You have the mortgage sanction letter in your hand and have chosen your wanted house. You have actually paid an advance amount on the same. Now, exactly what do you need to do after this to complete your home buying process?
i) Payment of the balance quantity of own funding
Let us picture your house is of the value of USD 5,00000. You have paid USD 50,00 as advance and the bank has actually accepted pay 80% of the value. Now, your own financing will amount to the balance 20%, i.e. USD 1,00,000. Because you have already paid USD 50,00 you have to pay the balance USD.950,000 now. Pay this and acquire invoice for the same.
Next, you have to sign up your house at the Registrar Workplace in your name. You will need to send your photo, the sanction letter and the receipt for payment of your own financing.
iii) Collection of documents from the Registrar
After 2-3 days, you will receive all the signed up files from the Registrar/ Home builder.
iv) Send documents to bank requesting them to make the payment to the Home builder.
After you have got the files, submit it to the banker and request them to make payment to the home builder. As soon as this is done, you can get the ownership of the house. In case, any other date is noted in the document as the date of belongings, then you can occupy just on that other date so mentioned.
Buying a home includes numerous complexities and it is essential you comprehend them at each stage to make sure no one cheats you.
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