House Buying Process – What Following After Buying the House?

You have the home mortgage assent letter in your hand and have actually picked your preferred house. You have actually paid a development amount on the exact same. Currently, just what do you have to do hereafter to complete your home buying process?

i) Payment of the equilibrium amount of very own financing

Allow us imagine your house is of the worth of Rs 5,000,000. You have actually paid Rs 50,000 as advance as well as the financial institution has actually consented to pay 80% of the worth. Currently, your personal funding will amount to the balance 20%, i.e. Rs 1,000,000. Given that Affinity at Serangoon have actually already paid Rs 50,000 you need to pay the equilibrium Rs.950,000 now. Pay this and also acquire receipt for the exact same.

ii) Registration

Next, you need to sign up the house at the Registrar Office in your name. You will certainly have to submit your photo, the assent letter as well as the receipt for settlement of your personal funding.

iii) Collection of records from the Registrar

After 2-3 days, you will certainly obtain all the signed up records from the Registrar/ Builder.

iv) Submit files to financial institution requesting them to make the settlement to the Builder.

After you have got the documents, submit it to the banker and demand them to earn repayment to the contractor. As soon as this is done, you can obtain the belongings of your house. In instance, other date is detailed in the paper as the date of property, then you could take possession just on that various other date so discussed.

Buying a house includes numerous complexities and it is vital you understand them at each phase to make sure nobody cheats you.

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