Documents require for home loan in under construction building?
salman khan
(Querist) 26 February 2012
This query is : Resolved
sir we are going to purchase shop in under constructed building in mumbai and we require a loan but the builder is not ginving a loan then i decide to approach the bank what kinds of document bank will demand for assurance of legal shop, whether bank demand for agreement executed between builder and owner.
Raj Kumar Makkad
(Expert) 26 February 2012
You should ask this question from bank only as different banks demand different types of documents keeping in view the situation of loanee, place, title and many other things.
Shonee Kapoor
(Expert) 26 February 2012
Agreed, every bank has its own procedures.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
salman khan
(Querist) 26 February 2012
raj kumar sir, can we got answer of this question from CACLUBINDIA.COM if not then any other website.......thanks
mahendrakumar
(Expert) 27 February 2012
when you you intent to avail a bank loan,and different banks have different requirements,why not enquire with the concerned banks for their requirements?
sale agreement,approved plan of the site by the municipality/corporation,details of title of the property,non encumbrance certificate etc are some of the basic necessities.
Deepak Nair
(Expert) 27 February 2012
The bank will ask for agreement to sale executed between you and the builder, without which it cannot be proved that you are purchasing the said property.
Better to consult the band from where you intend to avail loan.
malipeddi jaggarao
(Expert) 28 February 2012
Normally the common requirement of the Banks are:
1) Offer letter from the seller
2) Agreement between the Buyer and Seller
3) Title deeds evidencing the clear and marketable title of the seller.
4) Encumbrance certificate for 12/30 years
5) Approved Plan
6) Legal opinion on the title of the property from the Bank's panel advocate.
7) Valuation report from Bank's approved architect.
8) If the builder is a developer, agreement between the developer and the owner of the site.
9) Bank will ask to produce the evidence regarding your repayment capacity.
10) It may insist for a guarantor by a third party who has sufficient worth apart from the mortgage of the property proposed to purchased.
The list is illustrative.
