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| Step 7: Registration, possession and EMI payments |
Once the construction is complete and the property is ready for possession, the SaleDeed has to be executed and registered. This ensures transfer of ownership rights of the property from the builder to the buyer. The original sale deed after registration has to be handed over to Home First. This indicates the mortgage of the property with Home First. The sale deed can be executed only after the full consideration for the property has been paid to the builder either through the buyer’s own funds or loan.
Repayment of the loan through Equated Monthly Installments (EMIs) commences from the 4th of the subsequent month after registration. The EMIs will be as per the terms governing the transaction as mentioned in the loan agreement. Try our EMI Calculator to find out the EMI payable for any combination of loan amount, interest rate and tenure.
Electronic Clearing Service (ECS) mandate, authorizing Home First to debit your bank account on a specified date for payment of EMIs, will be collected from you. |
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