Think before you buy:
Assess your financial situation and ability to repay before getting a loan, and consider what proportion of your monthly income you will need to spend.
Visit the property site and understand the surroundings, transportation and other facilities.
Visit the model flat to visualize the layout of the unit:
Note information such as saleable area, carpet area, interior and exterior fittings and finishes and expected completion date.
Study the transaction procedure and legal documents need to be signed. Know the estimated completion and handover dates before you sign the final documents, and keep updated about the related charges such as legal fees, stamp duty, etc.
Starting the home loan process
The procedure of availing a home loan starts with an application form which need s certain details about you including your personal, residential, income, employment, educational, property details, estimated costs and current means of financing the property. The application form must be supported with valid documents to validate the facts.
The bank may ask you to submit following documents to determine your suitability for a home loan:
- Income proof
- Age proof
- Identity proof
- Address proof
- Employment details
- Proof of educational qualifications
- Details about the property if finalized
- Bank statements
Disbursal of home loan
After the completion of the paperwork and if the bank is satisfied with the legal, technical and financial assessment of the property, the registration process for the home loan commences. The home loan agreement is then signed off and you have to submit post-dated cheques for the approved term indicated in your papers. After signing the home loan agreement the loan disbursal process is initiated.
If you are an NRI wanting to buy a property in Mangalore, please read on:
- Buying a property is unquestionably rated as one of the greatest Indian dreams. And, no matter which part of the world you live in, the Indian laws have made this an easy task. The Reserve Bank of India oversees such transactions under the Foreign Exchange Management Act (FEMA).
- An NRI can buy either a residential property or a commercial property in India. And, RBI permission is not required to buy residential or commercial property.
- Payment for the purchase can be made either by way of funds remitted to India from abroad through regular banking channels or through the balance in the NRE, NRO or FCNR Account.