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