Do you check APF number before buying your dream home?
While buying a home an individual has to first consider about arranging the finance, home loan is a very important factor one has to consider while buying a home. Acquiring a home loan is also not that easy, though nowa-days all the developers claim that their projects are approved by leading housing finance companies and banks, but have you ever verified that the project has APF number. APF number refers to the Approved Project Financial number or code and this is provided by various financing companies in India that are involved with housing and related developments. This particular code is given to the authorized builder of a house, building, or similar project. When a person for example wants to check on houses, condominiums, and similar buildings, it is important to know if they have the appropriate APF code or number. A building that has an APF number literally means that the project that built it has been duly authorized by one or several housing finance companies. On the part of the home-buyer or condominium-renter for example, finding a living space with a corresponding APF number is a good indicator that this particular space was able to go through the legal process of registration and project approval. If a building for example doesn’t have an APF number, people may want to re-check why this is so because it may be an indication that the building is not registered or has not gotten approval from proper housing authorities. It is very important for the home borrower to check APF number before they buy home, banks always ask for the owner regarding the APF number of a building. This is one way of checking if a particular property is duly registered and approved by various accredited housing finance companies. Many banks also become the providers of housing finance and they give the appropriate APF number to registered and legitimate builders. When a new housing project is planned for example, the contractors and developers must seek approval from housing finance companies or banks and get their corresponding APF number. To acquire APF number the builder submits all the legal documents, such as Development Agreement; Government Permission & Clearances; IOD; Title Deeds, Commencement Certificates & Approved Plans; Sale Deed and so on, in order to prove that his project has acquired all the necessary permissions and licences. So, now before buying a home for you verify the APF number of the project to be secured.