After finalizing and booking the selected property, the work is not done here now starts a new process. There is a certain point you should be aware and taken care of, the standard process from booking till getting your property registered is as follows:-
- Booking and Application form: Pay 10% of the total value as a booking amount along with an application form duly signed and filled by the applicant also provide the self-attested copies of pan card, aadhar card, and 3photograph to the developer and take the receiving of the both.
- Receipts and Documents: Get the receipt of the paid booking amount, a provisional allotment letter along with an agreed payment plan from the builder (Usually 45 days for the ready to move in the house).These documents you can easily get after paying 10% of the total amount.
- PAYMENT PLAN: If you are choosing the under-construction property mainly there are three types of payment plan: 1. Down Payment plan, 2. Time linked payment plan. 3. Construction linked payment plan. If moving forward with a ready to move in the property payment plan is usually 45-60days.So here is my point when choosing the construction linked payment plan always checks the status of the property when the developer raises the demand. This will keep you updated in many ways. Read my another blog which is exclusively on the payment plans in the real estate market of Gurugram.
- Buyer’s agreement: Pay the developer again 10% to complete the 20% of the total value and ask the developer to get ready your builder buyer agreement –there will be two copies of the builder buyer agreement duly signed by both the parties (the buyer and the seller).
- If REQUIRED HOME LOAN: Now if you are seeking for a home loan then you will be needing the above-mentioned document on the first stage i.e. Receipts, builder buyer agreement, provisional allotment letter and for the rest of the documents like NOC from the builder, Tripartite agreement, etc. your banker will coordinate with the developer.
- PERSONAL DOCUMENTS: Handover the above-discussed documents and also the other necessary documents like your proofs of income, ID’s etc. as required by the banker to disburse your required amount of loan. (ALWAYS REMEMBER:- Get pre-approved loan sanction letter from the bank or any other financial institution prior to booking your home)
- MODE OF PAYMENT: Bank will pay the developer your required amount of loan via DD or banker’s cheque, which is usually 80% of the total value of the property majorly depends on your eligibility and requirement of the loan.
- IF LOAN NOT REQUIRED: In case you do not require the home loan, pay timely with the agreed payment plan to avoid the interest charges as interest charged by developers is on a higher side.
- REGISTRATION OF THE PROPERTY: After making the final payment get the registry done, the charges of the registry and legal fees are always separate, you can pay directly to the developer and they will get your registry done or if you are choosing to get the registry part on your own to save money ask your consultant to get it done with your own arrangements at registrar office.
- TAKE THE POSSESSION: Before taking the handover of your home always check all seepages, Taps, pieces of equipment provided by the developer like air conditioners, chimney, hob and also other fittings (Doors, windows, electrical fittings and drainages) or any other specification committed by the developer. If you find there is any flaw as committed by the developer as per written documents ask their team from the project department to get it corrected, they will do the needful until it is done as committed by the company or developer. Take the possession and start your own interiors if required.
- REGISTRATION DOCUMENTS: You will get your registry documents within a maximum of 10-15days. In case of a loan, originals will be received by the bank, you will take a copy of all the documents and if self-funded you will keep the originals. Always maintain a proper file of the said property.
Now get your home ready, start living and make your dream come true! 🙂