Home Loan Documents-Upgrade the property with the same builder

Anand & Deepthi, a smart couple, had booked a 2-BHK, an under construction property from a reputed builder in their locality. Anand had a passion to buy a home of his own. With in an year of booking they became proud parents of twins. So to support the couple, Anand’s parents moved to his house. They were flood of relatives who came down to wish them. As Anand & Deepthi were working away from his home town, most of the relatives stayed atleast for a day.  Anand realized he needed his parents support to raise his twins and a 2 BHK would be small for them.

So Anand, wanted to sell this flat and buy a 3 BHK.  When Anand spoke to the builder, builder said he can upgrade to 3 BHK apartment from his 2 BHK apartment.  Anand had availed a loan and already 30% of payment got released from his home loan.

He wanted to know, “What was the process in Home Loan for upgrading a property ? “.  So, he got to know the procedure from the banker who requests him to submit the below documents.

upgrade the property with the same builder
Upgrade your property with the same builder
Documents to be submitted for Upgrading a Property.

1)      Original Cancellation Deed required.

2)      Disbursement Against Registration.

3)      Letter from Builder about the property swap & OCR transferred to New flat no.

4)      Loan to be increased or downsize.

5)      2 cheques required from salary account.

6)      Original Agreement of sale copy.

Anand submits all the above mentioned documents. It took him more than a month to do the entire process.  Now he was happy as he had prepared his sweet home for the future.

Home Loan process for Swapping Flat


Statistics show that 1 in every 100 buyers upgrade their property after they had blocked it.

Loanyantra takes this platform to let you know more about Upgrading the property : 

Some famous justifications include for us Indians to upgrade the property are  “my family needs more room”, “we can free up some cash for our children’s education (or buy a car!)”, or “I’m sure we can make some money from selling the bigger house and downgrade after the kids grow up”.

So, what to know before you upgrade the property –

Are you in the financial position to upgrade? If yes, then cross check if you are aware of the below mentioned points, to ensure you are in the correct line.

  • Have you got the registration sale deed or Agreement of Sale?
  • You need to get the NOC from the builder and you can enter into a Deed of Exchange and you have bounden duty to pay the additional amount in respect of 3BHK.
  • Moreover, if you got the registration of Sale Deed, you have another option also, you can resale the flat to the builder by execution of Resale Deed by receiving your total consideration amount. Later, you can enter a fresh Sale agreement for 3BHK.
  • Also another option involved is Gifting the property to the builder. But please know all the legalities from your lawyer.
What Loanyantra can do when you upgrade the property.

Loanyantra can take care of your home loan and helps you in submitting the right documents. Enjoy the door-step service.

Let us know once you are done with the registration, we will carry forward the rest of the process with the bank you choose.

Always wishing to serve you – Loanyantra.com