“I want to invest in a property,” Sumantra Chowdhury informed us.
Every day, prospective customers walk into our office and ask for advice on buying new properties.
“I am looking for an apartment in South Kolkata, but other good options are also welcome,” he further added.
NK Realtors has a basket of property investment opportunities in Kolkata. There are residential, commercial, and retail properties in the basket.
Rajiv invited Sumantra to the customer interaction centre in our office and started asking a few elementary questions.
Investing in the Future
Sumantra Choudhury is a young, upwardly mobile bank officer based in Durgapur.
Married about 4 years back, he has a 2-year-old daughter. His wife works as a government officer in the same city.
Sumantra’s parents live with them and that is why he needs a 3 BHK apartment.
Sumantra has time on his side as he is just 34 years old.
He is looking for an affordable apartment in a gated community with a 20-year mortgage.
He wants to buy a flat just at the launch and expects handsome appreciation.
“Can you help me with that?” he asked Rajiv expectantly.
Property Investing Opportunities in and around Kolkata
“Of course, I can. We can offer many suitable opportunities based on your need, budget, and preference. After all, we are the largest real estate marketing intermediary in Eastern India.” Rajiv assured Sumantra.
“Let’s look at the available affordable property launches right now. As you know, you can expect the maximum price appreciation if you book early,” advised Rajiv.
There are certain areas that are preferred by homebuyers in and around Kolkata. We publish Kolkata Market Report every 6 months and reveal the ongoing trends.
For quite some time, Joka, Garia, the Rajpur-Sonarpur area, Southern Bypass, Madhyamgram, and certain spots in Howrah are attracting huge homebuyers’ interests. Affordable gated community projects are coming up in these areas.
Substantial price appreciation has taken place in these areas for a variety of reasons. Improvement of infrastructure, especially faster connectivity with Kolkata, has ensured higher returns on investment.
Sumantra Shortlists Suitable Projects
Rajiv took him through a plethora of different residential complexes open for booking.
Their concepts, amenities, locational advantages, disadvantages, and future prospects. Schools, hospitals, and markets nearby. Connectivity with different parts of the city.
After shortlisting a few projects, they started to refine the list further, based on the budget, and other suitability factors specific to the needs of Sumantra.
One of the essential needs of Sumantra was that the area should witness fast infrastructure growth so that the returns on investment are high.
They finally whittled down the list to only 3 projects.
Sumantra & His Wife Visit the Project Sites
It was possible for Rajiv to have a small prospective list of only 3 projects because of his long experience in understanding the customer’s needs, and deep knowledge of different locations in Kolkata and their unique characters.
But before they take the final plunge, it is absolutely necessary for homebuyers to pay a visit to the project sites and see everything with their own eyes. Seeing is, after all, believing.
Sumatra and his wife visited all 3 projects and got a feel of the project. Their imagination took flight and they could figure out how the project will look once it is completed.
Rajiv helped them to arrive at a decision and also referred them to NK Realtors’ home loan assistance department.
After that, booking the right apartment was a breeze.
Documentation was prepared in no time, and all the signing was completed immediately.
In a few weeks, Sumantra booked his chosen apartment in an upcoming gated community in Joka just as it was launched selectively.
2 Years Passed by, and then This Happened
A couple of years passed and something changed.
The project was well received by the homebuyers and there was a lot of interest among them.
Apart from that, Joka has been witnessing significant infrastructure development project, the launch of Joka-Taratala part of the Joka-Esplanade Metro being the most prominent among them.
In these 2 years, the apartment price appreciated by a whopping 31% and Sumantra decided to sell the property.
It was easy for him as he took help from the house of NK Realtors. They have a dedicated department, Homestoreys, for arranging property resale.
But Sumantra had a small question.
How would his running home loan be settled?
Can he sell the apartment without fully paying the home loan outstanding amount?
We will tell you what he learned from Homestoreys.
Selling a Home that Has a Home Loan on It
While selling your property, you must always keep the following documents handy.
- Sale deed of the property
- Documents obtained during home loan sanctioning
- Society NOC in case the property has been bought in a registered or cooperative society
- Encumbrance certificate
- Property tax receipts
Now, let us consider different scenarios while selling the flat.
The buyer pays from his own funds
The buyer will have to pay the full outstanding amount into the current owner’s loan account, after which the Bank will initiate the process of releasing the property documents.
Once the bank receives the money it will issue a ‘No Due Certificate’ (NDC) to the current owner and releases the property papers after a maximum of 10 days, after which the legal procedure can be completed to establish the buyer as the new owner.
If the current owner sells the property at a price higher than what he had bought, the buyer will hand over the remaining amount through a bank cheque at the time of property transfer.
The buyer takes a home loan from the same bank
In such a scenario, it would imply a tripartite arrangement between you, the buyer, and the lending bank or financial institution.
The bank will determine the buyer’s eligibility for the loan, after which your dues will be determined. The buyer will then acknowledge the loan amount, pay off the outstanding loan amount and give you the remaining amount. The loan processing fee will have to be borne by the buyer.
The buyer takes a home loan from a different bank
In this case, some more paperwork is involved.
Both the current property owner and the buyer must submit relevant documents, including a letter from the bank detailing the outstanding liability.
As per protocol, the bank granting a loan to the buyer issues a cheque in favour of the seller’s bank to pay off the outstanding liabilities. The rest of the amount that had been paid by the owner will then be credited to your account, after which the property papers would be handed over to the buyer for submission to the bank for the loan amount.
Homestoreys from the House of NK Realtors
Homestoreys is a dedicated division for offering resale property-related services.
Sumantra could sell his flat at a good price with the help of Homestoreys and you can do that too. You can also buy resale properties.
Contact us for amazing deals on resale properties in Kolkata.
This above case was a real-life one; only the names were changed to protect privacy.