What is Certificate of Occupancy in Home Loan

Applying for a home loan and your lender asked for a Certificate of Occupancy? Are you searching for ‘what is OC certificate’? Your search ends here!

OC Certificate Meaning

A certificate of occupancy is a document that proves that a building has been built according to the building plans and is fit for inhabitation. It also shows that the builder has complied with local laws.

The certificate is issued once a building is ready to be occupied within 30 days of submitting the application form for an OC certificate. The certificate can be requested by the builder or the homeowner. 

However, it is the responsibility of the builder to get the certificate and the homeowner must remember to check it before purchasing the property.

Importance of a Certificate of Occupancy

Now that you know what is a certificate of occupancy, let’s look at what makes it such an important document - 

• It declares that the building is safe for residents

• It is required while applying for LPG, telephone, water, or electricity connections

• It needs to be furnished while applying for a home loan

• It is required while re-selling your property

• You might need it while moving to your new apartment in the building

• Without the certificate of occupancy, the local body can legally deem a building illegal

Documents Required to Get a Certificate of Occupancy

A certificate of occupancy can be obtained by the real estate owner, builder, or the homeowner. The documents you need to get a certificate of occupancy are mentioned below -

• Certificate of commencement of construction

• Copy of the sanctioned plan

• Certificate of completion

• No Objection Certificate (NOC) for fire and pollution.

• Latest tax paid receipt with the tax assessment.

• Photographs of the completed project.

• Pictures of solar panels and rainwater harvesting (as per local norms)

• Area computation duly signed by a commissioned architect

How to Get a Certificate of Occupancy

OC certificate meaning and its importance must be clear to you by now. The next thing to know is how to apply and get the certificate of occupancy. Once the construction of the building has been completed, you can apply for it from the local authority, usually the municipal corporation.

You can follow these steps to apply and get an OC certificate -

STEP-1: Visit the local corporation or municipality office.

STEP-2: Obtain the form from the concerned officer and fill in all the details.

STEP-3: Attach copies of all the required documents as required.

STEP-4: Submit the form along with the documents.

STEP-5: You will receive the Certificate of Completion within 30 days from the date of application.

Conclusion

The certificate of occupancy is an important document if you are a new homeowner. You will need it while applying for loans, and also to apply for amenities such as water, gas, electricity, etc. If you ever plan to sell your property, you will again need the certificate of completion.

It is a document that proves that your building was built according to the local rules and bylaws. It will be your protection in case any dispute regarding the construction arises in the future. Thus, don’t forget to ask for the same from your builder or seller. 

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