A Step by step Guide for Buying Resale Property

Why to buy a Resale Property
How to Buy a Resale Flat/ Property

1. Consult Experts
2. Check Title of a Resale Flat/ Property
3. Check required documents for buying a Resale Flat/ Property
4. Check for Existing Loan
5. Check for Loan Eligibility for buying a Resale Flat/ Property
6. Check the Value of a Resale Flat/ Property
7. Calculate the More Down Payment
8. Know the Age of a Resale Flat/ Property
9. Know what to do in case of a Flat Society

Conclusion

Why to Buy a Resale Property

Who does not wish to live in a house of their own? Buying a new flat will take a long time, so some of us may wish to settle for buying a resale property.

How to Buy a Resale Flat/ Property

1. Consult Experts

It may be ideal to engage a good real estate agent to locate a resale property/flat. He would be in a position to locate sellers as well as guide you regarding the price of such properties in different localities. They would also be in a position to tell you about the seller of the property. Most real estate agents charge a fee and also help with registration, payment of stamp duty and other paperwork procedures for purchase for buying a resale flat/property. In addition, taking the help of a good lawyer would also help to make sure that things are

clear legally also.

2. Check Title of a Resale Flat/ Property

Engaging with experts like real estate agents and lawyers will help you, but it is always better to be well-informed yourself when entering into deals and procedures for buying resale flat/property. The first step in buying a resale flat/property would be to establish the title of the seller; whether he is the real owner of the property/flat or has been given the power of attorney to transact the deal. All the documents with regard to the resale property/flat need to be clear. In addition, you need to make sure that all the original documents with regard to the resale property that were given by the builder or original developer are in order.

3. Check required documents for buying a Resale Flat/ Property

Buying resale property may seem great, but it could become a big problem if the documents regarding the original purchase and subsequent transfer of title are not properly stamped. Firstly, it could pose great problems especially if you want to apply for a loan for purchase of the resale property. Subsequently, it could prove to be unacceptable in case you wish to transact further on the property.

4. Check for Existing Loan

It is also necessary to make sure that the property documents are not lying mortgaged in the bank’s custody against a loan taken by the seller. The bank will consider a loan only once the loan taken by the seller is repaid and the documents released.

5. Check for Loan Eligibility for buying a Resale Flat/ Property

Buying a resale property would definitely provide you with a bigger space in case of older properties. However, it is best to note that some banks may not lend money on buildings older than 10 years. This may be due to the reason that they may not want to take the risk of the price of the property going down. Banks also make sure to ensure that the bank’s outstanding loan should always be lower than the value of the property in the market.

6. Check the Value of a Resale Flat/ Property

Next, it is imperative to note that the loan amount is highly dependent on the cost of the property. Technical experts would evaluate the property/flat. However, it would be useful to yourself avail the services of a property valuator at a small fee before approaching the banks. The bank’s property valuator may valuate the property at a much lower rate. They would also like to safeguard their interests against the fall in the price of the property in future.

7. Calculate the More Down Payment

Most banks wish to make sure that you be responsible for the maintenance and good upkeep of buying the resale property/flat. So banks would expect you as the purchaser of the resale property to pay a certain percentage of the price as down payment. You may have to pay about 20% of the price as down payment; property of 50 lakhs requires 10 lakh as down payment.

8. Know the Age of a Resale Flat/ Property

This down payment could be more in case of older properties. In addition, banks usually lend only on properties that are unto 50 years old. The tenure of the loan also decreases with the age of the property.

9. Know what to do in case of a Flat Society

The bank may grant the loan and you may make the down payment, but there could be another problem. It arises out of the need for some Flat societies that require the payment of a heavy price for change of ownership. It is best to consider this cost also when coming to a conclusion while purchasing resale property in cooperative and other societies.

Conclusion:

Buying resale property/flat would give you a chance to settle in your own house fast and save you of high rents paid and the need to frequently shift your place of living. Taking a loan from the bank could give you tax deductions on the interest paid soon. You would not have to wait till the possession as in the case of new flats. It is always prudent to be well informed about the various procedures for buying resale flat/ property.

I hope you got some good insights about buying a resale property. Please share more insights on this topic in comments section.

Jey S

24. September, 2021.

I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.

aksaswadkar

I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.

Lionel Faber

16. September, 2021.

I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.

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8. September, 2021.

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6. September, 2021.

I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)

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This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.

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I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.

Srinvas Kannan

30. July, 2021.

I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.

Shivaram Andiappan Selvaraj

3. July, 2021.

I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.

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26. June, 2021.

I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.

A Step by Step Guide for Buying Resale Property

Table of Contents

Why to Buy a Resale Property