How to buy a DDA Flat in resale?
Purchasing the resale unit in the Delhi development authority colony becomes a rewarding experience. It is well established in terms of its footprints in the residential hubs of the cities leg Janakpuri, Dwarka, and Rohini. For purchasing residential flats in delhi, you have to follow the step-by-step tips.
- First of all, check the agent construction quality of the project. Based on that, you have to verify the norms related to the property's availability and ensure that the property duly complies with all the regulations on homes.
- Besides all these, you have a cross-check for the property’s details. With it, you will get an array of documents like the encumbrance certificate, occupancy certificate. Go ahead with the confirmation of all the details and documents. You can see that in the papers, it is described that the property is encumbrance free. It also indicates the appropriateness of the property.
- Besides the above measures, you have to look for additional modifications for innovation that must be undertaken by the owner as per the construction norms and legitimate.
- If there is a chance, you have to have a legal expert before signing the deal. You should look for someone reliable who will always be there to develop the feasibility report of the property. When you sign it, consider the authenticity of the documents you mentioned above for selling the property.
- One has also to prove his or her ownership of the property documents. That said, you should go through the statements mentioned in the allotment letter by DDA, no objection certificate from the water and electricity department, as well as a sale deed and power of attorney. Look for the documents that will be requiring transferring the DDA flat to the new owner.
- In the process, you have to consider the two affidavits comprising the details of the owner and the seller, deed of undertaking the duly signed rupees 10 stamp paper, and bonds duly executed on rupees 100 stamp papers, registered lease deed, and the completion certificate. You will also be required to show additional address proof that will include the passport, Aadhar card, voter id, or electricity bill.
- Upon completing all the documents, you will have to contact the DDA for availing of the resale flat's mutation certificate. Consider the interest of the investors and the facilitation of a higher ROI. DDA has also recently passed the rule in 2014 for disallowing the sale of the important unions before the period of five years.
- Besides everything else, it's good to remember that the DDA flat owners may not always hold the registration papers as that is lost during the recent fire mishap. In such a case, it's worth considering the consultation with the lawyer to understand the implications of the sale. Though power of attorney is considered illegal at times, you should always consider taking the loan against property through DDA.
- Checking for the existing loan is a must as well. Make sure that the property documents are not lying against the best custody of the loan taken by the seller. It will only lead to the consideration of the bank of the loan. Once the loan is taken, when the electricity gets paid, and the documents released. It is no longer applicable for the resale flat.
- Usually, for the purchase of such a property, you will get the availability of the loads. However, there may be a case of some banks not being in a position of lending money on buildings that are older than ten years. This happens due to varied reasons. One of such reasons is that they may not want to risk the price of the property going down. Banks also make sure that the loan you are considering is not much further than the property's value in the market.
- Calculation of the down payment is also mandatory .most banks will always make sure that it is possible only for the person for the maintenance and upkeep of buying resale property or flat. So it is always expected that banks consider you as the purchaser of the property. To pay a certain percentage of the down payment price, you will usually have to pay about 20% of the price in the down payment. For example, consider a property of 50 lakhs. It will require a down payment of 10 lakh.
- Knowing what to do in the case of a flat society is also essential. Usually, the bank will grant you the loan and make the down payment. But there is yet another problem associated with it. It arises with some societies that require the payment of the heavy price for several reasons. It is better to consider the associated cost in such circumstances while purchasing the property in the cooperative and other societies.
Follow these points mentioned above when you are attempting to purchase a DDA flat in resale. It will guarantee that there will be no related problems in the entire process.