Carpet area is defined as the precise area within the walls of your home. If you had to lay a wall-to-wall carpet in your entire home, the area covered would be the carpet area. Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home. Super built-up area takes into account all the area under the common spaces which is the apartment’s proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

• Check for proper conveyance of Title in favor of the builder.
• Check the license/development, right/approvals of the builder.
• Check for clarity and marketable title of the project.
• Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
• Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
• Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
• Ask for Occupation/Completion Certificate.
• Ensure that the Conveyance Deed is registered after the entire payment has been made.
• For buying a property you need to check the Deed of Conveyance, Mutation Certificate (for complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents related to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate.
• For re-sale property, check demand notice related to renovation, tax dues and latest receipts of payments made towards various out-goings such as water, electricity and ground rent.

The procedure involved is three-fold:
• Firstly, the payment of adequate stamp duty on the Agreement for Sale
• Secondly, Execution of the Agreement for Sale by the Developer/Promoter and the Purchaser and;
• Thirdly, Registration of Agreement for Sale.

Stamp Duty is supposed to be paid every time there is a transfer of ownership. It is calculated on the total value of your property. The amount to be paid varies from city to city. It is to be paid by the purchaser/buyer.

You must be at least 21 years old for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be self-employed with a regular source of income. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation or improvement will be given only at the time of acquisition of the property. Professionally qualified and self-employed individuals can apply. A minimum of 3 years work experience is a must.

• Updated bank passbook or a photocopy of the statement of accounts for the last 6 months.
• Age proof: PAN card, Voters ID, Passport and License, photocopy of ration card, Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
• Photocopy of educational qualification certificate and proof of business existence.
• Photocopy of last 3 years Income Tax returns, Last 3 years profit /loss and balance sheet Processing fee cheque.
• Documents required for applying for a home loan (for employed professionals).
1. Latest salary certificate/slip in original.
2. Age proof: PAN card, voters ID, passport, license.
3. Photocopy of Form no.16 A (TDS Form) from employer. Original certificate from employer for any other allowances, which are not reflected in the salary slip.
4. Updated bank pass book, photocopy of statement of accounts for last 6 months.
5. Photocopy of your company’s ID or ration card.
6. Passport size photographs of applicant and co-applicant. 7. Processing fee cheque.
8. You may be asked to submit further legal documents if required by the bank or its approved lawyers. Retain photocopies of all the documents being submitted by you.

During the transfer of property ownership, the stamp paper and registration fee has to be paid which is equivalent to 7 to 8 per cent of the value of the property or those of circle rates. These rates are the notified rates of a particular area set by the government on which the registration charges on the value of the property are calculated. The circle rates can be seen on government registration and stamp department websites of each city.