Buying a resale flat in Chennai, or anywhere for that matter, requires careful consideration and due diligence to ensure you make a sound investment. Here are some important points to consider before purchasing a resale flat in Chennai:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Budget: Determine your budget and evaluate if the resale flat falls within your financial capacity. Consider additional expenses like registration fees, stamp duty, legal charges, and maintenance fees.
2. Location: Research the locality thoroughly. Factors like proximity to schools, hospitals, public transport, markets, and workplaces play a crucial role in deciding the value and convenience of the flat.
3. Property Age and Condition: Assess the age of the flat and its overall condition. Check for any structural issues or repairs that might be needed. Engage a qualified home inspector to get a detailed report.
4. Title and Ownership: Verify the property’s ownership and title deeds to ensure there are no legal disputes or encumbrances attached to the flat.
5. Legal Clearance: Obtain all necessary legal clearances and approvals from local authorities and ensure that the building complies with the relevant building plan and regulations.
6. Documentation: Examine all property-related documents, including sale deed, tax receipts, encumbrance certificate, and completion certificate (if applicable).
7. Builder/Developer Reputation: If the flat is in a housing society or a project, research the reputation of the builder or developer to gauge the quality of construction and reliability.
8. Amenities and Facilities: Check the availability and condition of amenities like water supply, electricity, security, parking space, and common areas.
9. Neighbourhood and Community: Interact with current residents, if possible, to understand the neighbourhood dynamics and community living experience.
10. Resale Price Comparison: Compare the resale price with other properties in the same locality to ensure you are getting a fair deal.
11. Property Registration: Ensure that all the necessary paperwork and formalities related to property registration are completed correctly.
12. Home Loan Eligibility: If you plan to take a home loan, verify your eligibility and the availability of loans for the resale flat.
13. Future Development: Research any upcoming infrastructure or development projects in the area, as they can significantly impact the property’s value.
14. Resale Market Trends: Understand the current trends in the resale property market in Chennai to make an informed decision.
15. Negotiation: Negotiate the price based on the flat’s condition, age, market trends, and other relevant factors.
16. Association Rules: If the flat is part of a housing society or apartment complex, review the rules and regulations set by the association.
17. Future Resale Value: Consider the potential for future resale value appreciation of the flat.
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 resale flat for your needs.
Here are some additional tips for buying a resale flat 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 resale 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 resale flat 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 FOR LAST 30 YEARS
- EC COPY FOR LAST 30 YEARS UPTO TILL DATE
- PATTA COPY
- BUILDING PLAN APPROVAL COPY
- SALE AGREEMENT BETWEEN CURRENT BUYER & SELLER
- LATEST PROPERTY TAX RECEIPT COPY
- LATEST EB BILL COPY
- SUBDIVISION 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)