- by Chaitanya Developers
- July 27 , 2022
Purchasing a home? Do a paper checklist
The main attraction of commercial and residential real estate is Aurangabad. However, it might be difficult to locate a home that meets your needs.
Chaitanya Developers, the top real estate developer in Pune, wants you to be familiar with the necessary documentation before you put a down payment on any home.
The following is some of the documentation you will need to produce when looking to purchase real estate:
1. Loan: It is crucial to be aware that a home loan of up to 80–90% of the cost of the home may be provided. You must arrange for the remaining funds or the down payment.
In order to demonstrate your eligibility for a house loan, you must provide your ITR, bank account statements, and pay stubs. Your CIBIL score is another thing the bank will check before approving your loan. In order to do this, the authorities will produce a credit information report and transmit it to CIBIL. The desired result is between 700 and 750.
2. Contract copy: You should be aware of your rights as a buyer. Since the document contains the closing date, contingencies, cost adjustments to be made at the closing, statutory taxes, the agent's commission, the advance maintenance amount, and other crucial information, it is essential to carefully review it. You could lose your rights as a buyer if the contract is badly written.
Once the transfer and registration of the property are complete, you must present the No Objection
3. Certificate: The society in which you will live will present this document attesting to their support for giving you the share certificate. Additionally, it shows that they have entered your name for future use in their database.
4. Sales Deed: After the society and apex body have been established, you will receive the sales deed, which is one of the most significant and last papers you will receive. The vendor must provide it to the buyer as identification. It declares that the property is free of liens and mortgages and is sometimes referred to as the transfer deed.
Both the buyer and the seller must retain it. The sale or purchase becomes final once both parties have signed the deed.
So go ahead and resume your home searching efforts while keeping this guidance close at hand.