new Delhi. Different banks have different criteria for granting home loans. It happens that one bank does not give a loan for a house without any one document but another bank approves the home loan without that document. This is because different banks have different criteria for loan assessment.
The letter of allotment is also an important document for taking a home loan. The allotment letter is given by the developer or housing authority. It contains complete details of any property like house, plot or flat. The allotment letter is not a sale agreement. The letter of allotment is issued to the first owner, while other owners can ask for a copy of the original letter from the seller.
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This is the trick to take loan
A big question is that if you want to buy a house or flat whose original allotment letter has been lost from its current landlord, will the bank give you a home loan to buy such a house or not? However, after losing the original allotment letter, the landlord has lodged an e-FIR and has also taken a certified true copy (CTC) by submitting an indemnity bond.
Different banks have different rules regarding this. Some banks give home after allotment letter is lost from the original owner after giving public notice and having certified copy obtained by depositing indemnity bond. At the same time, some banks get some other formalities completed.
What to do buyer
If you also want to buy a house whose owner does not have the original allotment letter, then first of all you should contact the bank from which you are thinking of taking the loan and find out whether the bank is without the original allotment letter. Will give loan Also check whether the present owner of the house or flat has given notice in respect of loss of original allotment letter in English and in a local language newspaper and to transfer the flat. Claims and objections in respect are invited within a stipulated time period.
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Normally, the time taken to file claims and objections is 7-21 days. On the other hand, if the landlord has occupied the house for 12 consecutive years, then it is a good proof to prove the ownership of that house. Banks attach great importance to this and it proves to be very helpful in taking a home loan.
Tags: Facts About Home Loan, Personal finance
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