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can we get loan on property without CC and OC Certificate
29-Aug-2023 (In Property Law)
Hi, I am planning to buy a property in Bangalore, Builder doesnt have CC & OC for said property but saying he has A khata certificate; already possession started and around 30 families are staying out of 75 flats, flat i am looking is at second floor out of five floors. 1. Is it good to buy property without CC&OC. 2. Builder said they will arrange home loan (is it possible to get home loan from banks without cc&oc certificate, banks like sbi, lic etc) 3. what all documents we should take from builder before final settlement. Thanks in advance
Dear Sir,
1) Without an OC/CC certificate from builder, the building will not be issued 'A' Katha certificate but will only get a FORM-B Property tax register extract from BBMP.
Nationalized banks will not fund such project without OC/CC certificate.
2) Approved plan for the building is only 4 floor, and if your flat is on the 3rd floor then the 5th floor becomes a deviation and a gross illegal structure, the corporation can demolish this illegal structure anytime. It will not affect your purchase of the flat on the 2nd floor.
3) If Public Sector or Nationalized banks have approved the Project and are funding the purchase it is indeed good to proceed and yes definitely rules out the litigations involved in the said project.
4) The govt makes it mandatory for issuance of the OC/CC for all project through the BBMP, however the builders do not comply with the approved plan 100% as such building with such deviations has become a norm these days. It is not a problem to sell or buy flats without OC/CC for such projects.
5) Purchase of such flats without OC/CC should not be looked at as an obstacle but the problem can be resolved by getting a Katha certificate from the BBMP.
6) It will not be difficult to sell such properties,
1) Without an OC/CC certificate from builder, the building will not be issued 'A' Katha certificate but will only get a FORM-B Property tax register extract from BBMP.
Nationalized banks will not fund such project without OC/CC certificate.
2) Approved plan for the building is only 4 floor, and if your flat is on the 3rd floor then the 5th floor becomes a deviation and a gross illegal structure, the corporation can demolish this illegal structure anytime. It will not affect your purchase of the flat on the 2nd floor.
3) If Public Sector or Nationalized banks have approved the Project and are funding the purchase it is indeed good to proceed and yes definitely rules out the litigations involved in the said project.
4) The govt makes it mandatory for issuance of the OC/CC for all project through the BBMP, however the builders do not comply with the approved plan 100% as such building with such deviations has become a norm these days. It is not a problem to sell or buy flats without OC/CC for such projects.
5) Purchase of such flats without OC/CC should not be looked at as an obstacle but the problem can be resolved by getting a Katha certificate from the BBMP.
6) It will not be difficult to sell such properties,
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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