Buying A Resale Flat? Here Are The Important Things To Consider

Benefits Of A Resale Flat

There are many benefits of a resale flat that help achieve being the owner of your dream home. 

• The value of a resale flat is always better compared to constructing a new house. You can get a great deal while purchasing a resale flat. 
• You save a lot of money when you purchase a ready-to-move flat as it otherwise would have been used for paying EMI, paying rent, or constructing a house. 
• You can check the amenities and facilities the house is providing and accordingly choose your dream house before buying. If you are taking a home loan to buy a resale house, then you can avail of tax benefits from your first EMI. This will be applicable only when you get possession of the property immediately. 

However, instead of a great deal, you will still have to bear some mandatory expenses like registration fees, transfer fees, stamp charges, and other charges. This can also include the uncleared dues of the previous owner.    

Things To Check While Buying A Resale Flat

While buying a resale flat, it is important to check a few things before. Keep the following points in mind:

• Check the original property documents: You need to verify all the original documents like ownership documents, title clearance, approval plan, electricity, and other utility bill payments, Property tax payment, and Building Utility Certificate. 
• Approval of the property: There are a few certificates of approval required to check like
  • Commencement certificate 
  • Approved building plan
  • Environmental clearance 
  • Land title status 
  • Development rights 
  • Release certificate (if any)
  • Encumbrance certificate 
  • Verify the city master plan from a local body office

Ensure that the builder is authorized by banks as it will help you to get finances easily.   

• Security around the property: You should check the safety and security of the property and the surroundings. Proper guards, gated property, and CCTV facilities should be checked thoroughly. 
• Location of the property: The location should have good connectivity to basic facilities like hospitals, airport, malls and etc. The environment should be convenient and safer for kids.  
• Post-occupation cost: You need to bear the following costs while buying a resale flat
  • Advocate and brokerage fees
  • Cost for transferring utilities like electricity and gas connection 
  • Club membership fees
  • Renovation & repair cost 
• Current owner: The chain of property ownership must be provided in a document. All the owners should agree with the resale decision.  
• Encumbrance-free property: Check whether the property is free of any loan. You will not get the ownership title until you receive the ‘No Due Certificate’ from the bank.   
• Condition of the property: You should check the physical condition of the property before buying it. 
• Amenities of the property: Check whether any extra amenities are available to the property or not. 

Resale Flat Documents Required 

There are some property rules related to the registration of the resale flat. You should check the list of documents required while registering the resale flat. 

• Sale deed: The initial and most important document required for the registration is the sale deed. This document includes the property transfer statement between the buyer and seller.   
• NOC: This certificate states that the property is free of any financial debt and loopholes. Under the Property Act 1882 the buyer is supposed to provide this document. 
• Title deed: The type of property and its title will be stated in this document. 
• Sale agreement: This agreement is provided after the sale is complete. Your lawyer will prepare this and you need to submit it to the city municipal authority.   
• Encumbrance certificate: This certificate states that the property is free from any dues and bank installments.  

Registration & Stamp Duty Charges For A Resale Flat 

As per Section 3 of the Indian Stamp Act, 1899, it is compulsory to pay stamp duty and registration for the sale deeds. There are different stamp duty and registration charges applicable in different states. 

For eg: If you are buying a property in Maharashtra, then you will have to pay the following stamp duty & registration charges. The stamp duty charges for the first sale and resale market. The registration charges will be 1% of the property value in Maharashtra. 

Home Loan For Resale Flat

To apply for a home loan for a resale flat, you need to provide the following documents to the bank. 

• Application form 
• Passport size photo
• Latest 6 months bank statement
• PAN Card, Voters ID, Passport
• Salary or business proof
• Property documents 
• Approval copy 

You will also receive tax benefits like Rs. 1.5 lakhs deduction on interest under Section 24B and Rs 1 lakhs deduction on the principal amount under Section 80 C. 

Resale Flats In Mumbai

The value of resale flats in Mumbai has increased by 1% (weighted average property rate) compared to the previous year.  

There has been a 25% increase in the growth of property resale. The major cities of Mumbai like Thane have many resale flats

Check out: Property Rates In Mumbai 2025- Complete Overview

Resale Flats In Bangalore

You can find the ease of a great deal with a better real estate investment option in Bangalore. Areas like  Attibelle, Chandapura, Sarjapur Road, Devanahalli, and Hoskote are mostly preferred to buy resale flats. 

Check out: Latest Property Rates in Bangalore for 2025- Complete Overview | HomeBazaar

Resale Flats In Chennai

The demand for resale flats in Chennai has increased this year compared to the previous year due to increased IT corridors, modern infrastructure, and impressive development plans. 

Check out: Property Rates in Chennai for 2025- Complete Overview | HomeBazaar

Resale Flats In Pune

The prices of resale flats in Pune have increased by 2-5% due to the affordability of the residential flats. Property prices have appreciated due to the immense growth rates in Pune. 

Check out: Property Rates in Pune for 2025- Complete Overview

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