and have used to their advantage. Buying multiple properties in wife’s name and then selling it within short span of time has done the trick for them.
A lot thing is talked, regarding women empowerment. Issues and solutions include social, economical, legal empowerment. But this act of some state government is really working out.
There are other reasons to celebrate. Joint registration has its own benefits. Property jointly registered in states like Delhi is given 1% discount in stamp duty. It is welcome sign. One more reason to smile is that, co owners can claim deduction up to 1.5 lakhs for the interest paid on the home loan if it is self occupied. In case the property is let out, the entire amount of interest can be claimed by both husband and wife.
The beauty of registering in your wife name is that when your business is running into loses, then your wife property is not be disturbed and remains independent and cannot be attached for claiming losses.
You can also gain some benefits with regards to wealth tax. But your spouse has to contributed for the purchase of the property to avail this benefit.
There are very few people who know about these facilities. It is really a good step by some state government in promoting gender equality.
The trend for Chennai’s property market with specific reference to OMR looks promising.
Residential, commercial and retail property construction is on the upswing. The coming years will see malls, retail outlets, super markets, food courts, restaurants, multiplexes and everything else you need to live a full life. OMR is becoming a self contained city – the NEW city.
MARG JUNCTION that is nearing completion will bear testimony to a world class mall on OMR. The one million plus sq.ft mall will be a cocktail of sorts. The mall encompasses twin tower office, 4 star hotel, shopping, dining, leisure, entertainment all under one roof. On the residential front, MARG Savithanjali near Kelambakkam brings you great choices to suit your budget. Easy access to offices, schools, colleges and leisure points makes life simple for you.
The ‘peripheral business district’ is no longer peripheral. Great connectivity, state of the art offices and houses, good infrastructure OMR has arrived in style. The inauguration of Kalaignar Thirai Oor has further accelerated growth along the OMR stretch up to Payanur.
According to a recent survey conducted by MARG ProperTies the number of IT/ITES jobs is likely to increase to almost 3 lakhs within the next two years. With an increase in population density, demand for good homes, entertainment and general social infrastructure is bound to rise.