Overview

Buying a property involves a big investment. When you are going to buy a property, you need to have government documentation of the property to stay legally safe. There is a certain process for it that you need to follow. The documents that you need to submit to the concerned authorities should be in a condition and legible. A minor mistake can land you in trouble and you will have to run from pillar to post to get it rectified. We at Your Property Doctor can help you in government paperwork.

What are the Legal Documents Required to Buy the Property?

• Sale Agreement: This document contains property descriptions, details of the terms and conditions, and the price agreed between the buyer and the seller.

• Transfer of Ownership: This document contains the change of property ownership with the concerned authorities, which confirms the sale.

• Property Title: This document is essential for applying for home applications. It also provides property details and history of ownership.  

• Registration Certificate: This certificate is the proof of your property’s record in Municipal Corporation.  

• Property Tax Payment Evidence: This evidence confirms that all due taxes paid by the previous owner have been settled.  

• Loan Clearance Certificate: This certificate verifies that there are no pending loans on the property.  

• Habitation Certificate: This certificate certifies that the building complies with plans and is ready for residents’ occupancy.

• Bank Loan Statement: This statement shows whether or not the property has any outstanding loans, which ensures transparency in financial obligations.

• No Objection Certificate: NOC for property transactions is required from various departments, which confirms that there are no legal impediments to construction of the building.

• Approved Construction Plan: This plan confirms that the property is constructed in compliance with the plans.

• Authorized Representative Document: This document confirms the legal authority of the representative, who works on behalf of the owner.

NOC Process for Banks and Institutions: What You Need to Know?

An NOC (No Objection Certificate) is a legal document, which is issued from the bank and financial institutions. An NOC for banks confirms that the property you are going to buy has no pending loans. In addition, it confirms that the borrower has no unpaid dues left.

The Process for Obtaining NOC from the Bank

Various steps involved in bank NOC process include the following:

Identifying Issuing Authority

The first step involves identification of the issuing authority. This depends on the type of property being transferred.

• For Apartments or Flats: The issuing authority could be Municipal Corporation or the Revenue Department

• For Plots and Land: The issuing authority could be municipal authority or land revenue officer.

Application for NOC

Ensure that your application is in the prescribed format and all the details are filled accurately. This includes the details about the property, the parties involved and the reason for property transfer. You should double check all the details to avoid any errors that could delay the processing of the NOC.

Documents Required

The documents required for getting No Objection Certificate include the following:

• Sale Deed

• Encumbrance Certificate

• Building Approval Plan

• No Due Certificate from Local Authorities

• Identity Proofs of both Buyers and Sellers

• Identity Proofs of both Buyers and Sellers

The fees for getting an NOC depend on the type of property and the issuing authority.

Issuance of NOC

Once the verification of the documents and payment of fees is completed, the concerned authority will issue an NOC for the property.

This certificate ensures that the property does not have any pending dues or disputes