Basic Rights Every Home Buyer Should Be Aware About | Kotak Mahindra Bank - Home Loan Stories

25 OCTOBER, 2021

Your house is an asset that you usually retain for a lifetime. And as you own it, there are various rights that you enjoy. Often people are unaware of their basic rights as a buyer and are troubled by the seller and neighbours. Before calling yourself a proud owner of a house property, you must know the rights that have been provided to you by the law to protect your interest.

Here are some rights that you must know before buying a house & availing a home loan.

  • Right to transfer

As a legal owner of the house, you have the exclusive right to transfer the property. Also called the right of disposition, through this right, you exclusively can transfer the ownership of the property for compensation or by will. You can transfer the ownership of the property permanently or temporarily to your heir or anyone you think fit.

  • Right to possession

It means that once you are the rightful owner of the house, you have the right to enjoy possession of the house. In other words, you have the right to exercise physical control over the property and, as a legal owner, to occupy the property and its structures. Moreover, you must also know about the law of adverse possession. According to this law, if you are residing in someone else's house legally for an extended period, you have some rights to it. Even though the property legally doesn't belong to you, you can claim a legal title to the property.

Your house is an asset that you usually retain for a lifetime. And as you own it, there are various rights that you enjoy. Often people are unaware of their basic rights as a buyer and are troubled by the seller and neighbours. Before calling yourself a proud owner of a house property, you must know the rights that have been provided to you by the law to protect your interest.

Here are some rights that you must know before buying a house & availing a home loan.

  • Right to transfer

As a legal owner of the house, you have the exclusive right to transfer the property. Also called the right of disposition, through this right, you exclusively can transfer the ownership of the property for compensation or by will. You can transfer the ownership of the property permanently or temporarily to your heir or anyone you think fit.

  • Right to possession

It means that once you are the rightful owner of the house, you have the right to enjoy possession of the house. In other words, you have the right to exercise physical control over the property and, as a legal owner, to occupy the property and its structures. Moreover, you must also know about the law of adverse possession. According to this law, if you are residing in someone else's house legally for an extended period, you have some rights to it. Even though the property legally doesn't belong to you, you can claim a legal title to the property.

  • Right to use the property

Once you buy the property by paying its right value, you have the exclusive right to use the property as you wish. You can either reside in the property yourself and with family or let it out to generate income if you think it fits. You have the exclusive right to use the property for self-occupation or rent.

  • Right of enjoyment

Being a legal owner of the property, you have all the rights to enjoy and live your life in the house your way. You can indulge in any lawful recreational activity like hosting parties, inviting guests, celebrating festivals as long as it does not trouble the neighbours. However, you must not indulge in any unlawful or criminal activity on your property as it can lead to a breach of law. 

  • Right to exclusion

The right to exclusion gives you the right to exclude others from using and staying on your property. Nobody else can enter or stay on your property without your permission with this right.

Now when you know the basic rights of a homeowner, nobody can stop you from living a comfortable life in your house. Be it through your savings or home loan, investing in a house is always worth it. If you plan to avail a housing loan, ensure that you check your affordability with a home loan calculator. So, apply for home loan, today. 

  • Right to use the property

Once you buy the property by paying its right value, you have the exclusive right to use the property as you wish. You can either reside in the property yourself and with family or let it out to generate income if you think it fits. You have the exclusive right to use the property for self-occupation or rent.

  • Right of enjoyment

Being a legal owner of the property, you have all the rights to enjoy and live your life in the house your way. You can indulge in any lawful recreational activity like hosting parties, inviting guests, celebrating festivals as long as it does not trouble the neighbours. However, you must not indulge in any unlawful or criminal activity on your property as it can lead to a breach of law. 

  • Right to exclusion

The right to exclusion gives you the right to exclude others from using and staying on your property. Nobody else can enter or stay on your property without your permission with this right.

Now when you know the basic rights of a homeowner, nobody can stop you from living a comfortable life in your house. Be it through your savings or home loan, investing in a house is always worth it. If you plan to avail a housing loan, ensure that you check your affordability with a home loan calculator. So, apply for home loan, today. 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.