Antil.alisha 
Issues like illegal occupation or possession of property are quite common in India. According to online records of the Delhi High Court, among 90,142 such cases, around 75,435 are related to immovable property disputes. A possession certificate is such a document used for several official procedures involving one’s immovable property. To avail a loan against property by pledging this asset in future, individuals must have documents supporting their claims.
To stay away from such legal troubles, it is essential to collect relevant documents verifying one’s legal rights on a specific property.
Why is obtaining a possession certificate necessary?
A certificate of possession is a legal document stating that a particular property has been transferred without any illegal activities. Be it a transfer of land or a housing property, this document should mandatorily be provided by the first owner. By providing this, he/she ensures that the property’s possession will be given to the buyer on a specific date.
However, note that as per the possession certificate meaning, the buyer only gets the possession of the property, not the ownership. To get complete ownership of that immovable asset, one must obtain an occupancy certificate.
Such documents play a huge role while gathering funds from financial institutions. Among the list of documents needed to apply for a loan against property, a possession certificate is an essential one. Since this particular credit facility involves pledging the immovable property as collateral to acquire funds against it, such papers are thoroughly checked by financiers before granting the loan.
How to get a PC certificate?
Considering the importance this legal document holds, one must be aware of the procedure of obtaining it. There are both online and offline methods that individuals can use to get a possession certificate. Here are the simple steps they need to follow for that:
- Individuals can either visit the Revenue Divisional Officer or the Right to Public Service office located nearby to collect the application form. Alternatively, they can also use the online portal to obtain it.
- There are some necessary details one has to provide to proceed further.
- Now, the form needs to be submitted along with certain relevant documents in the concerned agency.
- After submitting them, individuals will get an acknowledgement slip and application number. This number can be used to track the status of possession certificate application.
While individuals go for the online or offline method to acquire this document, there are certain papers they need to furnish for this.
Documents required to obtain a possession certificate
There are certain documents individuals might need to furnish in order to get their possession certifications. These include:
- A copy of the encumbrance certificate
- Copy of sale agreement or registered lease agreement
- Ration card
- Any identity proof
After collecting it, one can further go ahead and apply for a loan against property.
Along with other property-related documents, a possession certificate should be submitted to get a loan against property processed smoothly. It is wise to arrange them before applying for the loan as the process might take some time to complete.
Note that loan applicants having all the necessary documents arranged get prompt approval from lenders as they are considered more responsible. This inevitably helps in expediting the process of arranging funds. Some financiers also provide pre-approved offers to such borrowers on several financial products like home loans, loans against property, etc. To check their pre-approved offers, they can simply submit their name and contact details and make the most of the available perks.
Remember, not having a possession certificate for a specific property can put you into legal trouble. Even if you do not want to opt for the offline method, use the e-District portal to obtain this document. With fast and secure internet facilities, the process will not take that much time. However, you might have to bear a nominal fee which generally varies from one state to another. After collecting it, use the document for either loan application or avail subsidy provided by the Government.
