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A home purchase does not end with the sanction of a loan and with money changing hands between you and the seller. Once the dust settles, the crucial task of repayment, and perhaps prepayment, arises. There also some documents that legitimise and seal the deal that must be acquired and maintained systematically.

Stage 3 offers some invaluable advice and practical tips to ensure that your home becomes truly yours...

Critical Documents

Once the loan has been sanctioned and the purchase transaction has been triggered, here are the list of documents that you must acquire and maintain for as long as the home belongs to you.

Registered sale deed

This document is proof of transfer of ownership from the seller to you.

Share certificate, in case of society

This certificate must have your name on it as the current owner. It must also clearly trace every change of hands that the property has been through.

Mother deed, in case of independent house

The last variable in determining the amount of loan that you are eligible for is the value of your home as assessed by your lender. When you take a home loan, your property is mortgaged to the lender until you repay the loan. Irrespective of the figure that the buyer and seller settle on, the lender may have its own way of determining the value of the property.

No Objection Certificate (NOC) from the Society

Other factors that a lender will take into account include your age at the time of application for a loan, loan amounts currently being serviced, CIBIL score and credit history, employment track record, etc.

NOC from the Electricity Dept./Pollution Control Board/Water Works/ Air Port Authority

In the case of an independent house, NOCs from various government authorities may be required to endorse the fact that all approvals have been received and also that there are no dues pending.

**This list is not be comprehensive; it merely highlights the most baseline documents relevant in a common sale and transfer of property.

Critical Documents
Do I have all the documents that I require?

Critical Documents
Do I have all the documents that I require?

Which means of repayment will suit me best
Knowing the status of my loan (IIFL HFC provides an existing customer portal on the website where they can get all details of their current loan, if your lender does not offer this facility, you can speak with a customer care executive/you loan officer):

Knowing the impact of prepayment