Dev Singhraha
Relocation Expert
Buying a property is one of the most significant investments one makes in his life. Proper precaution and calculations need to be done before one decides to take a plunge into the real estate market and be in the financial debt for the next 20 years. The deal can go wrong if one doesn’t make the right decision.

But buying the right property that meets your needs and requirements is difficult to find. It can be possible that the property that suits you is a resale property and not a brand new one directly from the developer. In this case, one must take certain precautions to make sure that the deal only serves right at the end.

When you buy a resale property, there are chances that the seller is still servicing his home loan to the lender bank. In this case, the property transaction can take longer than the usual. The seller will have first to pre-pay the home loan that he is servicing for the property, and the loan lender will have to issue the no objection certificate for the deal to progress forward. It can take up to 10 days to get the NOC certificate and no dues certificate along with other property documents. If the seller has used a home financing option to service the home loan, the process may take even longer.

If you are buying the property from the seller, make sure you ask for the letter from the loan lender that states that the seller is the owner of the property and is servicing the home loan against it. The seller should also be able to produce the photocopies of the documents which are with the home loan lender.

In case, you as a buyer are applying for a home loan to buy the property; then it is a wiser move to go with the seller’s home loan lender. The home loan lender already knows the property and does not need to inspect it physically. The lender will need your financial documents to make sure that you are able to service the home loan. The lender will only have to transfer the name of the home loan borrower from the seller to you. It makes the task easier for the buyer, seller and the bank.

However, if there is another lender who is offering you a home loan at a cheaper rate, then, by all means, choose the one that is offering you a lower home loan rate.
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