Request for advice.

Sunil Kumar (Querist) 08 February 2018 This query is : Resolved
Respected Sir,
It is intimated that I am going to purchase a flat in Punjab and I have applied for Home loan from PNB Housing Finance. The agent of PNB Housing finance has intimated that about Rs. 11000/- fee of valuation report. I will pay Rs. 11000/- fee of valuation report. As per the valuation report the agent is not agree to give me valuation report. How can I know what type of legal and technical valuation of the flat is done or not and also intimated that in the process of registry of flat Valuation report is important or not. How can I get the valuation report from Bank and also intimated that in the valuation report all materials of Building which have been used in construction is OK or not. How can I measured that the flat construction material is best quality or not.

If material of construction is not good quality then importance of valuation report is no meaning for the flat owner.

Please advise. What will step I have to be taken to escape from fraud if any by the builder.

Please give advice.

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Guest (Expert) 09 February 2018
Valuation report is for the purpose of the bank to know what percentage of loan of the valuation they can sanction as home loan, not for you to know about what material or quality of material has been used. That also has no relevance for the purpose of registry. The value for consideration for the purpose of stamp duty is the purchase value of the flat or the officially declared circle value of land of the place, whichever is greater. The registrar office has nothing to do with the valuation report.

However, since the fee is paid by you, as a matter of right you can ask photocopy of the valuation report from the bank, while original copy of the report would find place in their official record for the sanction of loan.

Dr J C Vashista (Expert) 11 February 2018
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