Imagine you have just bought your dream home. You are excited and eager to move in. But wait! Have you checked if your property has a completion certificate (CC)?
Obtaining a completion certificate ensures that the property meets all necessary legal and safety requirements, giving you peace of mind as you settle into your new home. It also safeguards your investment by validating the legitimacy of the construction and mitigating any potential legal or regulatory issues in the future.
However, amidst the excitement of moving into your dream home, it is also essential to consider your financial arrangements. If you have an existing home loan and are unhappy with its terms, you have the option to transfer it to Bajaj Housing Finance, a wholly owned subsidiary of Bajaj Finance.
Bajaj Finance offers attractive home loan options with competitive interest rates, flexible repayment terms, and quick approval processes. A home loan balance transfer could potentially save you money on interest payments and provide you with better loan terms, enhancing your overall homeownership experience.
What is a Completion certificate and its importance?
CC full form in real estate stands for completion certificate (CC). It is a legal document issued by the local municipal authority that signifies the completion of a real estate project as per the approved plan. It is a green signal that the property is ready for occupancy and has been built in compliance with all the necessary norms and regulations.
Key features and significance of a Completion certificate
- The CC is an essential document for both the builder and buyer, ensuring the legality of the property.
- It certifies that the construction of the property is complete and adheres to the approved plans.
- It assures that the property is safe for occupancy and meets all the necessary safety standards.
- It signifies that the property is equipped with all the necessary civic amenities like water, electricity, and sewage disposal.
- This certifies that the property is legal, or else the local authorities can take action against the builder or owner.
- A valid CC is often required by financial institutions approving home loans.
- Properties with a valid CC tend to have a higher resale value as they assure potential buyers of the property’s legality and safety.
Importance of obtaining a Completion certificate
Without a CC, the property is deemed illegal, and the local authorities can take action against the builder or the owner. Moreover, it is difficult to get a home loan or sell a property without a valid CC.
How to obtain a Completion certificate
The builder applies for the CC after the construction is complete. The local authorities then inspect the property to ensure it complies with the approved plans. If everything is in order, the CC is issued.
Documents required for obtaining a Completion certificate
The documents required may vary from one municipality to another but generally include the building plan, structural safety certificate, NOC from the fire department, and proof of paid property tax.
Process for applying and receiving a Completion certificate
The builder submits the application with all the necessary documents to the local authorities. After a thorough inspection, if the property meets all the criteria, the CC is issued.
The importance of completion certificate (CC) for home loans
For home buyers, having a property with a valid completion certificate is crucial when applying for a home loan. Lenders often require this certificate as part of the documentation process to ensure that the property is legally sound and ready for occupancy.
By the way, if you currently have a home loan and are seeking more favourable terms, transferring it to Bajaj Housing Finance could be a wise move. With our home loan balance transfer option, you stand to gain numerous benefits like:
- Flexible tenures ranging up to 30 years.
- Competitive interest rates starting at 8.10%* p.a.
- Sizeable loan amount of up to Rs. 15 crore*.
- Quick loan approval and disbursal
- Zero foreclosure fees for those who choose a floating interest rate
- Hassle-free application process
Remember, a completion certificate is not just a piece of paper; it is a testament to the legality and safety of your dream home. And when it comes to financing your dream home, Bajaj Housing Finance Home Loan can be your reliable partner, offering a seamless and hassle-free loan process. So, before you step into your new home, make sure it comes with a valid CC.
