Property Document Checklist: A guide for home buyers

Property documents checklist: A guide for homebuyers in India

When you decide to buy a new residential property, it is crucial to have knowledge about the property documents involved in the process. Most often, a first-time homebuyer is unaware of the paperwork required for closing the deal. Collecting and thoroughly reviewing the documents is an essential step in the final procedure. This guide aims to provide you with a property documents checklist needed to successfully buy a new home

Property Documents Checklist for Resident Indians:

  1. PAN Card

An applicant’s Permanent Account Number (PAN) is an important document for all transactions, including buying or selling a property. Ensure that you have a copy of the same, along with another ID proof, such as a driving license, passport, or voter ID. 

  1. Residence Proof Document

A valid and acceptable address proof is also an important document required for buying a home. Commonly used documents include passport, voter ID, utility bills, driving license, Aadhar card, etc. 

  1. Bank Account Statement

Similar to salary slips, finance companies will also ask applicants to show a copy of their bank account statements for the past 6 months or so. This is also an important document required for buying a home from the loan lenders’ perspective, as it will determine your eligibility for a home loan. 

  1. Employment documents 

For salaried employees: 

  • Letter of Employment: To avail a home loan, the loan lender will require you to show some proof of income. While tax returns and payslips do count as proof of income, some lenders may also require a letter to verify other documents. The letterhead must include the date of joining, current designation, employment status, and income details. 
  • Monthly Salary Slips: Lenders will require salary slips to determine your eligibility for a home loan. The applicant can arrange this by providing the latest 3-month salary slips.
  • Form 16: The property documents checklist for salaried employees also includes Form 16 – a document that must be provided by the employer. The document gives the lender the assurance of the applicants’ continuity of salary. It also certifies that the income tax from your salary has been deducted at source. 
  • Other relevant documents: These include a copy of your employee ID, company’s offer letter, previous employer’s relieving letter and experience letter as well. 

For self-employed individuals:

  • Proof of Business Existence: In some cases, finance companies require proof of the existence of a company. It is a document that shows a valid business license/ registration issued by a government authority. 
  • Audited Profit and Loss Sheet: The profit and loss (P&L) sheet can provide details about the profitability of the business. This gives the lender a better understanding of the total income generated by the business to determine home loan eligibility. 
  • Balance Sheet: A statement that represents your company’s finances (liabilities, assets, total net worth) is an essential document to determine the financial position of your business.
  1. Income Tax Returns

Most finance companies have a minimum requirement based on the tax bracket your income falls under, to be eligible for a home loan. Thus, if you plan on buying a home, you must be diligent with filing your IT returns. In most cases, you will be asked to show the IT returns record of the past 2 years or so. 

  1. Loan Details

You will be asked to provide existing loan details and the status of the loan/ existing debts (if any). Based on this information, the loan lender will be able to finalize your home loan application. The lower the existing loan, the higher the chances are for securing a housing loan. 

In a nutshell, it is important to check property documents before buying a property. If you are looking to buy/ invest in a home for you and your family, we at Assetz Property Group have compiled a detailed guide on securing a home loan to ease the process for you. We have also created a blog on NRIs looking to invest in real estate, keeping in mind all homebuyers.

Assetz Property Group provides projects that strike the right chord between luxury, sustainable living, and comfort! Check out one of our recent projects – Sun & Sanctum. The most unique aspect of this project is the initiative to minimize your carbon footprint as much as possible! These carbon healing homes are strategically located in a rapidly-developing locality in the north-eastern part of Bangalore. Thus, providing you with the perfect opportunity to experience the buzz of urban life and the serenity of nature.

Real estate investment for NRIs in Bangalore

The Indian real estate market, which was once believed to be exclusive to the local communities, is not so anymore. Today, a major chunk of Non-Residential Indians or NRIs are investing shoulder to shoulder with Indians in the growing demand for housing in the country. NRI real estate investment is a booming market in India and news reports estimate that NRI investments will rise to $13.1 billion in FY 21 from $6 billion in FY 14. So, what factors are contributing to the driving force behind big investments from Indians residing abroad? Here are the top reasons why you should invest and consider Bangalore as your choice of investment in property if you are an NRI.

