A buyer needs to carry out due diligence before buying any property.
The following documents should be checked before purchasing a flat:
Title Deed or Mother Deed or Parent document of the property.
Property Tax paid receipts for at least previous 15 years for the land on which the apartment is built to ensure that taxes paid are up to date.
Government approved Building Plan for building the apartment. It is mandatory for the builder to get the plan of the building approved from the designated authorities. If the apartment is already constructed, it is only prudent that you verify if it has been built as per the approved plan .
Commencement Certificate issued by the Municipal Corporation.
It is a prerequisite if the construction has not begun yet or if the building is in the initial stages of construction. It contains all the permissions granted to the builder, for carrying out construction.
Agreement of Construction to be checked whether all the things promised verbally are included in the agreement by the developer.
No Encumbrance Certificate issued by concerned Sub-Registrar to ensure the property has not been mortgaged as security for any loan.
No-objection Certificate by the land owner for change of name in Electricity Bill.
Occupation Certificate issued by Municipal Corporation. This is to ensure that you have legal Electrical Connection, Water Supply, Sewage Connection, etc. Engage a lawyer to make a title search report of the same.
Documents required while applying for a home loan at a bank
Different banks depending on whether they are private sector banks, public sector banks, co-operative banks or NBFCs have varied requirements for the documents to be furnished at the time of applying for a home loan. For the benefit of our customers we provide below a list of documents which may be a prerequisite at some banks / NBFCs.
List of papers / documents applicable to all applicants :
|Completed loan application form|
|3 passport size photographs|
|Proof of identify (photo copies of Voters ID card / Passport / Driving licence / IT PAN card)|
Proof of residence (photo copies of recent Telephone Bills / Electricity Bill / Property tax receipt / Passport / Voters ID card)
|Proof of business address for non-salaried individuals|
|Statement of Bank Account / Pass Book for last six months|
|Signature identification from present bankers|
|Personal Assets and Liabilities statement|
For guarantor (wherever applicable) :
|Personal Assets and Liabilities Statement|
|2 passport size photographs|
|Proof of identification as above|
|Proof of residence as above|
|Proof of business address as above|
|Signature identification from his/her present bankers|
Additional documents required for salaried persons :
|Original Salary Certificate from employer|
TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.
Additional documents required for Professionals / Self-Employed / other IT assesses:
|Acknowledged copies of three years I.T. returns / Assessment Orders.|
|Photocopies of challans evidencing payment of Advance Income Tax.|
Advice has been imparted in good faith. Legal opinion may be sought before purchasing a property and/or its documentation. The website is not liable for any damages resulting from failure to do so. Please consult your home loan company for specifics.