Owning a home is a dream come true for everyone as it's a stepping stone towards creating assets. If you are planning to buy a property of your own, then here is a comprehensive guide regarding various regulations that will help you make a better assessment towards undertaking such key long term financial commitments.

Getting a home loan

First and foremost, one needs to account for the ratio of personal and financed proportion as EMI should not exceed 40% of your salary. It will help assess the risk of mortgage payments as oppose to your monthly rentals.

Choosing the right builder

Once you've arrived at your budget, next step is to choose a builder/ developer. Most often it's advisable to go for under construction properties as it covers risk when it comes to property evaluation. Your background checklist should include builder's experience, number of projects completed and delivered, adherence to delivery schedule, number of banking institute involved and buying options provided to you. Builders such as Provident who have come up with successful projects like Freedom Park can always be trusted to deliver on their promise.

Documents you will need

As you get closer to making purchase related decisions, there are number of legal documents that tend to leave you hassled, since the laws governing property purchase differs from state to state. Here are few documents/ certificate you should solicit from your respective agent/ builder:-

• A-B Khata Certificate:- It's an essential document for showing legality of the property and presents a strong case for raising finances from banks. It's an evidence that property tax has been paid on a given property yet it doesn't imply ownership. Moreover, going for A khata properties has its own perks when it comes to possessing building license, trade license or availing a loan. Whereas B khata property certifications are maintained by local municipal authorities, with few documents it can converted to A khata.
• RERA:- RERA stands Real Estate Regulatory Authority and this bill is supposed to protect buyers interest and ensure builders' compliance to delivery schedule. The new regulations are meant to bring more transparency when it comes to project registration and disclosure documents. Moreover, the act ensures the lay-out plans, specifications or terms are sale/ resale have been duly furnished to respective authorities and have been duly followed in practice.
• OC/CC:- For under construction projects, these are the quintessential Possession Certificates. Occupancy Certification / Completion Certificate ensures that building compliances have been met and been duly approved by civic bodies, stating specifications of height of structure, rain water harvesting or distance from main roads. Upon completion of the project, the builders are required to obtain Building Completion Certificate with local authorities.
• STP: Sewage treatment plan ensures developer has due clearance from Water and Sewage board, as inadequate sewage facilities hinder your health and quality of surroundings. Moreover, these documents facilitates the resale process as well.

Freedom is one of the most successful projects developed by Provident Housing. It provides amenities like swimming pool, gym, clubhouse, children's play area and 70% open space. The location of the project is one of its best points since it is very close to major IT parks, universities, schools and hospitals in Chennai. Perhaps there properties are priced quiet competitively for 2 and 3 bhk units starting at mere 34.9 Lacs onwards.

The apartments, built of premium quality and using state-of-the-art construction technology. The good news for buyers is that the project meets all the compliances as mandated by the Central Government and local municipal authorities including Patta, RERA and OC. This means that buyers here will not face any complications in the future and will be able to enjoy the house of their dreams.

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