Emotional attachment to your home country

This is the biggest driving factor for most NRIs investing in Indian property. Though a lot of NRIs are people who left the country in pursuit of higher education or livelihood at one point of time in their lives, their roots are traced back to India. Their heart and soul remain in their home country. They dream of returning home someday or the other, after saving up all their earnings. It is for this reason that a big chunk of NRIs invest in real estate in India, so that they can come back after retiring and spend their post-retirement life peacefully, close to their family members. In addition to this, much like Indians, NRIs too have a sense of pride in owning long-term valuables like gold and housing in their motherland. 

Lucrative prices of Indian property

As the strength of the rupee continues to weaken against the US dollar, the discounted and lucrative prices of Indian property fuels NRI real estate investment. Reports say that the USA, Canada, Gulf countries, UK, Singapore and Malaysia are the major sources of NRI investments in Indian real estate. Since owning a property in those countries by non-citizens is close to impossible in addition to competitive pricing, investing in one or more immovable assets yields a high sense of security. Furthermore, the simplification of rules by the RBI with Foreign Exchange Management Act or FEMA to attract foreign investment has throttled this already booming sector. The act allows Indians residing anywhere abroad, with the exception of a few neighbouring countries, to buy residential and commercial property except agricultural land. However, the agricultural land can be inherited or gifted to the NRI. 

Tax benefits 

The tax benefits for NRI real estate investment in the country is enviable. With the absence of a cap on the number of properties an NRI can buy, they can easily cash in on their investment in property by renting, leasing, selling, etc. They can invest in multiple properties and get a return on investment by rental income, leasing income, short-term and long-term capital gains.  Their rental income is taxed at whichever applicable income tax slab rate. Very much like local residents, NRIs too can claim the deductions like the 30% standard deductions, municipal tax deductions and in case of any home loan taken, deductions for the interest paid on that loan can be claimed. 

Why choose Bangalore for NRI real estate investment?

It is only natural for NRIs to do their background research, and learn more on how to invest in real estate in India before buying a property. However, if you are an NRI born and bred in India and know of the thrills of living in a metropolitan city, you will not hesitate in choosing Bangalore as your go-to option to invest in Indian property. Bangalore or Bengaluru is truly cosmopolitan in nature, with people from all cultures and walks of life co-existing, constituting its rich lifestyle culture. It prides itself on the moniker ‘electronic city’ due to the prevalence of IT mammoths like Infosys, Accenture, Wipro, TCS, IBM and a lot more. As we all know the development of the IT sector and manufacturing hubs is directly proportional to the growth of real estate in that area, assuring returns on NRI real estate investment

You can also read our blogs on why the outskirts of Bangalore are best for investment and the top reasons to invest in North Bangalore for more insights.

Rent or retirement plan – Bangalore is the destination

This south Indian city in Karnataka boasts of beautiful climatic conditions, rich flora and fauna, a never-ending list of places to visit and scrumptious South Indian food culture. These living conditions make the city favourable to live in, attracting thousands of students and professionals throughout the year. Being one of the fastest developing metropolitan cities, the pursuit of housing options too increases.  As an NRI if you are looking to invest in real estate irrespective of residential or commercial, Bangalore is the ultimate choice as it guarantees returns on investment. Whether you are planning to spend your later years in your new abode or rent it out and enjoy the returns, either way, you are in a win-win situation.

