Availability of the APF number specifies that the project has been authorized by the bank or HFC by checking the legality of every project document. And it also hints that home buyers can easily invest in such projects. Check out this article to know about the importance of the APF number, the document required, and the online searching process.
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APF Number Meaning
The Approved Project Financial (APF) is the number issued by banks or financial institutions to the builders of a building, or house, or project.
APF number is a sign of approval from the bank about their project, proposal, paperwork, documentation, loan sanctions, etc.
Why is APF Number Important?
The bank feels secure in sanctioning the loan to APF-based projects because having an APF number is itself a big challenge.
For getting the APF number, the developer surpasses various verification processes regarding the project.
Whereas, out of various government banks, the State Bank of India provides a unique identification number for every project with an APF digit.
This is done once after the bank officials verify the No Objection Certificate (NOC). Because checking the legal and technical sections of the project is needed before providing the capital.
So having an APF number helps buyers to have a surety and trust over the developer.
Criteria To Get APF Number
The below-mentioned are the main criteria to obtain the APF number.
- The builder or developer applying for the APF number must possess a minimum of 5 years of experience. Whereas the experience should be in the aspect of real estate.
- And the particular developer’s past projects must be legally approved. If not then the developer must be a member of any state chamber housing department.
- The developer should have ISO certification on at least 3 past and present running projects.
If all the mentioned formalities are accurate and satisfied then the developer can seek the APF number.
APF Number Document List
The developers should have the following documents ready for the approval of beginning the project. And those are also helpful for obtaining an APF number and getting a loan sanctioned.
- Government Clearances.
- Title deeds
- No Objection Certificates (NOC)
- Freehold or leasehold paperwork.
- Sale deeds
And documented approval from the following boards are also required
- Pollution
- Forest
- Fire
- Electrical
The KYC check of the builder is also done.
Bank look after all these documents. Once it is examined that those documents are legal to proceed, later the banks or HFC provides the APF number.
How To Check APF Number Online?
To check the APF number, you just have to follow the below steps
Step 1: Visit the official website of the builder.
Step 2: And check the project for which you want to know the APF number.
Step 3: You can also get to know it offline from the builder by asking them about the APF number of the project.
You can check out the CTS number to know about its meaning, and its importance while buying or selling the land.
Need of APF Number for Home Loans
The developers tie up with banks or Non-banking financial companies (NBFC) to help customers by providing home loan facilities.
Once the bank or NBFC approves the project for a home loan, the APF number is been provided to the developer.
The buyers can mention that APF number and provide the documents to the bank while applying for a home loan.
This number reduces the hassles of home buyers from collecting the legal documents of the project from the developers to provide those to banks.
Absence of APF Number. What to do?
If the project doesn’t have the APF number then the bank or HFC has not authorized the project.
The bank or HFC mainly doesn’t provide the APF number when it doesn’t have the required legal documents or license to authorize it.
This is the warning sign for the house buyer.
Because there is no proof and assurance that the apartment will be delivered as scheduled. And investing in such a project is also risky.
So before buying property in such projects, do check the availability of the APF number as verification.
You can check out the real estate in Mumbai to know the latest properties available in Mumbai.
FAQs
| How to know the APF number of the project?
The APF number of the project can be known online by visiting the developer or builder’s website. And you can also seek it from builder by mentioning the project details. |
| What is the full form of the APF Number?
The full form of the APF number is the Approved Project Financial number. |
| Which documents are needed to seek the APF number?
Government clearances, title deeds, no objection certificates (NOC), Freehold or leasehold paperwork, etc are some of the documents required by the bank to provide the APF number. |
| What does the APF number mean?
The APF number is the code issued by banks or financial institutions to the builders of a building, house, or project. Once the project is verified that the documents are legal. |
| Why does getting an APF number difficult?
The bank requires various documents of the project to provide the APF number. If all the documents are available and it is legal then seeking the APF number is easy. |
