Before buying a property in Rajarhat or anywhere in Kolkata know about the documents which are mandatory for producing before the bank for a home loan and is also a proof of everything that you are buying yourself into. There are a handful of documents that you will need to produce before your booking could finally be complete. The list of documents that you will need is given below:
1. Sale Deed
This is a vital piece of paper necessary for property purchases. Original sale deed has to be produced as it establishes the ownership title of the property. The sale deed has to be registered at the Sub- Registrar's Office of the area where the property is sited.
The extract is known by separate names in different states and is a necessary document for registering a new property. The other reason you must have it is if you want to change the ownership of the property later. Even banks ask for this paper before granting you a home loan. This document is proof that the property that it is registered at the local municipality’s records and the construction of the building has been done according to a permitted plan.
3. Mutation Register Extract
This document is required for Gram Panchayat properties, which provides the details of the previous ownership. The original is generally not needed; however, it is essential to be produced if the property is located in a Gram Panchayat jurisdiction for example a Rajarhat property located in the interiors might avail this.
4. General Power of Attorney
This document is for providing proof of sale or purchase of a property is being done by an authorized person on behalf of the owner even this document is required for getting a bank loan approved
5. Copy of Building Plan
A buyer must have a copy of the building plan which is approved by the statutory body to ascertain that the property’s construction is legal and is done according to the rules and regulations.
6. No-Objection Certificates (NOC)
The number of NOCs could vary according to specific state rules; however, more or less 19 NOCs must be attained by a developer from different authorities while building a housing project. The developer of your building will provide you the copies of the NOCs, which you could add up to your paperwork.
7. Allotment Letter
For a home loan, you would definitely need an allotment letter. This letter is issued by a developer or the housing authority, mentioning all the description of the property and details of the payment made by the consumer to the developer. The agreement of sale is different than the allotment letter. The agreement of sale is documented on a stamp paper whereas the letter of allotment is given with a letterhead in an A4 sheet. The allotment letter is given to the first buyer by the developer after which if anyone else acquires the property they will have to ask copies of this letter from the person selling the property.
8. Sale Agreement
This document is the list all kinds of particulars of the property ? the terms and conditions, the specifications and facilities, the possession date, the payment plan, the details about the common areas, etc. This is the same agreement that is a proof that the developer is the one who constructed the project. While applying for a home loan this is a document you will have to produce in the bank.
9. Possession Letter
Both the buyer and developer get this document and decide a date on which the developer would grant the buyer the ownership of the property. This as well is a necessary document for getting a home loan.
10. Payment Receipts
One should have the original payment receipts if it is a new property. In the case of resale of property acquire the copies of this document which later will be asked for in the bank for your loan approval.
11. Property Tax Receipts
The property owner has to pay property taxes. If it is a resale property make sure that the previous occupier/owner has been paying the property taxes and there is no due on these taxes. Property tax receipts are proof of the legal status of the property.
12. Encumbrance Certificate
An encumbrance certificate is essential as proof that the property does not have any pending legal dues or mortgages. This is another most essential certificate the bank will ask for before granting a home loan. All the transitions made over time are listed in this certificate. Form 15 is issued if a property has any encumbrance registered; or, Form 16 will be given to the owner, stating there are no encumbrances this is an Indian regulation.
13. Completion Certificate
This document establishes that the building is constructed according to an approved plan. This document is one which you will have to produce during applying for a home loan.
14. Occupancy Certificate
Whether or not this building has been constructed according to a sanctioned plan and if the building is finally ready to be occupied or not is established with this document on the production of the same to the developer.
By LNN (Liyaans News Network)