The purchasing of the home is one of the most vital decisions that you will ever take in your life.
However, before you make a move into your new home, it is also vital to check all the relevant documents related to it. One of the important documents that you need to check is the occupancy certificate (OC).
An occupancy certificate is also known as the completion certificate/pass certificate. It is a certification that the proposed building has been completed. It also denotes that the builder has also compiled with the earlier approved plan.
The municipal corporation generally issues the occupancy certificate. It concerns the building’s developer with more than five units. It is given to a part of the building or whole of the property and not allocated to every single unit.
In case, if the builder is unable to procure and provide the occupancy certificate, it means that the building is unapproved.
Thus, if you are living in a unit or apartment in a building and looking to use it for the mortgage loan or the loan against property, you need to have the OC.
Here is a quick article that will help you know the importance of the occupancy certificate for applying for LAP.
Is the Occupancy Certificate required for availing a Loan Against Property?
You need to have the occupancy certificate if you need to apply for a loan or a loan against property (LAP). It is extremely essential for the resale of the property as well.
It is illegal to reside in a property that has not yet been able to get its occupancy certificate. It is also sought by crucial departments such as power, water, and sewage to offer connections to your apartments.
Even if the builder has been able to get all vital connections illegally, it could be disconnected at any point due to the absence of the OC.
Hence, before you get instant mortgage approval, you need to ensure that you have the required occupancy certificate.
Loan Against Property Benefits that you may grab
You are aware of the importance of the occupancy certificate while applying for home mortgage loans or a loan against property. Let’s have a look at the benefits of the same.
A loan against property is a unique facility to grab instant amount at a lower mortgage loan interest rate. All that you need to do is pledge your property with the lender for acquiring an amount over a tenor.
• Higher Loan Amount – If you are a salaried individual, you can borrow an amount as higher as up to Rs.1 crore. Self-employed individuals are eligible to get a loan amount of up to Rs.3.5 crore.
• Flexible Loan Tenor – Salaried people can get a tenor ranging between 2-20 years and up to 18 years for entrepreneurs to repay the loan.
• Easy Balance Transfer – Are you already having a LAP facility and paying a higher rate of interest? You can switch the loan to a lender offering lower rates.
• Flexi Loan Facility – You can borrow an amount out of your sanctioned limits and pay only the interest as the EMI on it. The rest of the amount gets adjusted after the end of the tenor.
• Online Account Facility – You can access the LAP account details via the digital customer portal of the lender. This way, you can track all details 24/7 and right from anywhere.
If you are ready to apply for the mortgage loan and loan against property, you can apply online and get started.
Bajaj Finserv offers pre-approved deals on loan against property, mortgage loans, housing finance, business loans and more. It is offered to make your entire loan application and processing fast and hassle-free. You can check out your pre-approved loan offers by sharing your basic details such as name and mobile number.
No comments:
Post a Comment