When you decide to buy a new residential property, it is crucial to have knowledge about the property documents involved in the process. Most often, a first-time homebuyer is unaware of the paperwork required for closing the deal. Collecting and thoroughly reviewing the documents is an essential step in the final procedure. This guide aims to provide you with a property documents checklist needed to successfully buy a new home!
Property Documents Checklist for Resident Indians:
An applicant’s Permanent Account Number (PAN) is an important document for all transactions, including buying or selling a property. Ensure that you have a copy of the same, along with another ID proof, such as a driving license, passport, or voter ID.
A valid and acceptable address proof is also an important document required for buying a home. Commonly used documents include passport, voter ID, utility bills, driving license, Aadhar card, etc.
Similar to salary slips, finance companies will also ask applicants to show a copy of their bank account statements for the past 6 months or so. This is also an important document required for buying a home from the loan lenders’ perspective, as it will determine your eligibility for a home loan.
For salaried employees:
For self-employed individuals:
Most finance companies have a minimum requirement based on the tax bracket your income falls under, to be eligible for a home loan. Thus, if you plan on buying a home, you must be diligent with filing your IT returns. In most cases, you will be asked to show the IT returns record of the past 2 years or so.
You will be asked to provide existing loan details and the status of the loan/ existing debts (if any). Based on this information, the loan lender will be able to finalize your home loan application. The lower the existing loan, the higher the chances are for securing a housing loan.
In a nutshell, it is important to check property documents before buying a property. If you are looking to buy/ invest in a home for you and your family, we at Assetz Property Group have compiled a detailed guide on securing a home loan to ease the process for you. We have also created a blog on NRIs looking to invest in real estate, keeping in mind all homebuyers.
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