Is resale flat good to buy?

Is resale flat good to buy?

Nothing can be more profitable than purchasing a flat at a price much lower than the market rate. Moreover, resale flats are fully-constructed and come with a ready-to-move-in tag. Like all other properties that have been purchased with a loan, resale flats too give you tax benefits.

How do you Resale a flat?

Which documents do I need to submit while applying for a home loan for a resale flat?

1. Agreement to Sell (ATS)
2. Chain of Title or Sale Deed.
3. NOC from the society or other concerned bodies.
4. Share Certificates in case of societies.
5. Title Report.
6. Occupancy/Completion Certificate (OC)
7. Encumbrance Certificate (EC)

How old resale flat should I buy?

Buy an HDB resale flat as a single. You must be at least 35 years old if you are unmarried or divorced, and at least 21 years old if you are widowed or an orphan.

How much does it cost to buy a flat in Chennai?

Popular localities for investment in Chennai include Avadi where average prices stand at Rs 3160 per sq ft, Guduvancheri at Rs 3287 per sq ft, Ambattur at Rs 4446 per sq ft, Tambaram at Rs 4581 per sq ft, Medavakkam at Rs 4686 per sq ft.

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.

Is it worth buying 30 year old flat?

If the building is located in a good locality one can get an old apartment at a lesser price than a new one. Besides banks allow maximum repayment period for 30 years in a home loan. So if quality of construction is good one may purchase an old flat at a lower cost than a brand new house.

Is it good to buy 25 year old flat?

The life of a building is normally taken as fifty years while financing a bank loan by bankers. So property value will depreciate by 2% per year. Thus there is no harm in purchasing a property which is 20 years old.

Is it worth buying 20 year old flat in Chennai?

You may get a maximum of 15,000 Rs only and have to shell out 17000 Rs more towards EMI . By the end of 20 years you would end up paying 1 crore Rs for an apartment which is not worth it. Since the appreciation is low for apartments it wont worth 1 crore. Hence forget the apartment idea for investment sake.

Why are resale flats so 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.”

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How many ready to move Resale Flats available in Chennai?

There are 14896 Ready to Move Resale Flats available in Chennai. See all! How many resale Flats are available in Chennai? There are 15862 resale Flats available in Chennai.

How much is the price of 600 square feet plot in Chennai?

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