Buying a resale plot in Chennai requires careful consideration and due diligence to ensure you make a wise investment. Here are some important points to consider before purchasing a resale plot in Chennai:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Legal Clearance: Verify the ownership and title deeds of the plot to ensure there are no legal disputes, encumbrances, or pending litigations associated with the land.
2. Documentation: Examine all property-related documents, including sale deed, tax receipts, encumbrance certificate, land-use classification, and any approvals or permissions obtained for the plot.
3. 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.
4. Boundaries and Dimensions: Verify the plot’s boundaries and dimensions to ensure they match the information in the documents.
5. Soil and Geotechnical Analysis: Conduct a soil test and geotechnical analysis to understand the plot’s soil quality and suitability for construction.
6. Amenities and Facilities: Check the availability and accessibility of amenities such as water supply, electricity, sewage, and road connectivity.
7. Surrounding Developments: Research the existing and upcoming infrastructure developments in the area to gauge the potential appreciation of the plot’s value.
8. Approval and Permissions: Check if the plot has obtained all the necessary approvals and permissions from local authorities for construction.
9. Previous Ownership: Inquire about the previous owners of the plot and any history of the land’s use.
10. Encroachments: Ensure there are no encroachments on the plot, and the boundaries are well-demarcated.
11. Accessibility and Connectivity: Evaluate the accessibility and connectivity of the plot to major roads, highways, and public transportation.
12. 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.
13. Market Value: Compare the resale price of the plot with other similar plots in the area to ensure you are getting a fair deal.
14. Future Development: Look for any future development plans or proposed projects nearby that could impact the plot’s value and surroundings.
15. 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.
16. Negotiation: Negotiate the price based on the plot’s location, size, and market trends.
17. Neighbourhood and Surroundings: Interact with neighbours and residents, if possible, to understand the neighbourhood dynamics and living experience.
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 flat 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 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 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)
NRI HOME LOAN FOR RESALE PLOT PURCHASE (REGULAR)
- 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
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)