Do you check APF num­ber be­fore buy­ing your dream home?

Accommodation Times - - Housing Finance -

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.

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