Before understanding what is legal and Technical Verification in Home Loan processing, let’s first see at what stage during the home loan processing you need to face the home loan verification.
Before understanding what is legal and Technical Verification in Home Loan processing, let’s first see at what stage during the home loan processing you need to face the home loan verification. Once the bank officials duly check the application details create the profile and understand the requirement in the personal discussion, then the process for the legal and technical verification of the property begins.
Important Documents For Legal Verification of Property;
*Copy of 7/12 Extract- The detailed land details are checked and the details such as locations, size, and ownership are verified.
*RERA Registration– The official RERA registration of the developer and the real estate projects is checked.
*Copy of Approved Plans- The copy of approved building plans issued by the municipal authority is verified.
*Non-Agricultural Order- This is the document that indicates the permission for the conversion of the agricultural land for non-agricultural uses.
*Sales Agreement- The conditions between the developer and property buyer are checked. Also, the amount of the agreement is checked which becomes the base of the loan amount disbursal.
Home Loan Legal Verification Report
1.Location details- village, place, sub-district, etc
2.List of the document verified
3.Series of questions about the legal property checks
4.Chain of title tracing the title from the oldest title deed to the latest title deed establishing the title of the property
5.Litigation status of the property
6.Details of power of attorney (POA)
7.Certificate of the title
8.Property search report with complete transaction history
9.Declaration by the search clerk
10.Details of the Borrower
11.A complete description of the property
12.Extent/area including plinth/built-up area
13.Location details- village, place, sub-district, etc
The property Technical verification report consists of the following
*Postal Address of the Property
*Area Classification Details
*Latitude, Longitude, and the Coordinates of the flat
*Details of the Property Owner
*Brief Description of the Property
