Alternate to BRS/BPS document to secure Education loan on property

Question

21 Oct 2013 03:34

Points:	2

Alternate to BRS/BPS document to secure Education loan on property

Looking for proper guidance to get a BRS document to get a educational loans? Ask our Government experts in ISC for more information.

For my education loan, I am presenting a property as a collateral security to the bank. The property is a flat which is not under any other loan and it has been 15 years that we purchased it and we are currently residing in the same flat.

We had applied and paid for BRS long back in 2000, but have not got the document yet. We are trying to get the document from the Municipality currently, but in the meanwhile I wanted to know if there is any alternative for this document.

The bank is currently not proceeding with the valuation or legal opinion of the property as there is no BRS document for it. Please suggest if there is any other way to convince the bank to accept the property as a collateral.

Answers

1 Answers found.

Venkiteswaran · Accepted Answer · 2013-10-24T01:34

A building without BPS or BRS documents can be treated as unauthorised and even can be demolished by legal means. Hence no bank will takesuch a proerty as security.

Usually the local administration set ups(Municipality etc) give sufficient time for the people to apply for the same and then regularise the constructions subject to certain compliance of guidelines and formalities.

Hence you have to go to the concerned office and get the details in this regard.

In the absence of proper documents, banks cannot be compelled to accept the property as security. You ma think of giving some alternatie security.

Joined:	21/10/2013
Level:	Bronze
Points:	2

Joined:	19/06/2011
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Alternate to BRS/BPS document to secure Education loan on property

Answers

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