If you want to obtain the correct valuation of your flat in Bangalore and are unsure as to how you shall proceed with that then you are not required to worry about anything as we have got you covered. We will navigate you through this process!
Introduction to Flat Valuation
With the changing paradigm in society the process of flat valuation has been started as initially it was not a part of our society. Flat Valuation or Property Valuation is a term used to define the situation where an expert known as the Surveyor or the Valuer is engaged to prepare a valuation report of the property by considering a lot of factors.
A flat Valuation will be required in case of obtaining the bank loans or should you wish to sell the property in the future. This is why a flat valuation brings a lot of advantages and importance to the table.
Principles of the Flat Valuation
Principles are also known as the important parties that require or make it mandatory to obtain the flat valuation and these are as follows:
- Buyers:
People who are buying flat need flat valuation report. So, they can confirm that they are paying right price.
- Owners:
Owners use the report when they want to take out a loan using their flat as security.
- Sellers:
Sellers check the report to know if they’re getting a fair price for their flat.
- Investors:
Investors review the report to see if their investment will make them money.
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What factors affect the Flat Valuation Reports?
There are some factors that either directly or indirectly affect the flat valuation. These are as follows:
- Per Capita Income:
If the per capita income of the individuals in that area is on the higher side the value of the flat will also be on the higher end.
- Property Demand:
If the demand for the particular type of flats or the society is on the higher side then the value of such kinds of flats will also be higher. But if the demand for the flats is on the lower side their value will also automatically be on the lower end.
- Amenities:
If the flat is in a society that offers a wide range of amenities then the value of such kinds of flats will be on the higher side and if the society in which the flat is situated offers very less amenities then the value of such kinds of flats will be lower.
- Infrastructure:
If the area in which the flat is situated is developed the value of the flat will be directly based on it and will be on the higher end and if the infrastructure of the area in which the flat is situated is on a lower end the value will also be on the lower end.
- Government Schemes:
State and Central Government works towards making the dream of having a home accessible to the general public and this is why they periodically come up with different affordable housing schemes. The more liberal government policies are the value of the property will be less and the more stringent policies are the value of the property will be higher.
- Location of the Flat:
If the flat is located in a prime place then definitely its value will be high and lower if it is situated in a non-prime location.
- Structure of the Flat:
If the flat is built in a good and workman-like structure with high-quality materials then its price will be higher and if the flat is poorly built its value will be on the lower end.
What are the documents required for Flat Valuation?
The applicants for obtaining the Flat Valuation Certificate are required to keep the below-mentioned documents handy:
- Ownership Proof of the property
- Updated/Latest Receipts of the Proeprty Taxes
- Identity Proofs of the Applicants
- Proof of Address and
- Recent Passport size photographs
Importance of obtaining Flat Valuation
As we have already discussed the changing paradigms in society make it utterly important to obtain a Flat Valuation in Bangalore and these are as:
- Mortgages:
If someone is getting a loan to buy a flat, they need to give the flat valuation to the lender. This helps the lender feel safe knowing the flat is worth the loan amount.
- Checking for Problems (Encumbrances):
A flat valuation report can show if there are any problems or legal issues with the property.
- Exact Prices:
Flat Valuation Reports allow the users to obtain the correct prices for their properties as the valuation reports are drafted after considering various factors.
- Taxes:
The report also tells if property taxes are paid or if there are any taxes still owed. This helps buyers and investors understand the tax situation.
- Insurance Needs:
The flat valuation report also gives an idea of what kind of insurance the flat might need.
Contents of the Flat Valuation Report
After considering all the points of the importance that a Flat Valuation Report holds this is why it incorporates the below-mentioned points:
- Flat Location
- Number of Rooms
- Measurement of the Flat
- Flat Condition
- Structural Defects in the Flat
- Landscaping
- Rights and Liabilities Associated on the Flat
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Who Makes the Flat Valuation Certificate?
A person called a Surveyor or Valuer makes the Flat Valuation Certificate. They are experts who know a lot about properties and can figure out how much the flat is worth. These are not the only persons/institutions a property valuation certificate can also be issued by:
- Certified Valuers: A certified valuer is an individual who is certified to provide a valuation certificate by a recognised body or institution.
- Government Institution: The local municipal corporations or the government departments that provide Valuation Certificates
- Financial Institutions: The Financial Institutions that work towards providing home loans.
