What problems will be faced for loan if the share certificate and CIDCO transfer are not yet done?


Before buying such property you need to make sure that the owner has the share certificate as without it the loan will not be approved. Also if the CIDCO charges are not paid by the last owner you will be liable to pay the charges.

If society was registered then share certificate will be necessary for Bank Loan. The cidco transfer is compulsory for the Bank Loan.The procedure for CIDCO is fill the form and the same wiil be notarised and thereafter you will put up in the CIDCO and one think there charges will be transfer charges paid in the cidco and thereafter cidco will iisue transfer order and mortgage NOC FOR BANK LOAN.

In case of a resale, if the share certificate has to be transferred, all paperwork and necessary requirements pertaining to transfer of shares must be completed on time.

It is the new member who needs to pay the transfer premium and ensure that all the dues are cleared by the previous home owner.

In case of death of the original owner/member, his/her heir/s will have to apply, within six months, for the transfer of the share/s to the nominee. A new share certificate will be issued in this case.

Reference: New Bombay Disposal of Lands Act.



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