technocrat (service) 01 August 2012

Purchasing of property (with out oc &cc) with home loan

Should I buy this property in Mumbai with following details:-

1. It is 20 year old building in Santacruz (east).

2.Society was registerd in 1992.

3.The owner of flat has all chain documents of flat sale till date, 7x12extract, land tax paid reciept.Owner says tiltle is clear (I need to verify the same with the help of lawyer)

4.Owner has share certificate & NOC from society.

5.The buiding does not have Occupancy Certificate, CC, conveyance certificate.

6.The water is supplied on on humanitarian grounds.

7.The owner has paid only stamp duty(in 2011 with fine) but has not done registration saying that sociey is registerd.

8.The owner does not have INDEX-II.

Also I want to apply for HOME LOAN.

With all these scenarios, should I buy this property.

What all other documnets should I ask for?

The people & owner themself staying in this building have got loans from HDFC,ICICI,CITI,Co operative bank, BoB,etc. Hence can I get home loan?

Also without OC & CC, are there any legal issues in future that may come up?

Can building go under re-development (since its already 20 year old) in future without OC & CC?

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3 Replies

(Guest)

Mr.Technocrat,

First check the flate/Property mutition is done in the saler name or not.

Second Occupancy Certificate, CC, conveyance certificate is required as without this mutition can't be done and

thirdly without the above mentioned docs you don't the loan as per law.

Lastly registration is mandatory as without this you will face legal problem in future.

Finally you should consult to knowledgeable Lawyer not just a Lawyer.

technocrat (service) 02 August 2012

The how other society menbers got HOME LOAN?

Also why after so many years still no OC,CC,conveyance certificate is issed to society?

Please help me with list of documents that I should demad for taking loan against RESALE FLAT.

(Guest)

Mr.Technocrate,

Do understand now a days taking loans not a big deal . I hope you u know how it could be done by manupulating .

Secondly any project wether residencial of commercial required different clearence from diferrent deparments eg. Enviromental,fire, building plan etc. department.

Thirdly different state has different parameter & legal formalities regarding Lands. So my advice would be to consult your local knowledgeable lawyer.

Finally do consult atleast 3/4 lawyers to get a better idea then decide with whom u want to go.