Mumbai is best known as the hub of commercial and residential properties. However, it is a daunting task to find a property on the basis of your requirements.
Before you zero down on any property, we would like you to be well-versed with paperwork pertaining to the purchasing process.
Below mentioned are few of the documents you would be obliged to present while planning to buy a property:
- Loan: It is essential to know that up to 80-90% of the cost of the house will be given as home loan. The rest of the amount i.e. the down payment needs to be arranged by you.
You need to present your ITR, Bank Account Statements and salary slip to prove your home loan eligibility. Another factor that the bank will verify to sanction your loan is your CIBIL score. The authorities will create a Credit Information Report and send it to CIBIL for the same. The ideal score should be 700 to 750.
- Agreement Copy: You should know what you are entitled to as a buyer. Hence, it is advisable to check the document vigilantly since it contains the closing date, contingencies, cost adjustments to be made at the closing, statutory taxes, agent's commission, advance maintenance amount and other integral factors. If drafted poorly, you may lose your rights as a buyer.
- No Objection Certificate: This document needs to be produced once you are done with the transfer and registration of the property. The society you will be residing in will produce this document stating that they are in favor of transferring you the share certificate. This also indicates that they have registered your name in their records for future references.
- Sales Deed: One of the most important documents and last ones you will receive is the sales deed which will be given to you after the society and apex body has been formed. It should be presented by the seller to the buyer as a proof of ownership. Also known as the conveyance deed, it states that the property is free of mortgage and claims. It needs to be kept by both, the buyer and the seller. Once the deed is signed by both the parties, the purchase or sale is legally complete.
So, go ahead, revive your house hunting sessions, and ensure to have this guide in handy!