Know your facts

The other day a couple came visiting me. They had already bought a flat in the neighbourhood but were a little worried and there was reason for them to feel that way.

Apparently, their loan application had been rejected by a bank stating peculiar but correct clause. The bank told them that 60 per cent of their flat was unapproved while the builder had obtained the approval of 40 per cent of it.

Now, you would wonder how is it possible. But it is very much possible and in practice by the men in business (read builders).

To get over the red tape and speed up the construction process, the builder usually gets the map of a particular building approved and construct a whole lot of others based on it.

But sometimes owing to market trends and demands of the customers, slight changes are made in the plan of the buildings that are constructed at a later date and so the construction is slightly off the map.

To get over this anomaly the builders usually obtain a NoC from the authorities. However, in some case the change so much that obtaining a NoC is rather tough and that’s what happened in that couple’s case.

Some banks reject loan application in such cases. So before you buy a flat please be sure to check the original map of the building.