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4 Things To Check Before Buying Your Dream Home In Mumbai

Purchasing your dream home is one of life's most important decisions. Every buyer knows that they must set a certain range of budgets and stick to the price range.

Today, the rate of buying, selling, and renting properties in Mumbai is increasing remarkably.

6 Documents You Need To Scrutinize Before You Buy A Property In Mumbai

A property is a lucrative acquisition from the point of view of a buyer. What would be better than buying a property at a price below the market rate?

However, there are several complicated legal processes involved in its acquisition.

4 Things To Check Before Buying Your Dream Home In Mumbai

Purchasing your dream home is one of life's most important decisions. Every buyer knows that they must set a certain range of budgets and stick to the price range.

Today, the rate of buying, selling, and renting properties in Mumbai is increasing remarkably.

But there are many facets to the home buying process, and even skipping one might not be a smart idea for the long term.

Since there are many checklists floating on the internet, this article covers 4 things you need to check before buying your dream home in Mumbai.

Budget Matters
Your existing lifestyle and family’s long-term needs need to be measured. Decide the necessary amount of home loan. It is advised to prepare a financial plan to balance the rent and pre-EMIs without using your funds.

Review Layout Plans
Review the layout plans to ensure that anything promised is part of the project layout. Check if the amenities (including parking space, gym etc.) promised meet the needs of all members of your family.

Stamp Duty and Registration Fee
This is a substantial charge, equivalent to the government's sales tax and income tax. You need to know the prices and charges available when you prepare your budget for property purchase and decide to buy a property.

Resale Value
Resale value is an important factor when you purchase a house. Concentrating only on the primary location or the property's budget is not enough.

A home gives pride and independence to many people. Understand that your first property will rarely be your final property, so first look for your current property and take care of it for the long term. While these are some of the points to consider, for more information, feel free to contact us.

6 Documents You Need To Scrutinize Before You Buy A Property In Mumbai

A property is a lucrative acquisition from the point of view of a buyer. What would be better than buying a property at a price below the market rate?

However, there are several complicated legal processes involved in its acquisition.

That’s why you should scrutinize these 6 documents before you decide to buy a property in Mumbai.

Building Approval Certificate
Check if the property is designed according to an approved building plan of the local municipal government to avoid unwanted problems later.

Occupancy Certificate
When a property has been deemed to be suitable for occupancy is an occupation certificate issued by a local government body. Obtain all records from the previous owner (in case of a resale property) or by the builder in case you’re the first owner.

Possession Certificate
The certificate is mandatory and this paperwork is passed to the buyer after the property has been physically owned. It is issued by the builder to the first owner.

NOC
No payment is made before the authorities review the No Objection Certificates (NOCs). Different facilities such as gas, water, power, protection, sanitation etc. shall be responsible for NOCs. Without having NOCs for the buyer, the seller cannot legally sell a house.

Title Deed
Procure the original "Title Deed" of a property is procured. It validates that the sale and transfer of the property ownership from the seller to the buyer.

Sale Deed
This document is the proof of ownership for the sale of the property and must be registered in the Registrar’s office. Go through all the terms and conditions before you sign this legal document.

These are some of the documents you will come across when purchasing a property in Mumbai. For more information, feel free to contact us.

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4 Things To Check Before Buying Your Dream Home In Mumbai

6 Documents You Need To Scrutinize Before You Buy A Property In Mumbai