Buying a home of your own is one of the most important decisions of one's life and it's very important to know all the little things that are required while purchasing a property because it takes years for an individual to be able to invest or buy their first home. When you buy house in Chennai or elsewhere in the country documents such as an encumbrance certificate become very significant.
Encumbrance certificate
Ec certificate online is available only for a selected places in the country such as Delhi, Kerala, Odisha, Tamil nadu, Pondicherry etc. The fee for applying it changes from one state to another. The document takes 3-4 days to get processed. Encumbrance certificate Tamil nadu and in other regions like these can be easily tracked online.
While investing in an old property such as a 2 bhk in Chennai or any other new property, it's very important for the home buyer to first verify what all documents are available with the seller and are those documents proper. This is also to check if they don't have any legal liabilities. Certificate of encumbrance on property is one such document.
Why is it important?
An Ec certificate online or offline is a mandatory document when one applies for a home loan or loan against property. In the case of online Ec certificates you can track the process and download once it is issued. It is a piece of evidence of the fact that a particular piece of property has completely free title or ownership. It confirms that there are no type of legal or any monetary charges / liability on the particular property. This ensures that no individuals can claim the ownership of the property. The registration copy and sales deed of the property along with the address proof are important for the Ec certificate. The validity of the Ec certificate is mentioned on the certificate. The general steps for online application of an encumbrance certificate is visiting the official website, click on apply EC Option, fill the form and make the payment. Acknowledgement should be saved. Use the number to track the EC Certificate online once it is issued.
While applying for a home loan banks ask for an encumbrance Certificate Tamil nadu or elsewhere and any other missing documents from the applicant's end. This is to check whether there is any encumbrance on property. This is why this document is very significant for the home loan process.