Step 2: Check your CIBIL score online to avoid future surprises. CIBIL Score of 750 or higher must benefit from a home loan in India. Before you buy a property, you need to be sure that the property is not mortgaged. In the event of current or past loans, you must receive a list of documents from the credit bank. If the loan has been taken out, you should consult a copy of the closing letter with the bank concerned. Buying Home with Home Loan is quite laborious and exhaustive process. Buying a home itself is an important financial decision. Some people delay this decision because they want to buy their first property from their own resources. The best is to buy a house with a home loan. This is due to house prices, which continue to rise, and second, financial commitments will increase later in life. When I bought a house, I had a hard time understanding the steps to buy the house with real estate credit. After going through this cycle, now I am able to explain step by step process how to buy home with real estate credit. Makaan IQ lists the documents you need while you apply for a loan to buy a resale home.
Step 5 (b): When signing the sales contract and handing over the token money, please check all original real estate documents. Get xerox of all the seller`s original documents – comply with the list of documents required by the bank for the disbursement of credits. As a result, banks consider a fair mortgage to be misleading. In the past, many cases of fraud have been reported by lenders because the same property was used to obtain multiple loans due to the lack of public records. The Certificate of Occupancy is also one of the important real estate documents for a home loan that verifies that the construction has been completed. The next step will be to re-check whether or not the construction was completed in accordance with the approved plan. An occupancy certificate ensures that the accommodation is ready to move in. For borrowers who purchase the property as a first owner, this certificate is important to obtain a home loan. The certificate can be issued in two different forms. The first is form 15. This form is issued if the property has a registered charge.
Otherwise, Form 16 is issued, making it clear that there are “Nile” charges on the land for which you want a home loan.