- What are the documents to be checked before buying a resale flat?
- What documents are required for purchasing flat?
- How much loan can I get for a resale flat?
- How can I buy a resale flat?
- How long does it take to buy a resale flat?
- How do you negotiate a resale property?
- What is the procedure for buying a flat?
- What to ask before buying a flat?
- How do you verify flat documents?
- Can I get loan for resale flat?
- Can I take HDB loan for resale flat?
- How is resale flat value calculated?
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:
- Sale deed. This is the most important piece of paper required for property purchase.
- Mutation register extract.
- General power of attorney.
- Copy of building plan.
- No-objection certificates (NOC)
- Allotment letter.
- 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
- Be clear from the beginning. A seller is never too willing to negotiate.
- Do not be eager. The moment you enter the house, even if you fall in love with the property, stay calm.
- Be realistic. Offering a low price is sensible.
- Find out why the house is on sale.
- Be open about asking other favours.
- Be flexible.
- 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
- Inquire about the status of the title. Before you buy a flat, you must enquire whether the property is legally hassle-free or not.
- Ask about the Actual Price of the Property.
- Check the record of the Builder.
- Ask if they can show any sample flat.
- Ask about the completion and the possession date.
- 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.