Property Sanction Plan for Mortgage Loan
Property Sanction Plan for Mortgage Loan:
General awareness of property documents is very important part of buying a new or resale property. If you are a good buyer than you must know the necessity of completion for all property related documents. Check all the documents vary carefully from the existing owner or builder before booking the property in your city. There is a fixed rate available in all cities approved by respective corporations or town planning authorities in India. The ready reckoner rates are decided by current market value basis as per the city rate plan. Now we will know about the sanction plan and why it is so importance part for property.
What is Sanction Plan?
A layout designed by an architect for a property with complete identification of floor, building and rooms is called blue print or Building plan. After completion of building plan layout builder need to submit the same in to the concern approving authority for granting permission to start construction work on the property site. Once the corporation or other concern authority like town planning authority approved the layout on paper that it is called sanction plan or approved sanction plan from corporation.
Importance of Sanction Plan:
Property Sanction Plan for Mortgage Loan is one of the most important documents for complete set of property documents in India. Without approved sanction plan, municipal corporation or any town planning authority would not be able to approve the commencement certificate for said property. To start construction on any of property we must have the layout of building. We can not take finance facility on the property without approved sanction plan. On the basis of the floor plan, we can apply for completion certificate for the property. There are different types of sanctioning authorities available for approving the plan in Pune city like Pune Municipal Corporation, Gram Panchayat, Gunthewari, Town Planning, Pradhikaran, MAHADA and cantonment board of Pune. Blue print approval is necessary for applying APF from banks. Before buying any kind of property we should ask about sanction plan from the current owner of the property. Currently no government banks, private banks or any of non banking financial companies are approving loan against property or mortgage loan, without approved sanction plan we will not have the exact demarcation of the said property and if we do not know about the documented area of property with technical views than it is really very difficult to approve finance against the property in your city.