Checklist before
applying home loan to buy a house.
You have seen the property for your home. Great!
But before finalizing and applying for a home loan
you should do the following:
1. Ask for a title report - an
investigation into the ownership of the land over
a period of 30 years.
2. When buying a new house, ask
for an allotment letter detailing the agreed price,
payment & construction schedule and possession
date. Make sure the developer has clear title to the
land and that the local authorities have approved
the building plan. Once construction is over, ask
for completion and occupation certificates.
3. In case of resale, make sure
the owner has the title and possession of the property
as well as the right to transfer it. Check that dues
such property tax, society, water and electricity
bills have been paid in full. Take possession of all
relevant documents given by the original builder.
4. Get a comprehensive valuation
report of the property done by an approved valuer.
