Loan for Buying a Plot, Documents details, Project Cost
It is a dream for many of us to buy a plot and construct a home on it. But, identify a right plot is complicated affair. It requires a careful analysis as there are plenty of corruption and litigation are involved. One has to be too cautious and should scrutinize all documents related with land with utmost care.
Getting a plot in metro city is too difficult but one can visit the website of reputed real estate companies for land/plot.
Documents that are required from seller:
- 7/12 document (original land deed in the name of current land owner) with name of previous owners.
- A certificate of Encumbrance for the last 30 years at least from Sub-registrar’s office.
- If there was a loan on land then a Release Certificate from bank with statement that loan on the land has been fully paid.
- Original property tax receipt and other bills relating to the plot.
The documents required for buyer:
- The title deed should be transfer in the name of buyer written Government licensed Document Writer.
- Receipt of payment of stamp duty
Approval for House Plan from Municipal Corporation:
One needs to get pre approval before construction of house. The process of approval is now automated in most of the state and one may leave this process to his contractor/architect
Project Cost:
- Architect/ contractor’s fees
- Building material costs
- Labour cost
- Interior fittings such as light fixtures, bathroom fittings, tiles, etc.
Tips for Saving Project Cost:
Construction plan should be simple and we need not to make too many changes once the construction work begins.
Always buy materials and fittings with long term savings in sight.
Buy the materials when prices are low even if you require them at a later stage.
Cost saving is very important as there will be many unanticipated expenses that will crop up. Try to finish original construction plan as much as possible is the best way to finish the project early or on time with your budget.
Loan from Bank:
A host of private banks and financial institutions offers loan on competitive interest rates with easy payment plan.