HSR Layout, Sarjapur, Devanahalli, KR Puram and Electronic city are some of the prime locations in Bangalore to invest in. Whether you are looking for properties in central Bangalore amidst the glitz and glam of the city or are in search of picturesque row houses in Bangalore surrounded by scenic greenery, we, at Assetz, offer ultra-luxurious and sustainable homes for your perfect investment choice. Check out one of our latest projects – Earth & Essence. This project offers buyers the flexibility to build luxury homes in the upcoming hub of North Bangalore, off the Bangalore International Airport Road. Strategically located in an urban community of like-minded individuals, Earth & Essence houses a neighbourhood free of looming skyscrapers to ensure you get the best home-experience while living in tune with nature!

Modern Indian House Designs

With the amount of hard work & dedication it takes to buy a new home, it is often considered a herculean task in life! From customizing it to your tastes to ensuring there’s enough room for your future needs, it’s a long process that involves calculated planning. With the growing number of property projects in India, it is easy to find yourself overwhelmed with many modern Indian house designs. If you are looking to brainstorm house designs, we have compiled a short list of impeccable Indian villa designs that you can draw inspiration from!

Two-storey villa by Krupa Zubin & Zubin Zainuddin, Bangalore

This two-storey villa is a private Indian villa design spread over 27,000 SQ FT in the electronic capital of India – Bangalore. With an open-plan layout, the key concept behind this Indian bungalow design was to maximize large open spaces. This modern Indian house design’s prominent feature is the subtle colour palette and theme that blends harmoniously with the outdoor lush greenery! The main lobby is placed right below the centre of the terrace, which enjoys an abundant amount of sunlight through the walkable terrace glass floor. The atrium is designed to have a tall 15-foot sleek window for the residents to enjoy the outdoor landscape. Besides, the villa also has a tree planted on the ground floor with a ceiling cutout to give the plant sufficient room to grow till the second floor! 

Desert Appeal Indian villa design by Alan Abraham & the team, Jodhpur

This 10,000 SQ FT home in Jodhpur reflects the rich cultural heritage of the Thar Desert. The small gardens, decks, sculptures, and terrace gardens reminisce the surreal landscape of the Great Indian Desert. Before the construction, the plot was already encumbered by adjoining buildings on two sides, and paved roads on the other two sides. Albeit the difficulties, Alan Abraham & his team built this traditional, yet modern Indian house design using innovative architectural ideas to use minimal space efficiently. 

This Indian villa design possesses a strong, inviting aura with its floating staircase, open dining arrangements, and remarkable surrounding area. One of the key highlights of this Indian bungalow design is the delicately-embellished filigree screen that gives the villa its unique character. The filigree screen serves two purposes:

  • Functional: With the average temperature of jodhpur exceeding 40 degrees celsius, the filigree screen protects from the harsh midday sun.
  • Aesthetic: With its intricate metalwork design, the filigree screen adds more to the aesthetic appeal of the house.

Also, the outdoor wall paint perfectly matches the unique design of jodhpur stones used in the entrance and compound. In a nutshell, this traditional, yet modern Indian house design perfectly encapsulates new-age architecture with rich cultural heritage. 

Structural Rawness by Lakshmi Chand Singh & Homes by Design, Gurugram

This Gurugram home is the literal definition of the word ‘palimpsest’. A palimpsest refers to an item that’s altered, but still has remnants of its old form.  The main focus of this eco-friendly development was to preserve the nostalgia of the old home and execute modern-day architectural ideas to enhance the overall look and feel of the house. From the preservation of the old brick walls to retaining the visible conduits and pipes, this modern-vintage project was completed in just 1,900 SQ FT area! 

This Indian bungalow design has a central corridor that connects to the living area, dining area, and two bedrooms. While the floor and ceiling are made with a simple concrete and cement wash, the walls of the house are touched with an amalgamation of concrete, paint, and exposed brickwork. This unique modern Indian house design strikes the right balance between new-age and vintage, making the home-experience all the more pleasing. 

