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Clarification on RTC needed for loan.
22-Nov-2023 (In Property Law)
I am trying to sell my property from a BIAAPA approved layout. We have the sale deed, latest tax paid, e-khata and latest ECOn the eswathu site, my property shows up once we enter the property id and says it is good to go for registrationThe buyer is going for a loan from LICHFL. nnNow, the issue is that the LICHFL lawyer is asking me to provide a 40 year RTC for the property1. If eswathu, a government site is giving a good to go, why is LICFL asking for this 40 year RTC?n2. When BIAAPA gives approval, wouldn't have they checked the legality of the property before layout approval and is it required for me to furnish this to LICFL.3. Is RTC given to individual plots inside a layout and if yes how to get it?
Sir,
Firstly BIAAPA is a area planning authority. Though they would have done their due diligence regarding the property documents, their job is not to certify the title and other documents relating to the property.
Every housing finance will ask for RTC, and the developer or the land owner will certainly have the RTC and other related documents. In case they dont have it, they are duty bound to get it and give it to you.
Hope this helps.
Firstly BIAAPA is a area planning authority. Though they would have done their due diligence regarding the property documents, their job is not to certify the title and other documents relating to the property.
Every housing finance will ask for RTC, and the developer or the land owner will certainly have the RTC and other related documents. In case they dont have it, they are duty bound to get it and give it to you.
Hope this helps.
Helpful?
Adv. Kumaraswamy BN
Bangalore | 100+ Answers
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Take RTC of the layout for 40yrs.
If not also take EC of your individual plot for the last 40yrs. Hope that will satisfy the lawyer of the LICHFL.
Generally it's the procedural practice of the financial institutions to have all the documents at place and 40yrs RTC/EC is one such norm.
If not also take EC of your individual plot for the last 40yrs. Hope that will satisfy the lawyer of the LICHFL.
Generally it's the procedural practice of the financial institutions to have all the documents at place and 40yrs RTC/EC is one such norm.
Helpful?
Adv. Abdul Zahir Shah
Bangalore | 100+ Answers
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