Maya Estatz

MakaanIQ lists the documents you need while applying for a loan to buy a resale home.

In a recent hearing on May 16, the Supreme Court has stayed the liquidation proceedings against the Jaypee Infratech and has asked the builder to deposit Rs 1,000 crore by June 15 to refund homebuyers. Now, the matter has been listed for hearing on July 4.

If you are buying property in Maharashtra, acquiring 7/12 document is mandatory. This two-part document talks about the ownership, the occupancy right, the liabilities and the details related to agricultural use of the land. The extract is maintained separately for every village. The 7/12 document is required for non-agricultural land as well. Now, landowners will be able to access the 7/12 document online on two government websites- Mahabhulekh and Aaple Sarkar. These extracts are available with digital signatures and can be used as official ownership document.

The 42,000 homebuyers, who invested in various projects of Amrapali Group and have been waiting for the long delay in getting possession of their property, may have to wait a little longer. With the Supreme Court on May 17 allowing three builders in assisting Amrapali, 12 stalled projects of the insolvency-hit group could be completed in a matter of six months to four years.

Since RBI has waived prepayment penalty on floating rate home loans, this can be a good time for homebuyers who want to get rid of their mortgage as soon as possible. Borrowers can also tweak their EMI structure and make partial payment of your loan to save money in the long run.