Do we need original documents for home loan?

The documents required to apply for a home loan are based on the occupation of an applicant. Sales deed, stamped agreement of sale, or allotment letter. NOC from the housing society or builder. Possession certificate and land tax receipt form the land/land revenue/revenue department.

How do banks verify property documents?

During credit appraisal, original property documents—title deeds, no objection certificates of authorities and other ownership papers are used to verify that the property has a clear title, and that the home loan is being disbursed to the right owner of the property for legal and valid reasons.

What documents are required for loan against property?

Documents Required for Property Loan

• Application form with a recent photograph.
• Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)
• Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)

What are the 4 documents generally used in real estate loans?

The most common documents are related to mortgages, deeds, easements, foreclosures, estoppels, leases, licenses, and fees, among other kinds of documents. The most important real estate documents list ownership, encumbrances, and lien priority. These are used to maintain proper real estate transactions.

Is legal opinion mandatory for home loan?

Taking legal opinion and help is important even when the property is funded through a home loan. When a person buys a property they generally exhaust their savings – as well as future savings in the form of EMIs if a home loan has been availed of.

What is legal verification of property?

What is legal verification of property? For this purpose, the bank’s team of legal experts (these will typically be certified lawyers) would examine all the original property-related documents, including the title deeds, no-objection certificates (NOCs) and other ownership papers.

Can I take loan against my land?

These days, a number of lenders offer loan against plot to anyone who owns a piece of land and would like to use it as collateral for securing a loan. A loan against land can be used to construct homes, develop a factory or build commercial business plants on the pledged plot of land.

What are the two most common documents used in real estate financing?

A real estate sale involving financing typically contains at least three main documents; the loan agreement, a promissory note, and a mortgage instrument or deed of trust.

What are recordable documents?

Only those documents that are authorized by law can be recorded. Examples of typical documents that can be recorded are: ·Real Property Records – deeds, leases, notice of completions. ·Maps – subdivisions, parcel maps, surveys. ·Mining Claim Records – notices of location, proofs of labor.