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Real estate prices are always high and their numerous unfinished projects out there that haven’t moved a brick in years. These are things that can really affect a real estate investor or even a person who’s looking to move into his own how instead of paying an ever increasing rent to a landlord.
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Real estate prices are always high and their numerous unfinished projects out there that haven’t moved a brick in years. • These are things that can really affect a real estate investor or even a person who’s looking to move into his own how instead of paying an ever increasing rent to a landlord. • A simple solution to these problems is to invest in resale property.
But before you invest in a resale flat or property, here are a few things you should check.
Even though the process for getting a home for resale property is the same as getting Home Loanfor a new property you should check how much amount you can get. • The loan amount sanctioned is often subject to verification of the property. • The lending institution ascertains the condition of the building and the age of the property and then decides the loan amount. • The loan approval is also as per the institution's policy on the age of the building. • The amount sanctioned as well your home loan tenure will depend on the age and condition of your property.
First and foremost, you need to check the documentation carefully and ownership deal carefully before investing. • Ensure that the person selling the property is the true owner otherwise you may end up in legal trouble later. • Also check to ensure that the seller doesn't have any dues to the society, building or against the house that you may have to pay later.
If the property you’re purchasing is already mortgaged for a loan with a bank the owner will need to procure a document from the bank affirming that it agrees to give the documents to the buyer upon the full payment of the loan. • When you transfer you due money into the owners account the bank will also transfer all the documents into your name.
Another thing to keep in mind while purchasing resale property is that you don’t need to pay taxes like service tax and VAT or now GST on it, as the previous owner has already paid those when he purchased the property from the developer or builder. • This is a onetime tax and you do no need to pay it while purchasing resale property.
