Buying a new individual house in Chennai requires careful consideration and research to ensure you make a wise investment. Here are some important points to consider before purchasing a new individual house:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Location: Evaluate the location of the house. Consider factors like proximity to schools, hospitals, public transport, markets, and workplaces. Ensure the area has good infrastructure and future development potential.
2. Builder or Seller Reputation: Research the reputation and track record of the builder (if it’s a builder’s project) or the seller (if it’s a resale by an individual). Look for their previous projects (for builders) or the resale history (for sellers) to gauge their reliability and the quality of construction.
3. Legal Clearance: Verify the ownership and title deeds to ensure there are no legal disputes or encumbrances attached to the property.
4. Documentation: Examine all property-related documents, including sale deed, tax receipts, encumbrance certificate, and completion certificate (if applicable).
5. Property Age and Condition: Assess the age of the house and its overall condition. Check for any structural issues, repairs needed, and the general upkeep of the property.
6. Amenities and Facilities: Check the availability and condition of amenities like water supply, electricity, security, parking space, and other essential facilities.
7. Budget and Affordability: Determine your budget and assess if the cost of the house falls within your financial capacity. Consider additional expenses like registration fees, stamp duty, legal charges, and maintenance fees.
8. Loan Eligibility: If you plan to take a home loan for the purchase, verify your eligibility and the availability of loans for the property.
9. Future Development: Research any upcoming infrastructure or development projects in the area, as they can significantly impact the property’s value and surroundings.
10. Resale Market Trends: Understand the current trends in the resale property market in Chennai to make an informed decision.
11. Negotiation: Negotiate the price based on the house’s condition, age, market trends, and other relevant factors.
12. Neighbourhood and Surroundings: Interact with neighbours and residents, if possible, to understand the neighbourhood dynamics and living experience.
13. Property Inspection: Engage a qualified home inspector to conduct a thorough inspection of the house to identify any hidden issues.
14. Safety and Security: Evaluate the safety and security aspects of the locality and the house itself.
15. Tax Implications: Be aware of the applicable taxes, such as stamp duty and registration charges, and budget accordingly.
16. Association Rules: If the house is part of a housing society or gated community, review the rules and regulations set by the association.
17. Future Resale Value: Consider the potential for future resale value appreciation of the house.
18. Consult with Experts: Seek advice from a reputable real estate agent or legal advisor to ensure all necessary due diligence is conducted.
Once you have considered all of these factors, you will be able to find the perfect new individual house for your needs.
Here are some additional tips for buying a new individual house in Chennai:
- Get pre-approved for a home loan before you start buying. This will give you an idea of how much you can afford and will make the buying process go more smoothly.
- Hire a real estate agent who knows the Chennai market. They can help you find the right new flat for your needs and negotiate the best price.
- Read the contract carefully before you sign it. Make sure that you understand all of the terms and conditions.
- Get everything in writing. This includes the purchase price, the terms of the sale, and any warranties or guarantees.
By following these tips, you can avoid any surprises and ensure that you get the best possible deal on your new individual house in Chennai.
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REQUIRED DOCUMENTS FOR LOAN PROCESS
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARIED APPLICANT
- LAST 2 YEAR FORM16 WITH PART-A & PART-B
- EMPLOYEE ID CARD
- PAN CARD
- AADHAR CARD
- CURRENT ADDRESS PROOF AADHAR / VOTER ID/ PASSPORT/ HR LETTER / DRIVING LICENSE / LATEST GAS BILL
- THREE PASSPORT SIZE PHOTO
- PRESENT COMPANY OFFER LETTER & PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARY CREDIT
- LAST 2 YEARS W2/TAX PAID CERTIFICATE AS PER THE FOREIGN COUNTRIES
- EMPLOYEE ID CARD
- CURRENT ADDRESS PROOF DRIVING LICENSE / LATEST UTILITY BILLS IN ABROAD
- COPY OF VALID WORK PERMIT
- EMPLOYMENT OFFER LETTER
- PASSPORT COPY WITH PAGE CONTAINING VISA STAMPING
- INDIAN PAN COPY
- AADHAR COPY / DRIVING LICENSE/ VOTER ID
- BRIEF WRITE-UP ON EMPLOYMENT PROFILE FOR THE LAST 10 YEARS(RESUME)
- CREDIT INFORMATION REPORT (CIR) FROM THE CONCERNED OVERSEAS CREDIT INFORMATION COMPANY
- PRESENT COMPANY OFFER LETTER AND PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- INDIVIDUALS IT RETURNS FOR LAST 3 YEARS WITH COMPUTATION OF INCOME
- AUDITED BALANCE SHEET,PROFIT&LOSS AND ASSET & LIABILITIES FOR LAST 3 YEARS (for Individuals)
- COPY OF CHALLANS EVIDENCING PAYMENT OF ADVANCE INCOME TAX
- BUSINESS ADDRESS PROOF
- GST REGISTRATION CERTIFICATE FOR COMPANY
- FORM 26AS FOR LAST 3 YEARS (for Individuals)
- BUSINESS PROFILE
- IT RETURNS OF COMPANY FOR LAST 3 YEARS
- CERTIFICATE OF PRACTISE (for Auditor and Doctor)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- COPY OF PARENT DOCUMENT FULL SET (MINIMUM IT SHOULD BE FOR LAST 30 YEARS)
- EC COPY FOR LAST 30 YEARS UPTO TILL DATE
- PATTA COPY
- BUILDING PLAN APPROVAL COPY
- PLANNING PERMIT & BUILDING PERMIT COPY
- SALE & CONSTRUCTION AGREEMNT BETWEEN BUYER & SELLER
- SUB DIVISON PLAN COPY (IF APPLICABLE)
1. Check home loan Affordability
2. Compare lenders (Not only for offers but also for product credibility)
3. Get Pre-Approved sanction letter from lender
4. Save for a Down Payment
5. Maintain good credit score without any default
6. Check options for the joint loan (It may reduce your monthly EMI burden & also it may give a space for additional loan eligibility in future)
1. Don’t apply for credit card or any other loan
2. Don't Miss Payments on your existing loans or credit cards
3. Don't Overextend Your Budget on property purchase based on income eligibly and down payment savings (can check this eligibility with PROPERTY GUIDE)
4. Don’t choose your lender only on the basis of rate of interest offer which was provided at that moment
5. Don’t give a break in service for more than 3 months in your job (can switch over new job without break in service)
6. Don’t pick shorter loan tenure without understanding the loan product (now a days Nationalized banks gives more benefit while choosing longer loan tenure)