Ways to Figure Out the Flat Valuation in Bangalore
There are a few ways to figure out how much a flat is worth in Bangalore:
Cost Method:
It looks at how much it would cost to rebuild or replace the flat if it was destroyed. It counts the cost of the land and how much it would cost to build the flat again.
Market Comparison Method:
This method checks the value of the flat by looking at the prices of other flats that were recently sold in the same area.
Development Method:
This method looks at how the area around the flat could grow in the future. It thinks about things like how many people want to live there, what rules are in place for building and what things like parks or shops are nearby.
Income Method:
The Income Method is a way to find out how much a flat is worth by looking at how much money it can make and this could be from rent or other activities that make money for the property.
How to Get a Flat Valuation?
- Visit the Kaveri Portal: Visit the Kaveri Portal to obtain the flat Valuation in Bangalore.
- Check Property Valuation: Look for the search button on the website to check the property valuation.
- Submit Property Information: After clicking the Property Valuation button, you need to fill in details about the flat, like which village, district and state it’s in.
- Upload Documents: After filing the application form upload all the relevant property-related documents.
- Fees Payment: Lastly, after uploading all the required documents the payment of the applicable fees is required to be made.
- View Information: Submit all the details and you can easily get the Flat Valuation Report.
Offline Procedure to Obtain the Flat Valuation Certificate in Bangalore
For obtaining the Flat Valuation Report in Bangalore the below-mentioned steps are required to be followed:
- Carry Registered Sale Deed: The prime and most important document to possess for obtaining the offline Flat Valuation Report is a copy of the registered sale deed.
- Visiting Office of the Sub-Registrar: A visit to the office of the sub-registrar where the flat is situated is required to be made.
- Obtain and Fill the Application Form: The application for obtaining the Valuation Report should be obtained from the desk of the Sub-Registrar. This application form shall be filled and submitted along with the photocopy of the registered sale deed.
- Payment of the Fees: After filing the application form the payment of the applicable fees is required to be made at the counter of the sub-registrar.
- Collecting the Certificate: After 7 days of submitting the application form the sub-registrar will call the applicant to collect the Valuation Report.
The Process of downloading the Flat Valuation Certificate
- Visit the Kaveri Portal: Visit the Kaveri Portal to download the flat Valuation Certificate in Bangalore.
- Login to the Portal: Login to the Kaveri Portal or alternatively if you are not registered on the platform create a separate account on the same.
- Filing the Application Form: After logging into the Kaveri Portal look for the application form for the Flat Valuation Certificate and fill in all the required details.
- Upload Documents: After filing the application form upload all the relevant property-related documents.
- Fees Payment: Lastly, after uploading all the required documents the payment of the applicable fees is required to be made.
- Download the Certificate: As the last step of the process after making the payment of the fees the applicant can easily download, see and access the Flat Valuation Certificate.
Conclusion
The flat valuation certificate is important when buying, selling or getting a loan on a flat in Bangalore. You can get this certificate through the Kaveri Portal.
Frequently Asked Questions on Flat Valuation Certificate in Bangalore
Q1. How can I check my flat valuation in Bangalore?
Ans1. To understand the flat valuation in Bangalore the person is required to visit the Kaveri Portal and then enter the property details
Q2. Who can issue a valuation certificate?
Ans2. A registered valuer is authorised to issue the valuation certificates
Q3. How can I get land valuation certificates in Bangalore?
Ans3. To obtain the land valuation certificate in Bangalore the office of the tehsildar is required to be visited.
Q4. What is the validity of the valuation certificate?
Ans4. A valuation certificate remains valid till the time there is no change in the market conditions
Q5. How many years of EC is required for a home loan?
Ans5. For obtaining the home loan an EC for up to 30 years is required.
Q6. How do I check the EC of a property?
Ans6. You can check the EC (Encumbrance Certificate) of a property by visiting the Kaveri Portal.
Q7. Does the value of flats increase in Bangalore?
Ans7. Yes, flat prices in Bangalore go up by around 19% each year.
Q8. How to check the value of a property?
Ans8. You can look at the rental income, rate of return (capitalisation rate) and the costs of running the property to check the value of a property.
Q9. How do I verify a flat before buying?
Ans9. Before buying a flat, make sure to check important documents like the Sale Deed, No Objection Certificates, Title Deed and building plans.
Q10. Who pays for the valuation certificate?
Ans10. Property owner pays for valuation certificate.
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