Homeloans-Tips for Legal Scrutiny
-
Upload
musunuruakhil -
Category
Documents
-
view
216 -
download
0
Transcript of Homeloans-Tips for Legal Scrutiny
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
1/24
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
2/24
Page 2
Legal Verification of a property is an important step in
the processing of a home loan.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
3/24
Page 3
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
4/24
Page 4
For the convenience of their customers, owners of some
properties or ventures get the approval from certain banks
to make the loan process easy.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
5/24
Page 5
In other cases, home loan seekers have to collect and
provide all the required details to a bank by themselves.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
6/24
Page 6
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
7/24
Page 7
Banks will thoroughly go through all the documents ofthe property submitted by a home loan seeker.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
8/24
Page 8
The panel advocates then send the documents to the
concerned sub-registrar office to get the search report and
details of the documents.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
9/24
Page 9
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
10/24
Page 10
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
11/24
Page 11
Owning a house is certainly a difficult task but it is a life
time achievement.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
12/24
Page 12
Hence one should not hesitate in spending a small amount
in legal verification of the property that he/she intends to
buy.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
13/24
Page 13
The following are few important tips that help you to geta clear and marketable title over the property that you
want to acquire
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
14/24
Page 14
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
15/24
Page 15
Apply for Certified copies of all the documents to get thedetails of the previous executors and executants.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
16/24
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
17/24
Page 17
Check all the registered documents to know if there areany unsolved legal proceedings over that property.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
18/24
Page 18
If the present vendor is not available then check with the
legal heirs of the property.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
19/24
Page 19
Apply for a Land Use certificate in the UrbanDevelopment authority to get the details and survey
numbers and usage of the land.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
20/24
Page 20
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.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
21/24
Page 21
Check and verify the dimensions of the property.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
22/24
Page 22
Get a legal scrutiny report from an advocate before going
for a home loan even if the property is already approved
in the bank.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
23/24
Page 23
Take all the original documents from the previous vendor
once the property is registered on your name.
-
8/14/2019 Homeloans-Tips for Legal Scrutiny
24/24
Page 24
Take an affidavit if any spelling mistakes are there in thename of the vendor when compared to the ID proof.