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Real Estate | homebuyers | Delhi
BS Web Team | New Delhi Last Updated at July 15, 2022 06:00 IST
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Buying a house is one of the most important financial decisions for an individual or a family. It requires plenty of planning and several factors need to be considered, including the locality and budget. Delhi, the bustling capital city of India, has a booming real estate market. While buying a house could feel daunting, proper planning can help you out. Here is a step-by-step guide on how to plan such an investment.
Check out as many options as possible before making a final choice.
Many legal documents are involved in the purchase of a residential property. Here is a list of important documents that you might need while buying a house in Delhi.
It is the first document prepared in the process of a property’s sale. It contains a detailed description of the property and the terms and conditions between the buyer and seller, including the purchase price as agreed upon between the two.
The sale deed contains evidence of the sale and the transfer of property from the builder to an individual. This document is required when a person may want to resell the house in the future.
This document carries a description of the property and the names of property owners, joint tenants, etc. It is an important document while applying for a home loan.
This document provides proof that a property is registered in the local municipal records. It is needed while applying for electricity and water supply.
Such receipts prove that the previous owner or occupier had paid all the due taxes and no dues are left at the time of purchase.
This certificate states that the concerned property is free from any encumbrances or loans. It is usually required at the time of procuring the home loan.
If there is an outstanding loan on the property, it is advisable to procure a statement in that regard from the bank.
This document is issued by the municipal corporation after the construction of a building to state that it was constructed in accordance with a sanctioned plan.
You must procure no-objection certificates from various departments such as Sewage Board, Pollution Board, Environment Department, etc., before moving into your new house.
A Power of Attorney (PoA) is needed if a person is acting on the authorisation of the owner of the property.
Besides the property price and the utility bills, there are some other charges you will have to pay while buying a property. They include:
It is a mandatory tax levied by the government on property transactions. The stamp duty varies from one state to another. In Delhi, stamp duty is between 4% and 6%.
It is a cost levied by the government for property sale. In most states, this fee is fixed at 1% of the transaction value. This payment is made over and above the stamp duty payment.
If you are buying an under-construction property, you will have to pay a certain amount for the Goods and Services Tax (GST).
These include charges for the building security, lift charges, and other expenses. It could either be a one-time payment or a recurring charge. The maintenance charges for a house depend on its size and location, among other factors.
Several housing societies charge a parking fee. So you must consider this cost while planning to buy a house.
ALSO READ | Buying property in Delhi to get costlier as MCD hikes transfer duty by 1%
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