House-hunting Don't wait to hunt for a flat till you have enough money saved up. Finding the right home is as much a matter of luck as it is of budget. Keep looking till you come to a home which fits your budget as well as your location and aesthetic criteria. Time TakeN: Anything from a few months to a few years. Source papers and get them vetted Once you have finalised on the property, get your seller or builder to give you a copy of all property-related documents and get your lawyer or bank to check them. Also procure the society/builder's NOC; it's crucial for your loan. Go ahead with the transaction only if your bank advises it. Time TakeN: Two to four daysu00a0u00a0 Pay earnest deposit and submit personal documents Once you get the go-ahead from your bank or lawyer, pay your earnest deposit. At the same time, give in a copy of all your personal documents like salary slip, bank statements, photos, residence proof, investment papers, PAN card to get your loan sanctioned. Time TakeN: Four to five daysu00a0 Make first payment and get the agreeement drafted Once your loan is in the process of getting sanctioned, make your first payment. Get a dated receipt and submit it to the bank. At the same time, get your lawyer or broker to draft your sale deed. Go through the first draft carefully, especially the conditions of balance payment and penalty in case of late dues. Time TakeN: Three to four days Register agreement Once your loan has been sanctioned by the bank, go ahead and legalise your sale. Make sure that you are aware of all the terms and conditions of the sale. Also, make sure the property related documents are attached to the sale deed and that you take your own witnesses for the registration. Time TakeN: One day to complete the formalities but you can collect your copy only the next day Submit your agreement of sale and pay your share of money in full When you get your copy of agreement, make photocopies and submit the original to the bank. Along with this submit any other papers like completion or occupancy certificate, that the bank has demanded and your self-contribution in full. Time TakeN: One day to one week Sign mortgage papers and get disbursement Once you have paid your share of money to the seller and the loan gets processed, the bank will summon you to sign the mortgage papers for your property and hand over your cheque. In case of a flat under construction, you will probably receive payment commensurate to the phase the construction project is in. Time TakeN: A week from the date of registration or from the date of your payment Pay your dues and take possession After you hand over your cheque and the rest of your dues like parking or society or maintenance charges, you are free to move in to your new house. If the property is under-construction, you may need to continue with your phase-wise disbursements till the builder gets the occupancy certificate after which you can move in. Time taken: One day to one year, depending on your payment and the completion of the project.

Don't wait to hunt for a flat till you have enough money saved up. Finding the right home is as much a matter of luck as it is of budget.

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