Menu
Menu
Facebook
Youtube
Linkedin
Instagram
Book Now
When you buy a 3 BHK apartment in Salisbury Park, one of the most important things to check is whether it is free from any legal or financial issues. This is where the Encumbrance Certificate (EC) comes in. It’s a crucial document that confirms the legal history of a property and helps protect both buyers and lenders. Let’s break down what it is and why it’s so important.
A legal document that shows whether a property has any financial or legal liabilities, such as unpaid loans or legal disputes. It gives you a clear picture of the property’s history, helping you avoid any unpleasant surprises.
The EC confirms that the property is free from any legal claims or financial liabilities. It verifies the ownership history of the property and ensures that there are no outstanding loans or disputes related to it.
For Buyers: It ensures that you are purchasing a property with a clear title and no hidden liabilities.
For Lenders: Banks and financial institutions use the EC to check if a property is free from encumbrances before offering a loan.
To get an EC, you need to apply at the relevant sub-registrar’s office in your area. The process is simple, but you will need to provide a few documents.
Property Details: The exact details of the property you are looking to get the EC for.
Ownership Documents: This includes documents like the sale deed or gift deed, which prove ownership of the property.
Identity Proof: You will need to provide your identity proof, such as your Aadhar card or PAN card.
EC for Flats:
The EC for flats confirms that the property is free from any outstanding loans or legal claims.
EC for Home Loans:
Banks need an EC while taking out a home loan in order to ascertain that the property is free from any unpaid loans or legal disputes. It helps the bank assess the risk before approving the loan.
EC for Withdrawal of PF
In case you wish to withdraw your PF, an EC proves that the property is free from any liabilities and legally cleared of any kind of financial burdens. It is thus assured that your PF withdrawal is made to a safe investment.
EC for Mutation:
The mutation process shall be done after purchasing the property. It will pass on the same property and get registered in the name of the person who bought it, all through the same entity, which is EC.
EC for Flat Sale:
The EC promises the buyer a clear title over the property without any legal or financial obligations. In this way, selling a flat is made more fluid and clearer for both parties.
The Encumbrance Certificate is important for the investment of property so that your property shall not be dragged into any lawful or financial cases. This could be either in purchase, sale, or taking some loan against property. It saves you from some unwanted future harassment by getting all these certificates right before finalizing the property for purchase or sell.
