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INVICON aims at simplifying your home buying process by resolving all your queries related to buying property in India. Our experienced real estate advisors possess deep knowledge of the industry and help you make a wise investment decision. Here, we have collated a list of frequently asked questions related to buying property in India, which will help first-time homebuyers in resolving their real estate queries. Should you need any more clarity, feel free to get in touch with us by filling the form provided alongside.

What are the documents you need to check before buying?

- Check for proper conveyance of Title in favor of the builder.
- Check the license/development right/approvals of the builder.
- Check clear and marketable title of the project.
- Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
- Ask for Occupation/Completion Certificate, if it is completed and ready to move project.
- Ensure the Conveyance Deed is registered after the entire payment has been made.
- For buying a property you need to check Deed of Conveyance, Revenue Certificate (for complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents relating to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, and Completion Certificate.

What is your recourse in case of a delayed project?

Until the draft real estate regulation bill outlines the obligations of project delivery, buyers will have to rely on their rights laid out in their booking agreements. First and foremost, buyers should scrutinize the project and the background of the developer. In addition, an investor has the right to ask for the copies of approvals of the project, if not buying during a soft launch stage. You must ask for detailed construction schedules and negotiate for penalty clause in case of delay of project. Refunds can be claimed if a project is delayed beyond the period stipulated in the Builder Buyer Agreement by filing a case in the consumer court.

How can I register my property?

Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.

Can I authorize someone else to register my property by granting him Power of Attorney?

Yes, you can execute Special Power Of Attorney to get your property registered by someone else.

What is Power Of Attorney?

Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances and real estate properties. There are two types of power of attorney. First, the ‘General Power of Attorney’ where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the ‘Special Power of Attorney’ where only a specific right is given by the owner to the chosen person.

What is home insurance?

Home insurance is a type of insurance policy that covers private residences and protects them from unpredictable damages, natural or man-made disasters, burglary and theft.

What does a home insurance policy cover?

Home insurance policies cover the house structure as well as its contents or possessions. Many insurance policies also combine various personal insurance features too.

What is generally the tenure of a home insurance?

It varies from bank to bank. Generally, most policies cover a period of five years.

How does my salary influence my home loan amount?

Apart from other criteria and norms of the lending bank, the home loan amount is generally calculated as 30 to 65 percent of your gross income. You can increase your loan amount by including a co-applicant

What is the difference between fixed rate and floating rate of interest?

In fixed interest rate, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate, the interest can decrease or increase depending on market fluctuations.

How is the interest rate calculated?

The interest on home loans is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing method is also adopted. Annual reducing: In this system, the principal, for which you pay interest, reduces at the end of the year. Thus, you continue to pay interest on a certain portion of the principal that you have actually paid back to the lender. This means that the EMI for the monthly reducing system is effectively less than the annual reducing system. Monthly reducing: In this system, the principal, for which you pay interest, reduces every month as you pay your EMI. Daily Reducing: In this system, the principal, for which you pay interest, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system

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