Step 8: Hand Over of House to Off-Taker

Step 8: Hand Over of House to Off-Taker

  • The Developer hands over the House Keys to the Off-taker for immediate possession after the payment of Equity and Loan, while the issuance of the title deeds will be forwarded to the Off-taker upon full liquidation of the loan facility and remaining balance of the cost of the house.
  • The Off-taker will enter an Agreement with the Developer on the payment modality for any remaining balance of the cost of the house through a Rent-to-own arrangement, before taking possession of the House.
  • The Agreement will be facilitated by the FISH Department to ensure strict compliance by both parties.
  • The original Title Deeds/Documents in the names of the respective benefiting off-takers will be retained by the mortgage institution until such time as the loan is defrayed and thereafter issued to the Off-taker.
  • The Off-taker may decide to pay off the cost of the house through deductions from the remunerations at source or through individual defrayment from other sources. This could be while the Off-Taker is still in Service or at the point of retirement.