The Khata certificate stands as a cornerstone in the landscape of property ownership and transactions across India. Serving as a vital legal document issued by local municipal authorities, it plays a pivotal role in identifying properties and their respective owners for taxation purposes. With its detailed insights into property ownership, dimensions, and tax assessments, the Khata certificate serves as a fundamental tool for both property owners and prospective buyers in navigating the intricacies of real estate transactions.
When seeking home loans, having a Khata certificate can significantly streamline the process. Lenders often require this document as part of the documentation to assess the property's legal validity and ownership. With a Khata certificate in hand, prospective homebuyers can expedite their loan approval process, demonstrating to lenders the clear legal status of the property they intend to purchase.
What is a Khata certificate
The Khata certificate is a legal document issued by the local municipal authority in India such as BBMP (Bruhat Bengaluru Mahanagara Palike) in Bengaluru or the municipal corporation in other cities. This certificate essentially identifies a property and its owner(s) for the purpose of property tax assessment. It contains details such as the property owner's name, property size, location, and other pertinent information.
Difference between Khata certificate and Khata extract
While both the Khata certificate and Khata extract serve similar purposes, they have distinct differences. The Khata certificate is a legal document that confirms the existence of a property and its owner(s) for taxation purposes. On the other hand, the Khata extract is a statement of property tax assessment, providing details such as property tax dues, arrears, and other related information.
Importance of the Khata certificate
The Khata certificate holds significance for various stakeholders due to its role in confirming property ownership and facilitating property-related transactions.
- Ownership confirmation: It serves as concrete proof of property ownership, instilling confidence in both owners and prospective buyers.
- Utility access: Possessing a Khata certificate enables property owners to access essential utilities such as water, electricity, and sewage services.
- Property transactions: When buying or selling a property, a Khata certificate is often required to initiate and complete the transaction, ensuring legality and authenticity.
- Building plan approvals: For construction or renovation projects, obtaining approvals from local authorities often necessitates a Khata certificate as part of the documentation.
How to get a Khata certificate and Khata extract?
Obtaining a Khata certificate and extracting it involves several steps, including:
- Visit the municipal office: Visit the local municipal office or its website to understand the specific requirements and procedures for obtaining the Khata certificate and extract.
- Submit application: Fill out the requisite application form and submit it along with the necessary documents and fees.
- Verification: The municipal authorities will verify the provided information and conduct a physical inspection of the property if required.
- Issuance: Upon successful verification, the Khata certificate and extract will be issued to the applicant.
Documentation required for the Khata certificate
The documentation required for obtaining a Khata certificate typically includes:
- Proof of ownership: Documents such as a sale deed, property tax receipts, or title deed to establish ownership.
- Property details: Details regarding the property's size, location, and usage.
- Identity proof: Valid identification documents of the property owner(s).
- Tax clearance: Proof of payment of property taxes and other dues.
Homeownership made easy with Bajaj Housing Finance Home Loan
As you embark on your journey towards property ownership or seek financial assistance through home loans, having a Khata certificate can significantly streamline the process. It not only expedites loan approvals by providing clear proof of property ownership and legality but also instills confidence in both borrowers and lenders.
With our commitment to simplifying the home loan process and providing tailored financial solutions, Bajaj Housing Finance stands ready to assist you every step of the way. Whether you are exploring investment options or aiming to purchase your dream home, trust Bajaj Housing Finance to be your reliable partner in achieving your homeownership goals. Here are a few benefits of opting for a home loan from Bajaj Housing Finance:
At Bajaj Housing Finance, our home loans offer competitive interest rates, starting at just 8.50%* p.a., ensuring affordability and manageability for our customers. With EMIs as low as Rs. 759/lakh*, achieving homeownership becomes easily attainable, fitting seamlessly into your budget.
We understand that every homeowner's needs are unique, which is why we provide personalised loan solutions tailored to your specific requirements. With our customisable options, you can choose your loan amount, and repayment tenure, empowering you to achieve homeownership on your own terms.
Repaying your loan is made convenient with Bajaj Housing Finance Home Loan, as we offer extended repayment tenures of up to 32 years. You can select a repayment plan that aligns with your financial situation, enabling you to prioritise your loan repayment effectively while managing your other financial commitments with ease.
Our doorstep document collection service eradicates the necessity for numerous branch visits, simplifying the application process for your convenience.
With our top-up loan facility, you can benefit from additional finance of Rs. 1 crore* or higher by availing of our home loan balance transfer facility. This extra funding can be utilised for home renovations, repairs, or expansions with minimal documentation and attractive interest rates, providing you with the flexibility to enhance your living space effortlessly.
Embark on your path to homeownership effortlessly with a Bajaj Housing Finance Home Loan. Start the journey towards owning your dream home today by applying for a Bajaj Housing Finance Home Loan.
