How can you take the right steps while purchasing a home? It is a known fact that buying a home either for the purpose of staying there or for investment sake, there is a lot of money being spent. And you would never want your hard-earned money to be invested in the wrong place. Hence, it is essential for you to know what measures you can take before buying a land for sale in Chennai and other cities down south.
Remember that every bank in India has separate instructions when it comes to raising funds for land purchases. It is done to reduce land speculation. However, there are some banks that are allowed to give loans on land or mortgage them for approved for residential construction. Ensure that you build your primary home on that land immediately within two years or avoid the repayment of the loan amount to pay a higher interest. Know that every bank has a different set of rules. When you purchase, you need to make sure that the seller has bought the land in his name and owned a sale deed to prove this. If in any case, the seller is a broker or a developer, there are chances that he may not have a sale deed in his name. In such cases, vendors usually make a "sale agreement" from the actual seller or with a POA (power of attorney). Buying houses for sale in Chennai requires a tremendous amount of planning.
Remember that every bank in India has separate instructions when it comes to raising funds for land purchases. It is done to reduce land speculation. However, there are some banks that are allowed to give loans on land or mortgage them for approved for residential construction. Ensure that you build your primary home on that land immediately within two years or avoid the repayment of the loan amount to pay a higher interest. Know that every bank has a different set of rules. When you purchase, you need to make sure that the seller has bought the land in his name and owned a sale deed to prove this. If in any case, the seller is a broker or a developer, there are chances that he may not have a sale deed in his name. In such cases, vendors usually make a "sale agreement" from the actual seller or with a POA (power of attorney). Buying houses for sale in Chennai requires a tremendous amount of planning.