Not many home buyers are aware that a project needs to have a valid APF number or code. This is crucial to determine that the project has all the necessary approvals. The APF number is provided by banks and financial institutions to the authorized builder of a house, building or a project.
The APF number denotes the approval of the bank regarding the project, paperwork, proposal, documentation, various clearances, loan sanctions and others.
Most developers have tie-ups with leading banks or non-banking financial companies (NBFC's) to provide home loan facilities to their customers. When a bank or NBFC approves a project for home loan facility, it provides the APF number to the concerned developer. This makes it easy for buyers. Who can just quote this number and submit their documents while applying for a home loan. This also means that the APF number saves home buyers the hassle of collecting the legal documents of the project from the developer.
In order to sanction a home loan, the bank carefully checks details pertaining to the individual property and the project. It needs to ensure that the property is built on a legitimate land and the construction adheres to the prescribed norms. A bank easily offers home loans for a project that has an APF number. This is because an APF code or number is proof that the project is authorised by the housing finance companies (HFC). Moreover, this also minimises the risk of repayment on the loan.
What if a project does not have APF number?
On the whole, APF number assures home buyers of sound legal and technical credentials of a project. APF number is another way of checking the accreditation and registration of a particular project from respective authorities. This includes various type of land deeds and title, government departments. environmental clearance etc.
In case a developer does not provide the APF number, there could be a possibility that the project lacks some type of approval from the relevant authority. This should therefore raise suspicion and must be investigated by home buyers. Make sure that you check this number before finalizing your home buying decision.
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