Create a Check list

Get everything in writing: Don't go by words and promises. Get everything in writing from the seller and lender and check it through a lawyer for legal loopholes.  

Finalize property : By this time you are sure what you are buying. Do a final comprehensive check on the quality of the property/project. If it is a new construction find out about the details of the delivery time. Do a last round check of the neighborhood and find out if there are any legal issues with the property/project. This is your last chance before taking the plunge.  

Price : The most important factor of consideration. Ensure that it is based on thorough research and you are not overpaying for your property. Also ensure that this is the best deal you could get for the price you are paying. There is nothing worse than immediate buyer's remorse. Also find the price of similar properties in the neighborhood. Finally,make sure that it aligns with the home loan you have taken and matches your overall affordability goal.  

Lender : You have done a lot of research on the lenders and the corresponding products they provide. Once more do a final comparison of products across lenders. Check all the additional fees and penalties for final consideration.  

Mortgage product : Carefully choose the mortgage product based on market conditions and your preference. For example if the interest rates are historically low then it is useful to take a fixed rate loan. Similarly if the rates are high then it is good to go with a variable rate loan.  

Property title: Make sure that you have the correct property title document depending on who you are buying the property from

Purchasing a flat from a Builder

• Authentic title of the land in which the property is built
• Make sure that the builder is building without any violation of front setback, side setbacks, height by referring to building bylaw
• Plan of building and number of floors approved
• Check urban land ceiling No Objection Certificate (NOC) is received.
• NOC from water and electricity authorities received
• NOC from lift authorities ·Floor in which the flat is locatedis approved
• Property matches with the specification given in the official brochure
  

Freehold residential plot or house

• Sale deed based on which theseller got his property title
• Sale deed history to check all previous owners
• Registration details of sale deed
• Copy of the sale deed for registration
• Agreement to sell the property, which always precedes the sale deed
• Receipts of payments made by the purchaser to the seller
• Possession certificate
• Sanctioned map of the house, completion certificate and proof of payment of house tax etc.
  

Seller is a power of attorney (POA) holder of Government development Authority

• Permission to mortgage
• Authorization letter signed by the seller
• Signature verification of seller from his bank
• Allotment letter from theauthority
• Possession letter
• Payment receiptsmade to appropriate authority
• General and specialpower of attorney held by seller
• Agreement to sell the property
  

Purchasing a flat in a group housing society from an original member of the society

• NOC from the society
• Approved building plan
• Undertaking from the society (if property is still under construction)
• Allotment letter ·Share certificate issued by the society
• Lease deed of society
• Registration details of the society
• Bye-laws of the society
• Possession letter
• Receipts of payments made to Local civic authorities
• Permission to mortgage, if required to take loan
• Authorization letter signed by seller
• Verify receipts of payments made by purchaser to seller  
  

Review all documents: Finally, review all loan, title, and property related documents carefully before taking final decision.