5 Things to Keep in Mind before Buying a Property

Posted on 2015-07-11 by Zeztate

Owning a house or property is truly a cherished dream for many people out there. It is a significant part in your investment. Even when your financial capabilities are limited, you are willing to take an extra step to buy a decent piece of land or house.
Buying a property is not just a small deal. It takes lots of paper works to be done till the date of completion. There might be hidden costs that are extremely difficult to handle or cater for. So you must be smarter enough to prepare for the additional expenditure. 

 

There are many things you must take care before buying a property or house. Once you have found out your perfect nest, you must go through the documents closely before proceeding further. In this phase, it is better to take professional assistance from the real estate dealers like Zeztate. 
Get NOC Certificate
If you are planning to buy a property or flat, you must be vigilant in every deed. Make sure that the property you choose to buy is genuine.  A Non Liability Certificate, abbreviated as NOC would help you make the property transactions hassle free. NOC is a legal certificate issued by any agency, organization, institute or individual that does not object the transaction. Ensure that you have obtained a NOC for urban land ceiling, electricity, water and lift authorities. 


 
Most of the NRIs consider worthy to buy a property in India. They must be extra cautious to obtain all the NOC paper works done on time. Acquire NOC from the fire department service, permission for drainage and water supply, sanction from electricity board and permission from the public health authorities are some of the NOC's you should obtain before buying a property.
Perform Background Check 
Background check is an indispensable part when you buy a property. It might take an extra time, but surely help you in the future. Real estate is highly growing business.


 
There are chances to get fraudulent in the industry. Therefore, get the assistance from established builders or property developers and check their background thoroughly. Check their previous projects, check the project plan & blue print and online reviews & ratings.
Seek Legal Opinion


You must consult with legal authorities before buying a property or land. It is practically impossible for you to go through all the paper works. So a competent lawyer can explain the subtle details about a property before you buy it. It removes all future tangles. The lawyer will provide the legal side and go through all the property history, third party interfering, check the details of current and previous owners, check the Encumbrances certificate, property status & disputes and court involvement (if any)
 Acquire Loan
When you think about buying a property, the first thing that comes to your mind is how you finance it. Plenty of loans are available out there. But, it takes some procedures to acquire the full benefit of it. The primary process involves filling out an application for the financial institution/bank. It requires some basic information regarding your personal income, address proof, bank statements, education qualification and property details.


 
You should submit the below details to acquire the loan 

Loan application along with two photographs.
Copy of ID proof such as Voters Id, PAN Card, Passport etc.
Proof of Residence in India -  It can be Electricity bill, Telephone bill, Ration card and Driving License etc
Copy of Contract / Employment Certificate Copy of Annual Salary Certificate  or Salary Slips 
Tax 
 

Tax is paid on the basis of area that you are occupied. It is paid to the governing authority of jurisdiction by the owner of the property. Tax should be paid on time as it is periodic in nature. A well established property management service provider like Zeztate can handle this headache for you.

Don’t let any single thing to ruin your happiness in having an owned property. It is important to know all the details and process of property buying. We truly hope these guidelines will help you in buying a perfect property! For more details and guidelines