Buying a new plot 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 plot in Chennai:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Location: Evaluate the location of the plot. Consider factors like proximity to schools, hospitals, public transport, markets, and workplaces. Ensure the area has good infrastructure and potential for future development.
2. Legal Clearance: Verify the ownership and title deeds to ensure there are no legal disputes or encumbrances attached to the plot.
3. Documentation: Examine all property-related documents, including sale deed, tax receipts, encumbrance certificate, and land-use classification.
4. Amenities and Facilities: Check the availability and accessibility of amenities such as water supply, electricity, sewage, and road connectivity.
5. Soil and Geotechnical Analysis: Conduct a soil test and geotechnical analysis to understand the plot’s stability and foundation requirements.
6. Plot Dimensions and Boundaries: Verify the plot dimensions and boundaries to ensure they match the information in the documents.
7. Approval and Permissions: Check if the plot has obtained all the necessary approvals and permissions from local authorities for construction.
8. Surrounding Developments: Research the existing and upcoming infrastructure developments in the area to gauge the potential appreciation of the plot’s value.
9. Future Development: Look for any future development plans or proposed projects nearby that could impact the plot’s value and surroundings.
10. Budget and Affordability: Determine your budget and assess if the plot’s cost fits within your financial capacity. Consider additional expenses like registration fees, stamp duty, and legal charges.
11. Negotiation: Negotiate the price based on the plot’s location, size, and market trends.
12. Neighbourhood and Surroundings: Interact with neighbours and residents, if possible, to understand the neighbourhood dynamics and living experience.
13. Accessibility and Connectivity: Evaluate the accessibility and connectivity of the plot to major roads, highways, and public transportation.
14. Builder or Seller Reputation: If the plot is part of a gated community or a layout developed by a builder, research the reputation and track record of the developer.
15. Zoning Regulations and Building Codes: Familiarize yourself with the local zoning regulations and building codes to understand what type of construction is allowed on the plot.
16. Loan Eligibility: If you plan to take a loan for the plot purchase, verify your eligibility and the availability of loans for buying land.
17. Survey and Demarcation: Engage a licensed surveyor to conduct a survey and properly demarcate the plot’s boundaries.
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 plot for your needs.
Here are some additional tips for buying a new plot 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 plot 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 plot in Chennai.
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WHAT IS THE IMPORTANT ROLE OF BOTH INCOME DOCUMENT & PROPERTY DOCUMENT FOR LOAN!
- LAST 6 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)
- COPY OF PARENT DOCUMENT FULL SET [MINIMUM IT SHOULD FOR LAST 30 YEARS]
- EC COPY FOR LAST 30 YEARS UPTO TILL DATE
- PATTA COPY (LATEST OWNER)
- LAYOUT PLAN APPROVED COPY FROM CMDA
- SUB DIVISION PLAN APPROVED COPY (IF APPLICABLE)
- SALE AGREEMENT BETWEEN BUYER & SELLER
- DEVELOPMENT AGREEMENT (IF APPLICABLE)
- RERA APPROVAL 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)