How to check whether a property is mortgaged or not?

Today there have been more instances of fraudulent real estate than ever before. Many cases have been registered where multiple loans have been sanctioned against the same property. How can you check whether the property you are going to buy has been mortgaged before?

Here’s a guide from Vishraam Builders, leading builders in Thrissur, on how to go about it…

Can a builder take a loan on already sold units of flats?

 No, the builder cannot mortgage flats already sold to homebuyers. According to law, the builder’s authority over a unit within the project is given up as soon as the buyer gets the property registered under his name at the sub-registrar’s office. After paying the registration and stamp duty charges to the government authorities and clearing all earlier dues, the homebuyer is the legal owner of the apartment .

When you are looking to buy a flat in Thrissur, it is easy now to find out whether the property is mortgaged with any bank or a housing finance company. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) will help you do so. It is a new company incorporated by the department of financial services under the aegis of the ministry of finance.

What is the registry?

The CERSAI will act as a central registry and maintain records of all properties against which loans have been sanctioned. The registry will also maintain the records of all properties auctioned by asset reconstruction companies. CERSAI acts as a risk mitigation tool for the Banks / Housing Finance companies, FIs and public at large to prevent multiple financing against the same property.

How can you access

Online search is possible on the website of the registry to enable them to inspect the property records maintained by the Registry. The search can be made on the basis of both Asset Details like property registration number, address and Debtor’s details to get you information on its loan status by paying a small fee.

The limitations

In CERSAI, it has not become compulsory for lending institutions to provide details of the property against which there is already a loan running. This means the registry will showcase the status of properties on which loans have been taken recently. However, the government may make it mandatory for lending institutions to provide details of properties on loan for which a repayment tenor of at least one year is left.

Another problem is that CERSAI will not account for properties on which loan has been taken from a non-banking finance company. This will again limit the registry’s jurisdiction. Buyers of flats in Thrissur are often expected to give a lump sum even before the loan is sanctioned. In such cases, buyers can themselves run a check before settling for a deal.

Hence be cautious before settling on a property deal. Vishraam Builders, prime Builders in Thrissur brings to you legally clear flats in Thrissur with proper documentation. Get in touch with us to know more…

Home Automation for Smart Apartments

Home Automation for Smart Apartments

Smart technology is ruling the home automation sector nowadays! Progressing from simple timer-regulated thermostats and keypad door-locks into more innovative technologies. More and more home automation systems are designed with apartment dwellers in mind, and you can now incorporate smart technology in your apartments in Guruvayur or flats in Thrissur without breaking the bank.

Here’s a run-in on Home Automation for Smart Apartments from Vishraam Builders, eminent builders of apartments in Guruvayur or flats in Thrissur

Climate control

Climate Control

The 3rd generation Nest Learning Thermostat is a must have for high-tech homeowners of today who wish to save on heating and air conditioning costs through interactive programming and online management. It not just fulfills the function of keeping your home at a comfortable temperature, but also learns your habits and automatically adjusts itself to suit your needs. The climate control has built-in Wi-Fi that can be controlled by any device and additional sensors, & you’ll be able to change your temperature from miles away.

Lighting automation

Lighting automation

Are you a person who has the habit of leaving lights on? It can lead to wasted electricity. Home lighting automation can make it easy to activate or deactivate the lights in your apartment with the push of a single button. Lights can be easily turned on and off remotely, change their color and intensity, flash to signal incoming email messages and more.

Smart television

Smart television

Your home is your place to relax and unwind. What better way than zoning out in front of the television? With a smart TV in place, you don’t even have to rely on the Cable Network to get your favourite TV shows. The Smart TV will have internet capability and web-based features built directly into the television itself. You can access computer media files, enjoy online services, visit web pages, record videos, and play streamed games with the Smart TV.

Automated door locks

Automated door locks

Home automation can also be used to ensure the safety of your property which is very important. Your door lock can be majorly upgraded with home-automation security. A simple software interface provides a top-notch performance in a Smart lock. The lock can also be manually operated with the use of a key, in case something goes wrong. It keeps a complete record of those who enter and leave the house.

Home Surveillance

Home Surveillance

Security camera surveillance is needed if you want to know exactly what is happening in and around your home when you’re not around. You have many options in security Cameras.

Amazon Echo along with its voice-activated smart speaker, Alexa, is the perfect centerpiece in home automation, that will be the central control point for your smart home devices. Living in an apartment need not limit you in the home automation front. You can always go for affordable smart technology which is available today.

If  you have any other suggestions or tips when it comes to Home Automation for Smart Apartments? Do share them with us!