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Be prepared with home-buyer's toolkit

October 17, 2018

Pune: This festive season, celebrate your home-buying process without any hassles by keeping the following factors in mind. Read on...

As we usher in the festive season, home-buyers await the auspicious time to buy a home. This period is a significant sale season where developers gear up to make lucrative offers and incentives.

Here's a ready reckoner to help you.

Be prepared:

If you are looking to invest, make the best of the festive offers and buy a home that has appreciation potential. Ashok Mohanani, vice-president, NAREDCO West, says, "Before you begin the house-hunt, identify your needs and criteria. Ensure that the property provides you easy access to business centres, recreational points, educational institutes and hospitals among others."

Seek help:

Appoint a lawyer to perform due-diligence of the project/property such as title, encumbrances and mortgages. Consult a financial expert to help you manage your money. During the festive season, finance companies offer discounts; hence, evaluate the schemes before applying. Also, look for money back/ cashback offers.

Sona Gaharwar, business head, Tata Capital Housing Finance Limited, says, "Home finance companies are adding to the festive fervour by offering loans that are quick, easy and affordable. After meeting mandatory requirements, you can choose options such as flexible EMIs, loans with lower EMIs and more. Before committing to a home loan, look for options that make your repayment plan comfortable. You can choose attractive and affordable interest rates, and evaluate between floating and fixed rates."

Be smart:

Kapur says, "Developers are offering discounts and amenities such as spa, mini theatres, etc. Wardrobes, kitchen cabinetry and appliances, and toilet vanities are included as freebies. Focus on the right property and don't get carried away with these addons. Remember that the freebies offered up-front by builders are usually already accounted for in the rates provided. So be smart and instead of focusing on free goods, try an approach based on your practical needs."

Mandatory documents needed:

Title deed:

Title deed: These documents outline ownership of the home from the origin and all the other rel - evant information about the property. Based on these documents, the present owner can claim complete ownership of the house. You can also verify if the seller has the legal right and title to sell the property.

Agreement to sell:

It contains details of the property and terms and conditions mutually agreed upon by the owner and the seller including its purchase price.

Sanctioned building plan:

With RERA in place, it isn't required for under -construction projects. However, in the case of ready-to-move-in properties, check the sanctioned building plan to ensure that the property you are buying is a legal construction approved by the local authorities.

Tax paid receipts:
It is the revenue collected by the government from the owner of the building based on the built-up area. The government is authorised to impose two percent penalty (on the current owner) every month in case of non-payment of these taxes. So ensure that all payments are made before you buy the home by requesting for the tax paid receipts till date.

Encumbrance certificate:

It certifies that the property is not tied in loans. It is a crucial document in procuring a loan from bank s as it covers all the detail s of the transactions concerning the property.

Mutation certificate:

This document has a different name in differen states; it is a proof that the property has been registered in the local municipal records.

Here's what you should keep in mind when purchasing...

Raghav Kapur, Region Head – South India, SILA

From a developer:

If you are considering an under-construction project, ensure that the project has a RERA registration number, which certifies that the project is legit; Ask the developer to incorporate all the mutually-agreed upon features/ amenities in the agreement and make provisions for a penalty in case of non-fulfilment of terms.

From an independent owner:

If you are opting for an apartment in a housing society, request for the original share certificate; Cross-check if the electricity and telephone bills are under the name of the legal owner and society's maintenance bills to ensure there are no pending payments for the home you intend to buy; Request the society for an NOC (No Objection Certificate) and a No-Due certificate.

Important paperwork for banking and loan procedure:

Rajan Pental, Group President and Group Head - Branch And Retail Banking, Yes Bank

Passport-size photographs; KYC documents for identity, address and date of birth and signature proof; PAN and Aadhaar card; Passport and work visa for NRI customers; Income declaration via salary slips and Form 16/ITRs for salaried employees and P&L, balance sheet, ITRs for the last two years along with documentary proof for the business vintage of three to five years for self-employed individuals along with bank statement for the past six-12 months.

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Source:magicbricks.com