It might seem like an additional hurdle, but understanding the rationale behind this requirement can shed light on its importance.
Imagine that you’re thrilled about securing a loan for your dream property, and the bank requests an approved plan. What’s the fuss about, you might ask?
Here’s the scoop. When you’re dealing with real estate, changes to a property’s structure are not uncommon. These alterations can lead to variations in the measured area during technical assessments compared to what’s mentioned in the agreement. And that’s where the approved plan comes into play.
The approved plan serves as a crucial tool for banks to determine the accurate valuation of your property. Let’s say you’ve combined two or three units to create your dream space. Suddenly, accurately measuring the dimensions of each individual unit becomes a challenging task. Enter the approved plan – the solution to this measurement puzzle.
Additionally, if your building doesn’t have an Occupation Certificate (OC), the approved plan acts as proof that, at the very least, your specific area or floor has received the necessary approvals. This documentation ensures that the property you’re purchasing aligns with the technical specifications, giving you peace of mind.
In essence, the approved plan serves as a safeguard against potential discrepancies and provides a reliable snapshot of your property’s legitimacy. So, the next time a bank asks for that approved plan, understand that it’s not just paperwork – it’s a crucial step in ensuring your property investment aligns with the technicalities and regulations, securing both your dream home and financial future.