Quick Answer: What Documents Should Be Checked Before Buying A Resale Flat?

What are the documents to be checked before buying a resale flat?

Which documents do I need to submit while applying for a home loan for a resale flat?

  • Agreement to Sell (ATS)
  • Chain of Title or Sale Deed.
  • NOC from the society or other concerned bodies.
  • Share Certificates in case of societies.
  • Title Report.
  • Occupancy/Completion Certificate (OC)
  • Encumbrance Certificate (EC)

What documents are required for purchasing flat?

Here is a list of documents that are required for buying a property:

  1. Sale deed. This is the most important piece of paper required for property purchase.
  2. Extracts.
  3. Mutation register extract.
  4. General power of attorney.
  5. Copy of building plan.
  6. No-objection certificates (NOC)
  7. Allotment letter.
  8. Sale agreement.

How much loan can I get for a resale flat?

Tax Benefits In Home Loan For Resale Flat:

A borrower can avail upto Rs.1 lakh deduction on the principal amount, under section 80C of the Income Tax Act as well as a tax exemption of up to Rs 1.5 lakh on the interest on home loan, under Section 24B.

How can I buy a resale flat?

Step-by-Step Guide on Using HDB Resale Portal

  • Register intent to buy or sell.
  • Look for an HDB resale flat you want and get an OTP.
  • Choose mode of funding purchase.
  • Request value of flat from HDB.
  • Buyer and seller submit resale application.
  • Acknowledge resale documents.
  • Both parties pay resale fee.

How long does it take to buy a resale flat?

No waiting time: You can move into a resale flat immediately after the sale is completed. The resale procedure typically takes under three months. By contrast, the waiting time for a BTO flat is typically 2.5 years from the date of application. No balloting process: Getting a BTO flat is largely a matter of luck.

How do you negotiate a resale property?

7 Tips To Negotiate The Right Price While Purchasing A House

  1. Be clear from the beginning. A seller is never too willing to negotiate.
  2. Do not be eager. The moment you enter the house, even if you fall in love with the property, stay calm.
  3. Be realistic. Offering a low price is sensible.
  4. Find out why the house is on sale.
  5. Be open about asking other favours.
  6. Be flexible.
  7. Close the deal.

What is the procedure for buying a flat?

10 Steps to Buying a Home

  • Step 1: Start Your Research Early.
  • Step 2: Determine How Much House You Can Afford.
  • Step 3: Get Prequalified and Preapproved for credit for Your Mortgage.
  • Step 4: Find the Right Real Estate Agent.
  • Step 5: Shop for Your Home and Make an Offer.
  • Step 6: Get a Home Inspection.

What to ask before buying a flat?

6 Questions You Should Ask to Your Builder Before Buying a Flat

  1. Inquire about the status of the title. Before you buy a flat, you must enquire whether the property is legally hassle-free or not.
  2. Ask about the Actual Price of the Property.
  3. Check the record of the Builder.
  4. Ask if they can show any sample flat.
  5. Ask about the completion and the possession date.
  6. Ask about the Utilities.

How do you verify flat documents?

5 documents you must verify before buying ready-to-move flats

  • Sale deed. A sale deed tops the checklist while verifying documents for your new home.
  • Completion/Occupancy Certificate. A Completion Certificate (CC) is issued by the municipal authorities on the completion of the project.
  • Building plan.
  • Encumbrance certificate.
  • Mutation certificate.

Can I get loan for resale flat?

(A) You can take the possession of the flat as soon as the processing of a home loan takes place. The possession can delay only if there is some renovation work left. (B) Loan availed to buy a resale flat come with tax benefits to enjoy.

Can I take HDB loan for resale flat?

If the buyers intend to purchase an HDB resale flat with a housing loan from HDB, they can use our Resale Financial Plan e-Service. It can help buyers to better prepare their finances before committing to a flat purchase. This e-Service gives estimated figures for the following: Loan amount from HDB.

How is resale flat value calculated?

Value of a resale flat= Value of undivided share of land (UDS)+ Depreciated value of building and amenities + Value of overheads, expenses and promoter’s profit. Value of undivided share of land: Cost per square feet multiplied by UDS.