123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

A Land Buyer's Guide To Plot, Loan, Documentation And More

By Author: Aishwarya Mahurkar
Total Articles: 291

Buying land, whether for a personal or commercial purpose, calls for a thorough reference check at all points. With focused efforts one can not only buy land without risk, but also in the most convenient manner possible.


Any housing finance company offering a plot purchase loan would act as a benefit to your plot hunt and being a company backed by resources they shall be able to advise you competently.


Here is what you should keep in mind while buying land:


Location Check:


Reference check on the place you wish to invest. Finding a plot in the middle of the city is difficult and thus most look for it on the outskirts. This calls for a thorough check on the ground realities of the place. In fact, one should double and triple check with one’s study of the market in keeping with the many factors that affects the buying decision like that of the healthy atmosphere around and the development scheduled and the reputation of the place etc.


Plot Documentation:


One must seek the originals in the very first instance having shortlisted few sites with the broker. Once the originals are well scrutinized by you or an expert, you shall then be able to go ahead with the other formalities for the land loan.


No Objection Certificates:


Ensure you get No Objection Certificate (NOC) from authorities around the plot, if you think it may be a matter of concern. This shall showcase your no vacuum working style and leave no room for even contingency situations that could then affect your credit history unnecessarily.


No Reservation:


And loan for land purchase requires that the plot is free of any reservation. One should ensure no research department has reservations on the prospective piece of land. Your land purchase loan gets affected as well, so beware.


Background Check of Any Developer:


Conduct a thorough background check of the developer of the property. The plot would be under your name and thus anything negative from the developer’s end shall affect you as well. Check the past projects of the developer and check if their clients are well satisfied and happy.


Availing Loans:


Land loans should be availed at the right time keeping a track of your legal formalities while deciding on investments and EMIs. Plot purchase loans and personnel involved would be of much help to you in your endeavour to handle developers while buying the plot at the right time.


To further help you in your plot or land purchase, here is a handy checklist of documents that are required to be verified:


1 Sale Deed, Title Deed, Mother Deed, Conveyance Deed
2 RTC Extracts
3 Katha Certificates and Extracts
4 Mutation Registration Extracts
5 Joint Development Agreement
6 Power of Attorney
7 Sanctioned Building plan
8 NOC from Electricity Dept. / Pollution Dept. / Water Works / Port Authority
9 Sale & Construction agreement between developer/Builder & 1st owner
10 Copy of Possession letter from Builder / Developer
11 Any Loans on Property verification
12 Sale Agreement with the Seller
13 All Paid Tax receipts
14 EC up to date for last 13 years
15 Demand letter from Vendor before disbursement
16 NOC from Society / Building
17 No Due Certificate
18 Approved Plan
19 Layout approval plan
20 Auction Sale confirmation letter from local authority
21 Release Deed if any
22 Completion Certificate
23 Occupancy Certificate
24 Deed of Declaration
25 Latest Electricity Bill

These are the major things to take care of, so ensure youattend to them diligently and don’ttake things for granted.Ensuring organised paper work and reference checks will greatly ease your land-buying process.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the housing finance industry. Her articles help in informing her readers of the processes that cover housing finance company and land loan, interest rates required documents etc.

Total Views: 127Word Count: 585See All articles From Author

Investing / Finance Articles

1. All You Want To Know About An Nro Account
Author: Samantha Kennedy

2. Why You Must Outsource Accounting Services Sans Any Doubt And Fear
Author: Lee Bruce

3. Why Door To Door Loans Had Been So Popular Till Now?
Author: David Brown

4. The Latest Trend In Door To Door Loans.
Author: David Brown

5. The Ultimate Revelation Of Door To Door Loans.
Author: David Brown

6. Growing Your Company With Invoice Factoring Funding
Author: Nova Cash Flow Finance

7. All Eyes On The Following Intraday Cash Strategies
Author: robin scott

8. Choosing Chartered Accountancy Profession With Number Of Possibilities
Author: Austin K Loader

9. Greater Noida Triumphs Over Gurgaon To Invite With The Finest Golfing Luxury Living – The Hemisphere
Author: The Hemisphere

10. Towards Benchmarking- Efforts Made Towards Improving Transport Efficiency
Author: Dylan Munro

11. Tips For Ambitious Property Investors
Author: Charlie

12. Need Of The Hour For Investors - Equity Research Reports
Author: Aastha Kapoor

13. Critical Guidelines For Availing Short Term Loans In United Kingdom
Author: David Brown

14. How Do Banks Benefit From An Asset Reconstruction Company In India?
Author: Nidan Narkhade

15. Long Haul Auto Loan: Understand The Pros And Cons Before Saying Yes
Author: David Brown

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: