Home Loans - Technical Evaluations

Prior to approving home loans, banks usually take several criteria in consideration. Technical evaluation of a house is one such criterion.  Most of the banks have a panel of members and certain set standards in this regard.

Banks usually evaluate the value of a property (home) as per the assumptions made by their panel members, and this will be final. Also, they check if the house is constructed as per the rules and regulations laid by the government.

It becomes the prime duty of a customer to take all security measures against any sort of deviations both horizontal and vertical, which greatly affect home loan processing. If you find any deviations either in the mode of construction or in any other way, ask the vendor to regularize the property before going for a home loan; also ask the vendor to provide you with the original copies of regularization so as to avoid future confusions. The property should have the all the necessary permissions or documents to regularize the deviations according to Building Regularization Scheme (BRS).

Please check all the other details like plot area, sanction area, plot number and the Municipal Approved Plan Valid dates before going for a home loan processing.