Investing in a home is one of the biggest dreams of a common man. Real estate investments demand huge financial commitments due to the capacity to continue for a couple of decades. To support your long-term financial needs, several home loans are available in the market. The magnitude of the investment is quite high, and it is only possible to cross the target line after meticulous consideration of the viability of the idea. After a careful and detailed understanding of home loan plans, one can opt for a home loan and fulfill their family’s dream. Furthermore, to conduct a full-proof transaction, records relating to the property must be duly maintained and safeguarded.
The provisions of section 17 under the Registration Act 1908 in India call for property registration. The purpose of registration is to ensure that the property records are correctly updated in the system when transferring ownership. The Act was brought into existence to ensure legal records are rightfully registered with the concerned authority.
In this article, we are going to understand what factors need to be considered and kept in order at the time of registering a property in your name:
Check the credibility and authenticity of the property
The first step in property registration is to conduct due diligence. To avoid unnecessary circumstances in the future, it is advisable to verify the credibility of the seller. Once you have ticked off this point, the next step is to validate whether all the property-related documents are to the point and clean. Additionally, to build your finance to invest, you can compare home loan plans and home loan interest rates online. Just at the click of the button, the home loan interest rates offered are available.
Support of a Lawyer
If you have the solid backing of a lawyer, then it is convenient to get a clear understanding of the entire process flow. You can also get the consultation of the lawyer with regards to the genuineness of the property documents provided by the developer. The lawyer’s role is to also check that any inexact or ambiguous documents do not get transferred to the client’s name.
- Authorized sale deed (having name of present seller)
- Recent tax paid receipt copy
- Latest home loan outstanding bank statement
- Authorised copy of Agreement of sale
- Copy of latest electricity bill
- NOC – No objection certificate from the society’s association
- Verified copy of the sanctioned building plan
- Copy of OC – Occupancy certificate received from the builder
- Title deed along with Power of attorney/s if any
- Copy of TDS receipt for properties having a value of more than Rs. 50 lakhs (1% TDS to be paid online)
In the complete registration process of the property, copies of personal ID proofs are also required. It would be advisable to keep copies of PAN card, Aadhaar card, and two-three passport size photographs.
As per the process, one can book a slot for property registration only after making the online payment of registration charges and stamp duty. All payment modes, such as net banking, credit card, or debit card, are available. An OTP (one-time-password) will be sent to the registered mobile number. Once the payment is made, slots can be booked online for visiting the sub-registrar as the process is only partly online. You will receive the appointment and process completion messages after presenting the required documents before the sub-registrar in person.
The process, if followed stepwise, ensures smoothness. You can also compare home loan interest rates with the help of a home loan EMI calculator, which is available free of cost. You can input value online and get the estimated home loan interest rate and other details based on your budget. Most of the part is financed by home loans. Hence one must give due consideration to this aspect and enjoy the entire process as their dreams get fulfilled!