Buying home is not an easy task. You have to do lot of planning and have to collect ample documents to get your home loan approved. People take a home loan to buy a house, to construct a house or even to rebuild/reconstruct a property. Each type of home loan requires different set of documents.
When you buy a resale property you require a very different and specific set of documents to get a home loan. Buying a resale property means buying a second hand property, a property which was occupied earlier before you. When you buy a resale property we suggest you to know all the documents required and you get all the original documents.
You should get all the original documents of purchase chain of the property. That means you should ask the home seller to give you the original documents of purchase before you buying the property. It doesn’t matter how many purchasers were there before you, just remember to get the documents of the purchases made in the past. All sales deeds of previous owners should be adequately registered and stamped as per regulations. The property should have a clear and marketable title with no encumbrances.
Documents specific list to a co-operative housing society:
Share certificate issued by the society is a very important document establishing the identity of the seller. This should have the names of all the previous owners.
Letter from the society stating details such as the number of floors in the building, the construction year, the apartment’s built-up area and the number of lifts in the building.
No dues certificate from the society.
NOC from Society in case of a co-operative housing society. This document states that there are no dues payables by the seller and that he has complied with all the rules laid by the society.
Copy of Incorporation Certificate of the Society.
Copy of latest local government tax receipt.
Documents specific list to an apartment owners’ association:
Copy of Incorporation Certificate of the Association
Copy of the property registration card
Copy of the occupation certificate
Receipt for the payment of registration fees
Documents specific list to a development authority settlement:
Allotment Letter
Demand Letter
Possession Letter
Electric and Water NOC
Conveyance Deed if in freehold
NOCs from utilities and Municipal Corporation (MC)
No dues certificate for House Tax
Documents specific list to a privately built up home:
Commission a search report of the land records and the records of the Sub-Registrar
Building violations report from council, MC, Estate Office or other local authority
Judicial Records check
Sale Deed
Mother Deed
Encumbrance Certificate
Occupancy Certificate
Building Approval Certificate
Possession Certificate
Others – RTC/Pahani, Conversion order etc. depending on circumstance
NOC from the Collector if the building exists on Collector’s land
Apply for a best home loan to buy a resale property!
