Purchasing a house despite being more than an imperative task is not an easy one. This is because there are a number of aspects which needs to be considered before signing the dotted line, a few of which are as follows –
It is extremely crucial to look through the paperwork involved in the concerned property before signing up for it. This is because if any of the required documents are missing, then chances are that you may even miss financing from the lenders. Some of the top documents to look out for are as follows –
Approved building plans
Status of the land title
Certificate of work commencement
Some of the other important pieces of documentation to look out for include release certificate by the financial institutions, encumbrance certificate, land use plan issued by the concerned municipal authorities, layout approval by the corporation, and previous property tax receipts by the seller.
Also known as the Real Estate Regulation Act, it needs to be checked whether the under-construction project is covered under RERA or not. This is because this Act ensures that projects are completed on time apart from preventing the builder from utilising the gathered funds on other projects.
Even though, you have the option of paying out of your own pocket especially when investing in budget-friendly projects such as Godrej Properties in Keshav Nagar, it is best to get it financed. This is because it saves you from wiping out a considerable chunk of your savings in one go.
Further, the saved money can be utilised in other areas of a more pressing nature. There are a number of lenders including financial institutions which provide high value home loans at very attractive interest rates, comfortable repayment tenor, and minimal documentation. So choose your lender very carefully.
Reference Read: Things to Check Before Finalising Any Property