633+ Lawyers are online 
How to take possession over property
28-May-2023 (In Property Law)
Respected Sir/Mam, Request you valuable input on the below - My current situation - The 1 BHK property is in gram panchayat, builder got collector approved plan and constructed Phase - I (Completed), Phase-II (Completed) in 4 years and Phase-III is under construction. I have booked flat in Phase-I and paid 10% of property amount and got the property registered, then applied for bank loan, I submitted building completion certificate issued by Architecture. Earlier bank says OC is required to proceed for loan, but now bank checked and says that the construction plan is well within the limits and we can go ahead for loan disbursement even without OC. Please advice me if - 1) It is good to go with loan disbursement without OC 2) Take possession of the property immediately as it is ready (without oc) 3) is there any possibility that the builder must have collector approved plan for phase-I, II and III and after completion of phase-III, he will apply for OC. Please Advice
It is totally fine to go for such disbursement of loan as long as bank deems it fit. Also, once the builder applies for OC, you will have to ask it from him and deposit a copy of the same in the said bank.
Helpful?
22+
22+
Adv. Siddhant Sharma
Delhi | 500+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
