Posted on Wednesday, 21st April 2010 by Jesse Walker
What is the benefit to a home buyer?
- The home buyer frees himself from worrying whether the property complies to all the requisite legal and technical aspects or not- here he need not worry about delay in construction due to improper documentation
- Loan sanction to buyers of pre-approved projects is quicker- the bank/FI has already done the due diligence of the property, the records of which they maintain time taken for processing the loan application is reduced
- Pre-approved property is a good indicator of project quality as banks /FIs take into consideration all parameters including the track record of the builder before putting the pre-approved stamp.
Buying a property is hardly an easy decision to make. It is the single largest asset investment which will have a financial impact for the next whole decade and perhaps for much more time. So it is best to be cent percent sure of your investment from a legal perspective so that you shield yourself from negative surprises later. Look for pre-approved properties. Builders disclose the list of pre-approved properties. Also institutions such as ICICI Bank and LIC Housing Finance among others disclose the list of properties pre-approved by them.
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Tags: Look Preapproved, Property
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