Buying
a house in Bangalore can be a lucrative investment tool. Even for residential
purpose, Bangalore has turned out to be one of the most sought-after cities.
This is because of the economic expansion of the city and a huge influx of
people from across the country in search of better employment opportunities.
There
are several such apartments for
sale in Bangalore, such as Arvind Skyland in Jakkur, where one
can buy a 2BHK house at prices starting with Rs.61 lakh. However, before you
start looking for residential projects in Bangalore, it is essential to be
aware of the paperwork involved.
Below
is a list of documents that you should keep in order if you’re planning to buy
an apartment or a flat in Bangalore:
Sale Deed
The
sale deed or the title deed is the signed document that reflects the transfer
of ownership and property rights from one party (seller of the house) to
another (the buyer of the house). The sale deed validates the purchase and
entails the terms and conditions of the selling/buying, agreed price of the
property, description of the property, ownership release by the seller and
transfer of rights.
Building
Plan Approval
Before
buying a house or a property in Bangalore, you must get a copy of the Building
Plan Sanction, approved and issued by the corresponding municipal body of
Bangalore. It could be issued by Bruhat Bangalore Mahanagara Palike (BBMP) or
Bangalore Metropolitan Region Development Authority (BMRDA) or Bangalore
Development Authority (BDA), depending upon the jurisdiction area of the
property.
Khata
Documents
Khata
consists of two sets of documents - Khata Certificate and Khata Extracts. The
BBMP or the BDA or the corresponding village panchayat issues the Khata
Certificate without which water connection, electricity connection, trade and
building license cannot be obtained. The Khata extract states that a specific
person owns a particular property, thus registering his/her name as the owner
of the property.
Encumbrance Certificate
Before
purchasing a flat or a house, it is very crucial to make sure that there is no
monetary dues or mortgage against the property. The encumbrance certificate
(EC) corroborates that the property is free from any financial dues or
liabilities. It is issued by the office of the sub-registrar of the concerned
property jurisdiction and enlists the details of any claims, loans, and dues.
Clearance
Certificate
The
clearance certificate, also called the commencement certificate (CC) is vital
for the purchase and ownership of the property. Even after the issuance of a
building license, the developer can start the construction activities only
after it gets the clearance/commencement certificate. Buyers should obtain a
copy of the CC without which the BBMP will not issue the occupancy certificate
(OC).
By
availing and verifying these documents, you can ensure the legitimacy of the
property that you’re going to purchase and avoid any legal hassles in future.
Financing your property purchase with home loans
from Bajaj Housing Finance Limited can turn out to be smart move since you can
not only avail funding up to Rs. 10 crore but also get in-person assistance for
site visits and documentation to make your home buying experience hassle-free.