Top Things to Check Before Purchasing a Resale Property

20 Oct 2021 5 min read
Home Loan: Top Things to Check Before Purchasing a Resale Property

When we see from the buyer's standpoint, purchasing a resale flat is a good investment. What could be a better deal than owning a flat for a lower price than the market rate? Furthermore, when you buy a resale apartment, you save the money you would have spent on rent. Instead, you can put the money toward your home loan EMIs if you bought a resale unit with a home loan. You can also move into the flat right away after purchasing it, rather than waiting months or years. 

However, a resale apartment that has been through various hands in the past, the process of purchasing one entails a number of complicated legal procedures and technical considerations. Thus, before making a final decision to buy a resale flat for anywhere else in India, you should check and verify all of the property papers and legal documents involved in the transaction to ensure that the flat has all of the necessary government approvals and that the seller has the legal right to sell it. 

Essential documents that you should check and verify 

Get your hands on the original property documents. 

Before signing the selling agreement, double-check all original property paperwork. Check all important documentation of the concerned flat with the assistance of your lawyer, including: 

  • Document of ownership 
  • Clearance of title 
  • Approval strategy 
  • Payment of previous utility bills (electricity, water, and others) 
  • Payment of real estate taxes 
  • BUC's documents 


Ensure that the following approvals, permits, and certificates are in place: 

  • Certificate of completion for work 
  • Building plans that have been approved 
  • Clearance of the environment 
  • Development rights on the purchased property Status of the land title 
  • If your home is being used as collateral for a bank loan, you'll need a release certificate. 
  • A certificate of encumbrance verifies that the property is free of any legal encumbrances. 
  • Check the land use zone in the city master plan. Approvals from the developed company and local body of the city for the full layout can be obtained from your city's local body office. 


It's a good idea to examine if a resale property is safe and secure before buying it. Check to see if the property is properly fenced, has security guards, CCTV, and other security elements in place to guarantee that you and your family are safe during your visit. 


It is critical to determine the location of the property. Is the property's location close to all fundamental amenities, such as a hospital, school, mall, or airport? Is it easily accessible by all modes of transportation? Is the environment around your kids safe and convenient? Before purchasing a resale home, you must have answers to all of these questions about the property's location. Property in a nice neighborhood may be more expensive, but it will provide you with greater amenities. 

The Property's Physical Condition 

Before making a buying choice, inspect the property's physical condition. The best age for a resale property is between 1 and 10 years. An older apartment may have a variety of maintenance difficulties. In addition, getting a Home Loan in an ancient flat may be challenging. Determine the true cause for the transaction; there may be concerns and complications related to it. 

Basic Services 

Before purchasing a resale property, make sure that basic amenities such as a club, swimming pool, playground, park, golf course, and so on are available. It's possible that the owner will charge you extra for such luxuries. Check for these amenities in a ready-to-move property if you can afford to pay a premium price. 

Possession Certificate 

When acquiring a privately built resale unit, a certificate is required. After the buyer has taken physical possession of the property, this paper is given to him. It is given to the first owner of a flat by the function Object. As a result, obtaining the possession paper from the seller is critical when purchasing a resale apartment. It will not be reissued to you when you sell the property; rather, the seller will hand it over to you after you obtain ownership in the form of a Sale Deed. 

Share Certificate   

When purchasing a resale property in a cooperative group housing society, you must have a new Share Certificate issued by the society transferred to you. It will list all of the previous owners' names. As soon as you obtain the Sale Deed, ask the seller for the original Share Certificate, which must be submitted to the Society along with a mutually signed transfer form. 

Top Banks offering Home Loan Interest Rates 

Listed below are some of the top banks offering home loan interest rates according to your requirements:  


Interest rate 

Interest rate 

PNB Housing  






Bank of Baroda  






Bank of India 



Union Bank of India 






Axis Bank 



Bajaj Finserv 



Kotak Mahindra Bank 




All of these documents are essential components of the chain of documentation required when purchasing a resale apartment. When applying for a resale home loan, you must additionally provide these documents to the bank. If any of these documents are missing or the seller is unable to submit them, it is recommended that one should not purchase the flat since you may face difficulties in the future when selling the property or applying for electricity, water, or other services from the appropriate authorities. 


Home Loan Repayment
Apply for a Home Loan
Applying for a Home Loan
Best Bank for Home Loan
best home loan provider
Check your Eligibility
To check how much loan you can get.

Didn't receive otp? Resend