While searching and buying a new house is a herculean task, and like you, many home buyers take a housing loan to buy a new home. Once we are successful in buying one, we tend to relax and think that all the work related to the house is done. But that’s not the case.
While checking the property papers, availing a home loan, etc. are all important aspects while searching and buying a new home. But there are many important things which must be completed after you have bought a new house and it must be completed without any delays.
Photocopy your House Documents
After buying a house, you must take at least 2-3 sets of photocopies of all documents related to purchase. If you have bought the house on a housing loan, then make sure that you have taken photocopies of all the documents before giving the originals to the bank.
If you have any original documents with you, then store it safely in a bank locker or keep your original documents safe. Make sure you have 3 photocopy sets of the original documents.
Make a list of documents you have submitted to the bank
From the day you submit the documents for your home loan documentation, make sure to prepare a list of documents you are submitting with the bank. On the day of the registry, you must hand over the original sale deed and other important original documents with the bank.
Transfer utility bills in your name
Immediately after buying a house, transfer the electricity and water bills in your name. During the property registration, get a No Objection Certificate (NOC) for such transfers and take the signature of the previous owner on the NOC at the time of registration. Electricity & water bill in your name is one of the most reliable & authentic proofs of property ownership.
Transfer property tax records in your name
The next important task after buying a house is to transfer Property tax records in your name. If you are assuming that it will be done automatically along with the property registration, then that’s not true. You will have to apply for the change of name and submit certain documents requested by the property office.
Get the society transfer papers
If you have bought the flat then make sure that you get society transfer papers from the building society. Transfer of society paper is done only after the previous owner of the flat pays off all the pending dues and after you pay the registration amount.
Update all your ID card with the New Address
You will have to update your address records like Passport, Banks, Investments, Driving license, Ration card, Voter Id etc. It is always advisable to update your permanent address after buying a new house in all your ID cards.