Resale flat without oc
kamal
(Querist) 02 September 2011
This query is : Resolved
Hi,
(I have by mistake posted this in wrong category so posting again in right thread, don't know how to delete from other.)
A property located in Mumbai, constructed in 1980's with a Co operative Society established in 1986, does not have an occupancy certificate. THE Commencement Certificate is available.
Agent provides with photocopy of the blueprint of the building and says the blueprint can be substituted for OC along with CC.
Although the Building is 4 floor building Blueprint says layout for ground floor and first second third typical layout. How important is the OC in respect with the Mumbai property law. Does it hinders the value of the flat?
I am looking for a bank loan. Would Bank do all the checks in the title verification and the validity of the flat, before I go for the sale agreement registration.
Please throw some light.
ashok kumar singh
(Expert) 02 September 2011
Bank will do all necessary verification, thanks.
R.Ramachandran
(Expert) 02 September 2011
Bank will do all the verification and satisfy itself before lending the loan. But, that will not be a fool-proof mechanism to assure you that the property is free from all requisite clearances by the Municipal Authorities. The ultimate responsibility about the proper documents about the building is that of yours and not of the bank. Irrespective of what is the correctness of your decision to go in for the purchase of the property, the bank will definitely ask for the repayment of loan amount from you.
prabhakar singh
(Expert) 02 September 2011
Expert : R.Ramachandran has well explored all sides of your problem which needs no addition in my view.
ajay sethi
(Expert) 02 September 2011
in the absence of occupation certificate bank will not give you a loan . do not purchase the said property .in addtion in respect of properties which do not have OC or building completion certificate by BMC water bills etc are charged at higher rate
kamal
(Querist) 03 September 2011
Thanks a lot for your inputs.
Out here in Mumbai, There are scores of old Housing Society without OC. Does that make them non-saleable?
Bank seems to be ready to pass the loan without OC as long as it has CC along with Blueprint of the layout, Valid society and registered chain of documents. Wonder how this works.
Are there any Expert lawyers in TITLE search from Mumbai, whom I can approach?
R.Ramachandran
(Expert) 03 September 2011
Dear Mr. Kamal,
You got the necessary inputs. Now it is your call whether to go in for the purchase or not.
For conducting title search you can approach any of the lawyers located in Mumbai who are available in the LCI - like Mr. Sethi, Mr. Rajkumar Laxman etc.
