What are the basic requirements one should look before buying the flat as new or as well as a resale?
You must ensure that the seller has a good title and that nobody has a claim on that flat. That the flat is not mortgaged to any bank or financial institution. That in the case of an existing flat, all municipal and other taxes, society charges, electricity bills are paid up to date. In case of a new flat usually the builder will have a standard printed agreement for you to sign. If the flat is ready for possession, you should verify the date on which you will get possession. Your seller should also execute, a transfer deed for the shares of the society, in your favour, and you should make certain that the society will accept you as a member when you apply. For loan schemes,you may check: (1) Rate of Interest and whether there are provisions for compounding the interest. (2) Details of repayment such as number of instalments and amount of each instalment. (3) requirements for providing security for repayment of loan. To get the best deal, you should compare the loan schemes of 3 or 4 l
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