Goa Solvency Certificate

Goa Solvency Certificate

Goa Solvency Certificate

Solvency certificate is an important legal certificate which is issued based on the documents depicting the ownership of a property lying in the respective state. Solvency certificate is used to verify the creditworthiness of a person and helps to certify the solvency of a person while requesting for loans from the bank. An individual can receive a solvency certificate from the concerned Collector and Sub Divisional Office. In this article, we have a look at the procedure for obtaining Goa solvency certificate in detail.

Need for Obtaining Solvency Certificate

The following are the various reasons to obtain a solvency certificate in Goa.

  • Solvency certificate is excepted for seeking admission in Government Medical and Engineering colleges.
  • Solvency certificate is also required for court matters, like acquiring bails.
  • Solvency certificate is claimed as proof of finance in support of education and also helps in visa interviews.
  • Solvency certificate is utilised as a document of surety by various government and semi-government offices.
  • Solvency certificate helps to know about individual loan related statements that can be obtained from a bank.

Eligibility Criteria

The following eligible persons are required to get solvency certificate are listed out.

  • Any individual is residing in the state of Goa.
  • Any person having his/her land property in Goa state is entitled to obtain a Solvency Certificate.

Documents Required

The particular documents are to be furnished along with the application form.

  • Copy of income certificate from district magistrate.
  • Copy of residence certificate from district magistrate.
  • Copy of Nil encumbrance certificate from Sub-Registrar office.
  • List of immovable properties with appropriate survey numbers.
  • Copy of bank statement.
  • Copy of Return on Revenue.
  • Copy of passport.
  • Two passport size photograph.

Concerned Authority

The applicant can collect the solvency certificate after approval from the concerned authority which is mentioned below:

S.No     Solvency Certificate   Concerned Authority
1.    Solvency certificate up to Rs.1,00,000/-Issued by the Mamlatdar of the Taluka.
2.Solvency Certificate above Rs. 1,00,000/- but not exceeding Rs. 5,00,000/-   

Issued by the District Collector and Sub Divisional Officer of the Sub- Division.

 

3.Solvency Certificate for above Rs. 5,00,000/-   

 Issued by the Collector of the District.

 

Processing Time

The complete process for processing your application for solvency certificate will be completed within fifteen days from the submission of application.

Application Procedure for Goa Solvency Certificate

The applicant can obtain Goa Solvency Certificate by following the steps mentioned below:

Approach Mamlatdar Office or Official Portal

Step 1: The applicant must approach the Mamlatdar office or official website of Goa to receive the application form of a solvency certificate.

The application form for solvency certificate is provided below, which can be downloaded for a quick reference.

Solvency

Complete the Details

Step 2: The application form has to be filled by the applicant without errors with the following details such as

  • Applicant Name
  • Address
  • Occupation
  • Purpose of obtaining the certificate
  • Details of Immovable property
  • Survey Number.

Upload the Documents

Step 3: Attach the documents specified after filling the application form for approval.

Submission of Application

Step 4: Submit the duly filled solvency application form to the nearby Mamlatdar office in your area.

Receive Acknowledgement Receipt

Step 5: Upon submission, the applicant will receive an acknowledgement number for further references.

Issuance of Solvency Certificate

After submitting the application moves to District Magistrate. The District Magistrate will forward the request to the next officer in the flow, i.e. revenue officer. Subsequently, the revenue officer will verify the application received. The verification of the application is based on the reports specified by the revenue officer. The application will then move to the Tehsildar which will then be forwarded back to the Sub-divisional officer for his approval. Finally, after verification, the District Collectorate issues the Solvency Certificate.

Know about Goa Property Registration click here.

Post by Karthiga

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.