Maison Kochi by Krishnan Varma & Vanessa Meister, Kochi

This modern Indian house design was heavily influenced by Kochi’s climatic elements. Completed in just 1,700 SQ FT, this affordable Indian villa is positioned in a tight plot that faces west. The structure of the villa comprises two volumes of different heights. While the shorter one includes the living spaces & bedrooms, the taller volume includes common areas and restrooms. The front of this Indian villa design includes fewer windows, whereas the sides have tall sleek windows that perfectly capture the outdoor greenery! With sustainable features like rainwater harvesting channels and solar panels, this Indian bungalow design is also constructed to be a carbon healing home! One of the key highlights of this house is the stark contrast between the exterior and interiors! While the exteriors have a solid white finish, the interiors include a cool cement wash with black oxide floors and colourful art pieces!

Transition to plotted developments 

In recent times, projects that allow buyers the flexibility to construct houses and villas according to their preferences have become more popular than ever. Real estate developers are offering plotted developments within gated communities to give buyers the flexibility to build their own home whilst enjoying the perks that come with an apartment! A rise in demand is seen in Bangalore for plotted developments, especially for real estate in North Bangalore, Sarjapur, and Whitefield.
 If you’re looking to buy a new home in Bangalore, check out Assetz Property Group’s residential project – Earth & Essence. This plotted land development project offers buyers the perfect solution to the age-old dilemma of apartment vs. independent houses. Earth & Essence offers buyers the option to build luxury homes in the upcoming hub of North Bangalore, off the Bangalore International Airport Road. Strategically located in an urban community of like-minded individuals, Earth & Essence houses a neighbourhood free of looming skyscrapers to ensure you get the best home-experience while living in tune with nature!

Reasons to opt for Real Estate in North Bangalore

Bangalore, the capital of the southern state of Karnataka, is one of the busiest and the fastest-growing cities in the country. However, one particular region that has contributed phenomenally to the economic growth of the city is North Bangalore. Real estate in North Bangalore is currently booming with burgeoning IT giants offering tremendous employment opportunities to thousands of IT professionals every year. This, along with excellent infrastructure, seamless connectivity, and great all-year-round weather, makes North Bangalore the quintessential locality to buy a home. 

Top-notch infrastructure

North Bangalore is known for the excellent social infrastructure it offers with renowned educational institutes, shopping and leisure centres, restaurants, and hotels peppered in and around the region. Some of the top schools here include Delhi Public School and Akash International School, making it a prime locality to settle down with your family.  With renowned tech parks like Manyata Embassy Business Park located in North Bangalore, the locality has witnessed an uplift in the economy, enhanced with a posh IT crowd. 

Seamless connectivity  

Commuting is effortless and convenient in North Bangalore. The locality offers a maze of flyovers and impeccable roadways like the Outer Ring Road (OTT) and Bellary Road that helps you stay connected with major parts of the city at all times. The Kempegowda Airport is also located just on the outskirts, making business travels even more convenient and quick. To add to that, the upcoming metro developments will immensely contribute to the seamless connectivity enjoyed by the residents of North Bangalore.

Variety of developments

When it comes to buying a house in North Bangalore, you will be spoilt for choice. Since the locality is known for its lush greenery and scenic landscape, developers are leaving no stone unturned in creating stunning properties that complement the picturesque backdrop accompanying them. From charming row houses that bring in the sense of community while also giving you ample privacy to modern apartments that strike the balance between luxury and practicality – you have a wide range of properties to choose from. Homebuyers are also considering plotted developments in and around North Bangalore due to the lesser investment involved and the higher returns. 

Good appreciation rates

Since the area is still developing, real estate rates in North Bangalore are expected to rise steadily. This is especially true, keeping in mind the impact of the pandemic on future housing projects. With the influx of IT professionals moving to North Bangalore in search of job opportunities, the economy of North Bangalore has soared at a higher rate when compared to other well-established localities in the city. Due to this, homeowners in North Bangalore have the added benefit of enjoying faster appreciation rates. 

