Is occupancy certificate required for home loan?
Scenario 1: OC is not required when you apply for a home loan for a property that is under construction. He applied for a home loan, which was approved as the property was under construction. Scenario 2: In the case of a newly constructed property, the builder has around 12 to 18 months to obtain an OC.
What is occupation certificate for a building?
Occupancy certificates are issued by the agencies and authorities of local government, which declares that the building is constructed as per the plans that were approved by the concerned authorities. Occupancy certificate is issued when a property is ready to be occupied.
What happens if building does not have OC?
Without an occupancy certificate, the flats in the apartment complex cannot be occupied by anyone. If they cannot be occupied, warranty declaration has no meaning. According to BBMP rules, occupancy certificate is issued within 30 days of applying for it, unless there is a problem with the property.
Is it safe to buy a house without OC?
Without a valid OC, your occupancy is illegal as it can be classified as an unauthorised structure by the authorities. 2. OC is crucial while applying for a home loan or loan to purchase a resale flat. You cannot even sell your property without a valid OC in hand.
How can I check my occupancy certificate online?
Steps to check occupancy certificate online Once you reach the website home page click on citizen service. Fill the details required. After filing the entire details of the property required in the columns. You will see a PDF download option, tab to download.
Is occupation certificate necessary?
At present, as per the Karnataka Town and Country Planning Act and BBMP Act, Occupancy Certificate is mandatory and is issued after a detailed check for violations.
Can you sell a house without an occupation certificate?
Your local building-inspection department will give you a certificate of occupancy after your building passes its final inspection. In many jurisdictions, if you can’t obtain a certificate, it will be illegal for you to sell the building. Even if it isn’t, it may be hard to find a buyer.
Can I buy property without OC?
1. Without a valid OC, your occupancy is illegal as it can be classified as an unauthorised structure by the authorities. 2. OC is crucial while applying for a home loan or loan to purchase a resale flat.
How can I check my OC status online?
Here are the steps to check OC status online in Bangalore: You will have to visit the town planning website of the BBMP at https://bbmp.gov.in/townplanning.html. Scroll down to Occupancy Certificate details option and hit ‘Click Here’
How important is occupancy certificate?
What is the importance of an occupancy certificate? The certificate is an indication that the building is suitable for occupancy. An OC is required, when applying for water, sanitation and electricity connections. For home owners, an OC is necessary to cement the legal status of the property they own.
Can I get a Khata without OC?
You may have your property registered, but without an OC, you will not be able to get a khata, which in a way entitles you as the legal owner of the property concerned. Not to forget, to obtain an OC, the builder needs to have a CC first,” mentions Prashant Thakur, head – research, ANAROCK Property Consultants.
What is occupancy right certificate?
An occupancy certificate (OC), issued by the local authorities, certifies that a building is fit for occupation and has been constructed as per the approved plan and in compliance with local laws.