Is it good to buy resale flats in Hyderabad?
Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. One of the biggest benefits that the resale apartments provide is the tax benefit after gaining possession.
How do I buy a second hand flat?
Which documents do I need to submit while applying for a home loan for a resale flat?
- Agreement to Sell (ATS)
- Chain of Title or Sale Deed.
- NOC from the society or other concerned bodies.
- Share Certificates in case of societies.
- Title Report.
- Occupancy/Completion Certificate (OC)
- Encumbrance Certificate (EC)
What are the charges for buying resale flat?
This means the buyer has to arrange the remaining 20% amount for the purchase, along with the money for stamp duty (which may vary between 2% and 8% of the deal value) and registration charges (usually 1% of the sale value or a flat fee).
Should I buy a resale flat?
If you have more urgent housing needs and cannot wait, then buying a resale flat is the clear option, as it has a much shorter waiting time. You will be able to move into your new home in a matter of months if you go for a resale flat, compared to some 3 to 5 years wait for a BTO project to be completed.
How do I sell a resale flat?
Here are some of the key points to take note of under each step:
- Register intent to sell. Start the process to resell your flat by logging into the HDB Resale Portal and registering an intent to sell.
- Submit resale application.
- Endorse resale documents.
- Pay resale fees online.
- Receive approval of resale.
- Resale completion.
Do I need to pay cash for resale flat?
HDB flat buyers taking an HDB loan: 10% downpayment, which can be completely paid with CPF savings. HDB resale flat: Deposit of up to $5,000 which must be paid in cash. Private resale property: Deposit of at least 5%, including an option fee of at least 1% which must be paid in cash.
Why is resale flat more expensive?
“There’s a strong demand for resale flats and the supply of resale is inflexible,” said Mr Mak. “So as a result, we see demand stronger than supply (and) prices go up.”
Why are resale flats so expensive?
How long can I sell my resale flat?
five years
The Minimum Occupancy Period or MOP means flat owners can’t sell or rent out their property for five years. But after that, there ways of either upgrading or monetising your home.
Can I sell my flat before 5 years?
All HDB homeowners are required to stay in their flat for at least 5 years. During these 5 years, they are not allowed to sell their house, rent their whole house or even apply for a new BTO. This period is commonly known as the MOP or minimum occupation period.
How are resale flat prices calculated?
You can check the resale value of flats or old flats by applying the following formula: Value or resale flat = value of undivided share of land + depreciated value of building and amenities + value of overheads, expenses, etc.