Furthermore, North Bangalore is home to many fast-growing residential localities like Hebbal, Devanahalli, Yelahanka, and Hennur Road. Neighbourhoods like Hebbal and Devanahalli have played a vital role in the growth of real estate in North Bangalore with skyscrapers that are known to be landmarks on their own. Burgeoning areas like Yelahanka and other localities in North Bangalore are the best places to invest in right now due to the fast appreciation levels accompanied by steady urban growth. Even if you are not planning to rent out your property and are considering buying a home in North Bangalore to move into, the fast-growing economy will benefit you and your family since you will be based out of a prime locality. 

If you are looking to invest in residential properties in North Bangalore, make sure you visit Assetz Property Group for eco-friendly developments that are built keeping sustainable urbanisation in mind. You can also read our blog on how real estate will continue to be a safe investment option post COVID19 to know more.

Buying a new home is no more just a luxury

Amidst the COVID-19 outbreak, owning a home that you can call yours has become more appealing than ever. People are realizing the importance of physical assets as they render a higher sense of security than liquid assets. With the growing desire for house ownership, residential investment is bound to see an increase in demand amidst the pandemic. With owning a home, the house becomes an asset that increases value over time. According to a home buyer preference study in India, 91% of home buyers preferred buying a new home over leasing, and 67% of potential homebuyers stated that home was a need and not just a luxury. 

Over the years, a gradual shift in preferences from house ownership to renting was evident. However, with the pandemic forcing everyone to stay indoors, owning a home has become an integral aspect of most people’s lives. 

The work-from-home effect on house ownership:

While spending inordinate amounts of time indoors balancing personal and professional life, homebuyers are now seeking houses that can accommodate all their needs within their living space. Nearly 90% of potential homebuyers want an at-home office setup and a private outdoor area. The importance of owning a home is gaining momentum during this unexpected pandemic and buyers are willing to pay premium prices to meet their basic needs. Thus, there is a strong inclination towards ready-to-move-in houses over long-term construction projects. This makes owning a home a necessity and a great investment plan! 

Reasons why you should consider buying a new home now:

Lower interest rates

Lending rates are at its lowest in the past 15 years. This was heavily influenced by Reserve Bank of India’s policy decision to slash repo rates to just 4%. This has made home loans an attractive opportunity for potential buyers. A low repo rate has significantly brought down home loan interest rates in private and public sector banks to 8.05%, and 7.20% respectively.  

Attractive payment plans and schemes

Smart developers are finding the opportunity now to attract potential buyers by introducing interesting payment plans, schemes, and discounts to suit customer preferences. In addition to this, developers are also introducing cashback offers and refund options to buyers who intend to make a residential investment during the pandemic. As a buyer, this is the right time for you to take advantage of the swaying market and less competition. Start negotiating now!

Possibility of the price curve to move upward post-pandemic

Due to the pandemic, there is an inevitable slowdown in the construction sector. It might take a while for the new supply to enter the market and slowly pick up momentum. As the demand is greater than the supply, we can witness an increase in property prices post-pandemic. So, invest now to reap the house ownership benefits later! 

Less competition

With the current economic recession, the search for a home hunt is thinning out a bit, thereby decreasing the competition of buying a new home. Around one-fifth of homebuyers in India are willing to make a residential investment online. With attractive virtual house tours and online listings, this is the right time to negotiate a great deal with your developer to move-in to your new home faster than ever!

Stability & familiarity

While living in a rented property can give you short term benefits, the feeling of stability and familiarity you get from owning a home is unmatchable! With renting houses, shifting and re-settling your living space often can be a time-consuming process. Moreover, you will be unsure of how long you can stay and will always be thinking about the future. With house ownership, you buy and set your abode and create a serene environment according to your taste. By following feng shui home tips and creating mindful spaces for recreation, this can draw in a more special bond with a place you call yours, always! 
To conclude, buying a new home can be a daunting experience, but you can make the most out of it by making smart options in your residential investment plans. Weigh all the benefits mentioned previously and research well to find the best place for you. If you are considering buying a new home in Bangalore, Assetz Property Group has property projects that strike the right chord between luxury, sustainable living, and comfort!

