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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.

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WHAT IS THE IMPORTANT ROLE OF BOTH INCOME DOCUMENT & PROPERTY DOCUMENT FOR LOAN!

  1. LAST 6 MONTHS PAY SLIP
  2. LAST 6 MONTHS BANK STATEMENT FOR SALARY CREDIT
  3. LAST 2 YEARS W2/TAX PAID CERTIFICATE AS PER THE FOREIGN COUNTRIES
  4. EMPLOYEE ID CARD
  5. CURRENT ADDRESS PROOF DRIVING LICENSE / LATEST UTILITY BILLS IN ABROAD
  6. COPY OF VALID WORK PERMIT
  7. EMPLOYMENT OFFER LETTER
  8. PASSPORT COPY WITH PAGE CONTAINING VISA STAMPING
  9. INDIAN PAN COPY
  10. AADHAR COPY / DRIVING LICENSE/ VOTER ID
  11. BRIEF WRITE-UP ON EMPLOYMENT PROFILE FOR THE LAST 10 YEARS(RESUME)
  12. CREDIT INFORMATION REPORT (CIR) FROM THE CONCERNED OVERSEAS CREDIT INFORMATION COMPANY
  13. PRESENT COMPANY OFFER LETTER AND PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
  14. LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
  1. COPY OF PARENT DOCUMENT FULL SET [MINIMUM IT SHOULD FOR LAST 30 YEARS]
  2. EC COPY FOR LAST 30 YEARS UPTO TILL DATE
  3. PATTA COPY (LATEST OWNER)
  4. LAYOUT PLAN APPROVED COPY FROM CMDA
  5. SUB DIVISION PLAN APPROVED COPY (IF APPLICABLE)
  6. SALE AGREEMENT BETWEEN BUYER & SELLER
  7. DEVELOPMENT AGREEMENT (IF APPLICABLE)
  8. 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)