Homeloans-Tips for Legal Scrutiny

8/14/2019 Homeloans-Tips for Legal Scrutiny

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Legal Verification of a property is an important step in

the processing of a home loan.


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Banks usually make a careful study into the details of a

property before approving a home loan. They scrutinize

all the documents provided by the home loan seeker.


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For the convenience of their customers, owners of some

properties or ventures get the approval from certain banks

to make the loan process easy.


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In other cases, home loan seekers have to collect and

provide all the required details to a bank by themselves.


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For this, one should be should be aware of the entire legalverification process and support it for a clear and

marketable title over the property that he/she intends to

buy.


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Banks will thoroughly go through all the documents ofthe property submitted by a home loan seeker.


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The panel advocates then send the documents to the

concerned sub-registrar office to get the search report and

details of the documents.


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If they find any discrepancy in the search report, they will

ask for further clarification or for some additional

documents to complete the legal scrutiny process.


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Hence, prior to going for a home loan, it is advisable to

make a careful study of all the documents of the property

as it saves your time; also you will have a clear idea about

the legality of the property.


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Owning a house is certainly a difficult task but it is a life

time achievement.


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Hence one should not hesitate in spending a small amount

in legal verification of the property that he/she intends to

buy.


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The following are few important tips that help you to geta clear and marketable title over the property that you

want to acquire


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Before acquiring a property, go to the concerned sub-registrar office and apply for Encumbrance Certificate

(EC) recording all sale transactions over that property for

the last 15 years.


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Apply for Certified copies of all the documents to get thedetails of the previous executors and executants.


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Check all the registered documents to know if there areany unsolved legal proceedings over that property.


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If the present vendor is not available then check with the

legal heirs of the property.


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Apply for a Land Use certificate in the UrbanDevelopment authority to get the details and survey

numbers and usage of the land.


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Check if the layout is approved from the concernedauthorities in case of a plot.

Estimate the property with the Government-approved

valuers in the market.


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Check and verify the dimensions of the property.


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Get a legal scrutiny report from an advocate before going

for a home loan even if the property is already approved

in the bank.


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Take all the original documents from the previous vendor

once the property is registered on your name.


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Take an affidavit if any spelling mistakes are there in thename of the vendor when compared to the ID proof.

Documents

Homeloans-Tips for Legal Scrutiny