The growing popularity of Plotted Developments

Plotted developments have become increasingly popular over time, and are now a major real estate trend in India. But what are they? To put it simply, these projects are areas of land that are for sale for the construction and development of houses, villas, and other housing options. 

In recent times, plotted developments are being offered within gated communities, especially in suburbs that offer plenty of space and land, without compromising on connectivity. The best example of this is seen with projects for plotted development in Bangalore, which has seen a rise in demand in places like Whitefield, Sarjapur, and other key areas. 

Many people are also turning towards investing in plotted development projects because of the number of benefits doing so offers them. Here’s a look at some of the advantages.

Less investment

Many buyers in the market are on the lookout to buy a second home, whether it is for vacations, retirement, or for resale. The price you would have to pay for development sites for sale is lower than the price of a completed home. This is because the selling price itself is lesser, and these sites and projects are located on the outskirts, where land is available for sale at attractive and affordable prices. Apartment complexes and residential homes for sale are usually available within the city, where prices are steep for less space. There are also lower maintenance costs once the house has been constructed, and you are less likely to renovate the home too quickly, having already designed it as per your preference and taste. 

High returns

These types of projects offer higher returns much more quickly. This is because property as an investment is already a long-term asset, and it continues to appreciate in value over the years. In addition to this, plotted developments generate higher returns as they are typically located in suburban areas that populate with time, increasing the land value significantly. Moreover, these projects are usually high-end luxury residences, many of which are situated within gated communities with multiple amenities. These features also help to increase the sale value. Some people also choose to rent out the property as a vacation home or villa, which helps to bring in a lucrative and steady income on a regular basis.

Design and innovation

With a plotted development, you have the freedom to design your new home the way you have always wanted. This is a huge benefit as there are no restrictions whatsoever. You can choose to build as many rooms as you desire, with a large kitchen, alcoves, a home office, and more. You are also free to choose the interior design styles you have always dreamed of, be it a marble finish, accent furniture, vintage decor, or a chic, contemporary look. The possibilities are endless. And with future house designs bringing space, storage, and utility more into question in the pandemic, you can design your home with well-informed intent.

Limited risks

When you are working on a project of this size, it often becomes a passion project. Since you are in charge of design, construction, and development, there are lower risks involved in execution. It is less likely that additional costs will be incurred that are above and beyond the budget you set, and you won’t have to deal with delays either. Even if you are constructing the house as a vacation rental or an investment home, you will have put in the research to know what trends are enduring, which will ensure you can maximise profits by tapping people’s interests. This may even include the area the plotted development project is located in.

Amenities galore

Many development sites for sale are situated within sprawling communities that offer a number of luxurious amenities, including swimming pools, clubhouses, gardens, jogging tracks, and more. It is easier to find something to do outdoors as well with several sports facilities, like tennis and badminton courts and even smaller game rooms with table tennis and carrom. These attractive features offer convenience, as it is a lot simpler to indulge in recreational activities without stepping too far from home or having to spend too much.

Community living

Living in a community offers several benefits as they band together to foster a sense of togetherness and work to provide a better-assisted living. Plotted development projects offer a sense of belonging and social well-being as well, as they are centred around close-knit communities of this sort. This holds especially true for families with elderly folks and children. It can also be extremely comforting and fulfilling to live in a society of familiar faces as there is a better sense of support, safety, and security.

If you’re looking for the best-plotted development in Bangalore, check out Assetz Property Group’s project – 18 and Oak. This plotted development project offers buyers the option to build luxury homes with access to an 18-hole golf course, ready-to-use clubhouse, fine dining restaurant, and more. Moreover, the project is well-connected to the main city and lies in close proximity to essential urban conveniences.