1-Identify the flat that you are planning to buy
2-If it is a second sale (not direct from builder)ask the present owner for copies of all existing documents including link documents (the document of first sale showing the history of the flat).Also ask for latest encumbrance certificate which would show details of all loans on the flat as well as owner details(helps in identifying if the person who is selling you the flat is indeed the registered owner or not).If the flat was built before 2010,make sure you ask for the copy of the BRS approved plan too.Copy of latest tax receipt
3-Once all documents received,submit to bank executive.All banks offer same rate of interest,so choose one that offers you ease of banking and lesser charges.
4-Post submission there would be an evaluation of the flat done by a third party evaluation consultant nominated by the bank.If the building itself is not on the approved list of the bank then there woulf be two separate inspections(one for enlisting the bldg and one for evaluating the flat)
5-Max funding given by banks is 80 to 85pcnt of sale value
6-Keep following up with the bank.preferably submit docs by the 2nd week of the month and the loan gets approved by the 4th week.If you give it in the first or last week the executives keep it pending to meet their monthly targets
7-It is easier to get a loan amnt approved on the basis of ur eligibility and keep it and then whenever needed use it for the purchase when you have a flat identified.Once you have a flat identified make a sale agreement on a stampaper and submit copy to the bank.Templates are available with the document writers.The sale agreement would show the sale amount and on the basis of that amount the actual disbursal amnt is finalised by the bank
8-once documents are verified and sale agreement is submitted along with the latest encumebrance certificate(a fresh one as on date,can be obtained from the SRO on payment of fees else the document writer too will help you with obtainin it(arnd 400rs approx)) the credit manager approves the loan.the approval is always done at the central office following which the cheque is dispatched to the branch office that you have opted for.this usually takes abt 24 to 48 hrs
9-Once loan cheque has been received at branch you may schedule your registration at the SRO(sub registrar office) and intimate the date and time to your bank branch.You will need to make a payment of the registration tax at the designated bank or via neft to the bank.the writer will calculate and advise you of the exact amount.this amount may be paid on the morning of the registration, it takes about an hour for the amount to reflect into the portals so schedule accordingly.
10 This is the tricky part,if the seller insists that he will register only after receiving the entire amount,you may need to avail of advocate services from the bank branch.this is a chargeable service (approx 1000rs varies from bank to bank).If this is availed,the buyer needs to go to the branch one day before regn and sign the agreements.Next day at the time of registration the lawyer arrives at the SRO with the loan cheque and delivers the cheque to the buyer directly and you may go ahead with the regn procedures,.If you want to save up on the 1000rs and the seller is ok with registering the property before receiving the loan cheque,then after registration when the registered sale deed becomes available(14 days window)the seller and buyer needs to go to the loan branch submit the original deed and sign the loan agreement with the bank post which the bank will handover the cheque to the buyer and the buyer in turn needs to handovet the cheque to the seller.
11 At the SRO writer will guide you thru the processes .if it is a straight forward regn with no complications the writers usually charge r between 6 to 8k as fees.
12-At the SRO you need seller plus witness and buyer plus witness.They would click your pics,ask for your aadhar card copy and sign on some documents.
13-Following the signature the lawyer hands over the cheque to the seller and the transaction is complete.
12-The original registered sale deed is received from the SRO in about 2 weeks.The same lawyer will go to the SRO and collect the original doc and submit it to the bank.The SRO will intimate the buyer via sms once the docs are ready and they are available on the sro website for about 2 months to download
13 You may approach the bank after the 3rd week to collect a copy of the deed in case you are unable to download from the website
In case there is no bank finance involved then,step from 3 onwards may be ignored instead the below is the process
3a- Take documents to a certified evaluation engineer.He will verify if all documents are in order and what are the current rates in the area
4a-Once documents are all ok,pay the token amount and make a sale agreement which woyld state how much has been paid,how much is to be paid and by what date would it be paid.This is not registered anywhere
5a-Submit doc copies to the writer and keep the sale deed ready and decide on date of registration (regn can be done on any working day between 10am and 5pm)
6a-Complete all financial transactions with the seller,pay the registration tax at the bank branch or online and head to the SRO for registration
7a-After registration within 14 days the registered deed would be ready for collection from the same SRO or you may also nominate the document writer to collect it on your behalf.Online copies also would be available.