Buying a property involves a lot of complicated legalities. To gather information about what charges there are on the new property in question, all you need to do is get an encumbrance certificate, also commonly known as an EC.
Encumbrance certificate is a legal document which helps in finding out added costs associated with a property that you are looking to buy. To get an EC, search in your region’s sub-registrar’s office, or look for an EC online. Also know all about Occupancy Certificate.
The following are the reasons why an EC is important for anyone buying a new property:
On applying for the encumbrance certificate online or at an office, you would be required to particularly specify for which time period you require information. In case there are zero charges associated with the property within this specified time period, a Nil Encumbrance Certificate would be issued to you. If that is the case, it means there are no liens that have been placed by any lender on the property.
There are different procedures for the application for an EC in different states. There are certain states in India which also have the facility of an EC online application. In case you are having trouble applying for an EC online, you would be required to visit the sub-registrar’s office to go through the regular offline mode of application. The following is the process of applying for encumbrance certificate online:
To get an encumbrance, search for the official website for registration of your state.
To look for the application procedure of encumbrance, search for the option of application on the website and click on it.
Enter the details that are required on the form of encumbrance certificate online, and click on the option update/save.
Next, once the ‘calculation fee’ is paid, you will then find the 'acknowledgement' section. A print out of the same is to be taken.
Thereafter, there will be an inspection which is to be carried by an officer/inspector part of the lands records department, thereafter confirming all the required information about the property.After this inspection, the encumbrance certificate would be issued along with every transaction details that occurs within the specified time period. In case there are no transactions that occur within that time period, a Nil Encumbrance Certificate would be issued.
The following are the steps to be taken in order to avail an EC in the regular offline mode:
The following are the steps:
Your EC would then be provided on your screen. You would have to save and/or download it.
Hence, it is important to keep the above points about EC in mind in case you have plans to buy property. If you are planning on buying a property, you can avail home loans available on Finserv MARKETS. You can also enjoy flexible repayment tenure, along with top-up options.