Documentation is a crucial step when you are looking forward to purchasing your dream house. You must submit accurate documents during the home buying process and after you have purchased the house too. You might want to relax now that your dream home is finally yours. However, keeping note of the documentation steps post house purchase is crucial.  

Read on to know more.

  • File your documents

Your documents are proof of your property ownership and identity. Ensure that you prepare a file and carefully store all your documents. You must have all the property documents like sales deed, NOCs, name in land records, bank loan documents, registration documents, loan agreement, house agreement, etc., in one place so that they are easily accessible when needed. Also, ensure that you have paid the registration fee and stamp duty and have its receipts. Experts suggest that you should have copies of these documents before handing the originals to the bank so that you can retrieve them when required.

  • Obtain original documents

If you take the house on loan, the lender will ask for your original property documents and address proofs. You will get your documents back only when you pay your home loan back, which can take time. Therefore, ensure that you have ‘true copies’ (verified copy of the originals, certified by a notary) and duplicates of all the documents you have furnished to the lender. You can obtain the ‘true copy’ certified by a notary or a magistrate. You can also obtain a duplicate copy of the documents required for home loan from the sub-registrar.

  • Make a will

You invest a lot of your hard-earned money when you purchase your house. It could be unfortunate if your family fights over it or gets caught in a legal battle. Therefore, as soon as you purchase the house, make a will to determine who would inherit the property in your absence. You should also take home loan insurance and start paying property taxes. It would be best to contact a lawyer to update or make a will as soon as you purchase the house.

  • Update addresses in documents

Before purchasing a house, it is usually mandatory to take NOCs from various utility departments. Similarly, after you buy the house, it is crucial to transfer your utility connections in your name. Update your water, electricity, and gas departments’ connection documents and get your address changed in these municipal supplies. If you have purchased a house in a housing society, you might have to register yourself in their records too. Moreover, update your documents like Aadhaar, passport, investors, etc., with the new address. 

Lastly, it’s best to go for a mutation process if you buy a resale house. In this process, the transfer of the title of a property from one person to another is recorded in the revenue records. It is a crucial process to ensure that your name has been updated as the legal owner of the property in the land revenue records.  Ensure that you complete these documentation steps without fail for a hassle-free future. You can always contact our representatives for any doubts related to home buying processes.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.