Policies, Codes & Other Documents
Purchasing a house is not an easy task. Months of house hunt, years of savings, extensive research, and taking a loan, you have to go through numerous steps before buying. The homebuying process also entails managing lots of paperwork.
And an occupancy certificate is one such imperative document among others. What is it, and how important is it? Keep reading the article to know in detail.
The occupancy certificate is a legal document that proves that the construction of the building/house conforms with the authorized plan and under local laws. Both builders and homeowners can obtain an occupancy license. When this is missing, it can make it difficult to get basic conveniences such as water and sanitary connection, among many other things.
If you plan to buy a house with a loan, many lenders and financial organizations will refuse to grant you money unless you obtain the required paperwork from the appropriate authorities.
A builder can send an application for an occupancy certificate within 30 days of the project's completion. You can also apply for an OC as a property owner. Before submitting your application or completing the online occupation certificate form, make sure you meet all the occupancy certificate requirements. You can contact your local corporation, municipality, or the issuing body to know about all the relevant paperwork.
You can follow the following steps-
In most cases, you will receive your occupancy license within 30 days of applications. If not, you should contact the authorities to enquire about the delays.
If you have applied for OC, you can visit the authorities to directly enquire, and for an online occupation certificate, you can visit the website of your local real estate regulation authority and check the status. It is only allowed if the property is properly registered under the statute.
Occupancy certificate requirements for verifying the status of an OC vary by state. Furthermore, the RERA has made it essential for builders to report progress in their projects to the local real estate regulatory authority regularly.
If your builder refuses to present an OC, you can consider using your legal rights as a property owner. You can serve a notice on the builder requesting that they submit an application and send a copy of the OC within a month. If not, you can reach consumer forums and take their help to obtain the document.
You must keep in mind that this is always a critical document. You can fill out the application for an occupancy certificate on your own, but you must know how to check the status of the occupancy certificate. This will allow you to keep track of the builder's progress.
Many of us consider buying a house to be a significant step in our lives, and hence we must ensure that all of the necessary paperwork is present. One blunder could jeopardize your ownership and land you in a legal struggle that will drain your resources and time. As a buyer, you must check that your builders are progressing with the building or sale in a legal manner by obtaining an occupancy certificate. It is preferable to take all necessary safeguards before making a purchase than to continue repairing it for years.
If you are looking for loans to finance your house purchase, look for Tata Capital Home Loan. We offer a wide range of home loans at attractive interest rates starting at just 6.85%. Avail of easy repayment options, custom EMI plans, and a hassle-free borrowing process. Visit our website right now to learn more and apply.
Policies, Codes & Other Documents