Everybody in the world would love to live in the dream home and you should not be an exception for this. In this world, apartment culture is prominent, few still love to buy a land or plot and construct the home according to their specific requirements. If you are one among them, we are very excited for you but, be careful it is an expensive decision, move ahead to purchase a land for the construction of the house only when you are filthy rich. Most of the banks don’t offer loans for purchasing land/ plot but, you can get a loan for constructing the home on the purchased land. Here is a checklist to guide you about purchasing land/ plot in India.
Ownership of the seller
The first sight of the plot may make you fall in love. Still, keep your excitement under control and confirm that the seller actually holds the ownership of the land. There are many instances where the buyer gets into the trap of fraud when they fail to verify these intricate details. You should also check if the seller has legal right to sell the chosen piece of land.
Is the land under mortgage?
Many buyers take a home loan to construct the house on the piece of land owned by them. If this has happened with you don’t get disappointed, just be assured that the land has undergone through all legal checks. You should just know if the loan on the land is paid off in full before purchasing it.
Know FSI of the plot
Most of the land/ plot owners are unaware of term FSI, this is the reason why you need the assistance of the professional before purchasing land/ plot in India. FSI is termed as floor space index which lets you know how much land you can use for construction of the project. If the land is big and the FSI is really small, you might have wasted a good deal of money on the land that should be left ideal.
Get a non- agricultural order
Every piece of land in India is an agriculture land by default. If you are purchasing the land for construction of the project, it is mandated for you to get a non-agriculture order. There are many types in the non-agriculture land, some can be used for commercial spaces, some for resorts and some for residential purpose. Make sure that the land/ plot you are going to purchase is okay for residential purpose.
Check for history of the land
It is a good idea to check the ownership of the land from past decade. The ownership should be properly passed to other shoulders with no gaps in between so that there will be no legal disputes about the land in future.