Advise Q & A :
I am an Indian. I would like to buy a house in Goa with
using Housing Loan Scheme. What kind of procedure/formalities
will be needed and if there is a lawyer who is specialises
with housing loan etc. Could you tell me how he/she can
There are several Housing Finance Institutions and Banks
providing Housing Loan facility in Goa. To name a few
of them: LIC Housing Finance Ltd, GIC Housing Finance
Ltd, Goa Co-operative Housing Finance Ltd, ICICI Housing
Loans, HDFC several Nationalised and Co-operative Banks.
The detailed procedure and formalities of disbursement
will vary from institution to institution.
the loans are sanctioned on Equitable or Registered Mortgage
of the property sought to be mortgaged.
State Co-operative Housing Finance Federative and the
Co-operative Banks generally create their mortgage by
registered (English) Mortgage. Since the Co-operative
institutions are exempted from stamp duty, the mortgage
can be registered without the expenditure on stamp duty.
Housing Finance institutions create Equitable mortgage
by deposit of original registered documents Evidencing
Title of the Borrower and execution of other relevant
documents as required by the Bank or Finance Institution.
of Registered mortgage or Equitable mortgage, the applicant
has to obtain the following documents from their Seller/Builder:-
of Description and Inscription of the property.
Survey Record (B-Form) in case of Urban area and Form
1 and XIV in case of rural area)
Title document of the original owners.
Agreement between the Owners and Builders/Developers (in
case of a plot or flat).
Sanad for conversion of land.
Approved from Town Planner or Planning and Development
Agreement between Owner and Applicant/Builder and Applicant.
Construction Licence with up-to-date renewal.
Occupancy certificate (if ready unit)
House Tax Receipts (if ready unit/second sale)
Nil Encumbrance Certificate.
Site plan / Approved Plan.
NOC for mortgage from the Builder/Owner/Seller.
Bank/Finance Institution will consider the value of the
place proposed to be mortgaged and also scrutinise the
repaying capacity of the Applicant on the basis of the
income and age of the Applicant and confirm the period
for repayment and amount of loan that can be sanctioned.
rate of interest varies from institution to institution
as well as from the amount that is borrowed.
repayment is by Equated monthly installments inclusive
of interest OR by separate monthly or quarterly installment
of interest and separate monthly or quarterly installment
of interest and separate installments of Principal amount.
the loan is sanctioned the file will be forwarded to Panel
Lawyer of the Bank or Financing institutions for scrutinising
title and issuing Legal Scruting Report/Title certificate.
The file will also be forwarded to the Panel Valuer for
valuation of the property.
are several lawyers in Goa who undertake this work, but
it is adviceable to approach the panel lawyer of the Bank/Housing
Finance Institution from where the loan is sought since
he/she is conversant with the requirements/formalities
of the respective Bank or financial Institution.
lawyer can help the Borrower in examining the documents,
obtaining if need be, drafting of the Agreement/Deed if
need be. In fact, the Bank Panel lawyer, even in the interest
of the Bank or Financial Institution, ultimately helps
the Borrower to get a clear title for himself from the
Q2. I'm an NRI, I bought
a 500m2 plot in Calangute close to the beach, some years
ago. As I am retiring soon, I was preparing to build a
house. But I understand that I cannot build a house within
500m from the coastal line. Believe me that I had no such
information from either the agent or property owner. I
paid everything and now I can't do anything with the land
I bought. I feel cheated. This is hard earned money. What
can I do? Please help me.
The Central Government issued a Notification dated 19th
February 1991 u/s 3(1) and section 3(2) (v) of the Environment
(Protection) Act, 1986 and rule 5(3) (d) of the Environment
(Protection) Rules 1986 declaring Coastal Stretches as
Coastal Regulation Zone (CRZ) and regulating activities
in the CRZ.
the concerned plot is within 500 metres from the high
tide line and within Calangute area which is classified
as CRZ - III under the classification of Coastal Regulation
Zone for regulating development activities in the coastal
stretches within 500 metres of High Tide Line on the landward
side, the development or construction activities in the
category of CRZ-III are regulated in accordance with the
The area upto 200 metres from the high tide line is earmarked
as "No Development Zone". No construction is
permitted within this zone except for repairs of existing
authorized structures not exceeding existing FSI, existing
plinth area and existing density. However, certain uses
such as agriculture, horticulture, garden pastures, parks,
play-fields, forestry and salt manufacture from sea water
may be permissible in this zone.
Development of vacant plots between 200 and 500 metres
from the high tide line in designated areas of CRZ-III
with prior approval of the Ministry of Environment and
Forests is permitted for construction of hotels/beach
resorts for temporary occupation of tourists/visitors
subject to the conditions as stipulated in the guidelines
given under Annexure II of the Coastal Regulation Zone
Notification as amended on 16/8/1994.
Construction/reconstruction of dwelling units between
20 and 500 metres of the high tide line is permitted so
long as it is within the ambit if traditional rights and
customary uses such as existing fishing villages and gaothans.
Building permission for such construction/reconstruction
will be subject to the conditions that the total number
of dwelling units shall not be more than twice the number
of existing units; total covered area on all the floors
shall not exceed 33 percent of the plot size; the overall
height of construction shall not exceed 9 metres and construction
shall not be more than 2 floors (ground floor plus one
Reconstruction/Alterations of an existing authorized building
is permitted subject to (i) to (ii) above.
you have already purchased the plot of land you may either
have the same utilized for any of the activities as may
be permitted under the above mentioned regulations or
you may sell the same to anyone who may be interested
in utilizing the same for such permitted activities or
to any adjoining property owner who may be interested
in amalgamating the same with his own land for better
development. As also said plot could be used for the business
of a Beach Shack if it is close to the shore. The necessary
licence can be procured from the Department of Tourism.