Site buying process

[seeker]

Hi,

I have findlized a property to purchase in BTM 4th stage, and now need help to understand the next steps. Do i need to get into an agreement with the owner or can go for direct registration?

Also, as I am applying for a composite loan, do I have to have an agreement with the owner? and then register the property? Also, do share details if I need to be aware of some other catch

What are the registration charges and stamp duty that needs to be paid? I remember BBMP recently changed everything.

Thank you

[msn1270]

Hi

If you are going for a loan, first have an understanding with the seller on the mode of payment(Disclosed value in DD & the Cash Part) and the validity period for completing the transaction.

Then decide a Bank for getting the composite Loan. Discuss with the bank about your loan eligibility limit and the extent of loan they provide on a property. Each bank has varying policy on the maximum loan limit based on either Government Land value or at the actual market Value. From that bank, get a list of documents they need for processing your loan and subsequently collect the same from the seller. In order to go for Loan, you need to go for an agreement of Sale with the seller.

Totally you need to spend around 7% of the Registration Value towards the registration/stamp duty/miscellaneous expenses.

[seeker]

Thank you msn1270, helpful information.