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What is Technical Verification of a Property?

Technical verification of a property is a crucial step in assessing its viability for the lending. This process involves a thorough inspection of the property’s physical attributes and is typically carried out by in-house staff or external agencies. The primary goal is to evaluate the property’s fair market value and future saleability. In some cases, a third-party engineer or government-appointed valuer may be involved, depending on the specific requirements.

During the site visit, technical experts assess various factors, including the property's physical condition, building specifications, and overall suitability for a loan. Based on their findings, a home loan valuation report is prepared and submitted to the relevant financial institution or lender for further review and approval.

 Generally, the following elements are included in the technical verification report: 

• Property Address Verification
• Property Coordinates (Latitude and Longitude)
• Property Dimension Details
• Current Market Value, Guideline Value, and Forced Value
• Building Permissions from the Relevant Authorities
• Property Photographs and Videos

 In addition to these details, the following technical documents are typically required: 

• Locality Layout Plan
• Construction Permission and Approved Plans
• Construction Estimate or Valuation Report
• Ownership Documents of the Property 

This technical verification process ensures that the property meets all necessary criteria for financing and provides the lender with a clear and accurate assessment of its value and condition.