Property document checklist: A guide for home buyers
Whether you are looking to buy property in India or are already in the process of doing so, you will need a few documents to complete the process. By presenting these documents, you can ensure that you have proof of ownership and a smooth transfer of ownership. Having these documents on hand is usually a good idea and a safety precaution, especially in a nation with a wealth of natural resources and a booming population.
Important documents to keep handy when buying your dream home
The following is a list of the documents to be reviewed when making a real estate deal:
1. Residence Proof
When acquiring a home, it is necessary to provide legitimate and accepted proof of residency. Utility bills, driving licences, passports, voter identification cards, Aadhar cards, and other similar documents are often used as residence proof.
2. PAN Card
An applicant's Permanent Account Number (PAN) is required for all transactions, including the purchase or sale of a real estate asset.
3. Statement of Bank Account
As a part of the application process for financial organizations, candidates will be expected to provide a copy of their bank account statements for the last six months. This document is also important from the standpoint of loan lenders since it reveals your eligibility for a home loan, which is a requirement when purchasing a property.
4. Documents of Employment for Salaried Employees:
Monthly Wage Slips
To evaluate your eligibility for a house loan, lenders will request salary slips. The applicant may arrange this by submitting the most recent three months' worth of pay stubs.
Letter of Employment
To be approved for a home loan, the lender will want you to present proof of your income. While tax returns and paystubs are acceptable types of proof of income, certain lenders may also want a letter from the borrower to confirm other documents. The letterhead must include the date of hire, the current title, the work status, and the employee's gross salary.
Form 16
Form 16 - a document that the employer must submit - is also included in the property papers checklist for salaried workers. The document assures the lender of the applicants' salary continuance and confirms that income tax has been withheld from your pay at the source.
Other pertinent documents
These documents include a copy of your employee ID, the company's offer letter, the prior employer's relieving letter, and an experience letter.
5. Individuals that work for themselves:
Profit and Loss Statement
The profit and loss (P&L) statement may give information about the company's profitability. This provides the lender with a better picture of the entire revenue produced by the firm, which is used to establish loan eligibility.
Proof of Business Existence
In certain circumstances, financial firms seek proof of a company's existence. It is a document that demonstrates a current business license/registration issued by a government agency.
The company balance sheet
A statement that reflects your company's finances (liabilities, assets, total net worth) is an important document for determining your company's financial status.
Loan Specifics
You will be required to provide current loan details, as well as the status of the loan and any outstanding obligations on the loan (if any). The loan provider will complete your home loan application based on the information you have provided. When it comes to acquiring a house loan, the lower the present debt, the greater the chances are of receiving one.
Income Tax Return
Most financing companies have a minimum criterion for qualifying for a home loan, which varies based on the tax bracket into which your income falls. If you wish to acquire real estate, you must be diligent in filing your income tax forms as a result. In most cases, you will be required to submit the past two years' worth of Income Tax Returns.
How can Indiassetz help?
With over $1 billion in asset under management, Indiassetz is the country's biggest real estate wealth management firm. HNIs, NRIs, and C-suite executives worldwide have relied on us for more than a decade to actively manage their real estate holdings. Indiassetz can provide consumers with end-to-end real estate solutions including
Ensuring that you keep in hand all the required documents to avoid delays
Helping you gain a broader understanding of the real estate market and assess potential hazards
Assisting you in making the most cost-effective investment possible
In addition, the resources and expertise of Indiassetz can assist you in learning about and avoiding market risks linked with Real Estate Banking & Investments, as well as helping you understand the industry more broadly. Indiassetz can certainly prove to be a valuable tool for you and your family.