Home Loans - Tips For Legal Scrutiny

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Banks will thoroughly go through all the documents of the property submitted by a home loan seeker.Legal Verification of a property is an important step in the processing of a home loan. Banks usually make a careful study into the details of a property before approving a home loan.

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Home Loans - Tips For Legal Scrutiny

  1. 2. <ul><li>Legal Verification of a property is an important step in the processing of a home loan. </li></ul>
  2. 3. <ul><li>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. </li></ul>
  3. 4. <ul><li>For the convenience of their customers, owners of some properties or ventures get the approval from certain banks to make the loan process easy. </li></ul>
  4. 5. <ul><li>In other cases, home loan seekers have to collect and provide all the required details to a bank by themselves. </li></ul>
  5. 6. <ul><li>For this, one should be should be aware of the entire legal verification process and support it for a clear and marketable title over the property that he/she intends to buy. </li></ul>
  6. 7. <ul><li>Banks will thoroughly go through all the documents of the property submitted by a home loan seeker. </li></ul>
  7. 8. <ul><li>The panel advocates then send the documents to the concerned sub-registrar office to get the search report and details of the documents. </li></ul>
  8. 9. <ul><li>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. </li></ul>
  9. 10. <ul><li>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. </li></ul>
  10. 11. <ul><li>Owning a house is certainly a difficult task but it is a life time achievement. </li></ul>
  11. 12. <ul><li>Hence one should not hesitate in spending a small amount in legal verification of the property that he/she intends to buy. </li></ul>
  12. 13. <ul><li>The following are few important tips that help you to get a clear and marketable title over the property that you want to acquire </li></ul>
  13. 14. <ul><li>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. </li></ul>
  14. 15. <ul><li>Apply for Certified copies of all the documents to get the details of the previous executors and executants. </li></ul>
  15. 16. <ul><li>Read all the registered documents to check whether there have any mortgages created over that property. </li></ul>
  16. 17. <ul><li>Check all the registered documents to know if there are any unsolved legal proceedings over that property. </li></ul>
  17. 18. <ul><li>If the present vendor is not available then check with the legal heirs of the property. </li></ul>
  18. 19. <ul><li>Apply for a Land Use certificate in the Urban Development authority to get the details and survey numbers and usage of the land. </li></ul>
  19. 20. <ul><li>Check if the layout is approved from the concerned authorities in case of a plot. </li></ul><ul><li>Estimate the property with the Government-approved valuers in the market. </li></ul>
  20. 21. <ul><li>Check and verify the dimensions of the property. </li></ul>
  21. 22. <ul><li>Get a legal scrutiny report from an advocate before going for a home loan even if the property is already approved in the bank. </li></ul>
  22. 23. <ul><li>Take all the original documents from the previous vendor once the property is registered on your name. </li></ul>
  23. 24. <ul><li>Take an affidavit if any spelling mistakes are there in the name of the vendor when compared to the ID proof. </li></ul>

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