The property which isn’t part of the city’s master plan is called ‘an unapproved property’. Unapproved properties can’t be bought or sold with ease. It is because of the lack of legal and clear documents that lending partners refrain from indulging in any dealings on the property. Delhi NCR area witnesses plethora of unapproved colony or areas. Generally, these unapproved colonies or areas share an efficient connection with the urban cities of Delhi & NCR. The reason for the popularity is better connectivity and low property price. Due to an upsurge in demand, construction practices prevail in unapproved area and colonies. To fulfill the rising demand and popularity of the unapproved colony, there exist a few lenders who agree on providing home loan on the unapproved property.
Home loan against unapproved property can be borrowed on different types of properties. Independent house of the unapproved area is one such arrangement. You may also lend from bank to purchase a single flat in an unapproved are up to the 3rd floor. You may also opt for a loan when you wish to construct a home post buying the plot. A fresh construction is also funded by the bank. In case of fresh construction, the loan is disbursed only after the property papers are duly checked and in custody of bank for record and assessment purpose.
For any home loan application to get approved or disapproved the bank, there are some key factors that require checking:
- Age is the first factor that must be considered, the loan applicant must be of 21 years or above and shouldn’t be any more than 60 or 65 years. Repayment of loan must be completed before the age of 60 to 65 years.
- It is required that the individual must have 3 years of working experience in the business or private sector. This is imperative since the regular income defines the repayment power of the EMI.
- The Cibil score is a must to maintain, having a decent Cibil score will help you avail loan quicker. It aids as a deciding factor for sanctioning or rejecting the applications of home loans.
The rate of interest for the home loan against unauthorized property differs depending on the bank. The Unapproved area property varies. The standard home loan is slightly lower in the rate of interest as compared to home loan against unauthorized property. Rate of interest varies between 10% p.a. to 15% p.a. It is suggested that before you commit to a lender, you must explore. Compare interest rates offered by various financial institutes and banks. There are consultants too, that vow to help you make the right choice. They strive to provide you all the information that you need to make the right decision. Loan taking procedure is stringent and must be done with careful assessment. You have to look into plenty of things before committing to a financial institution.
Loan on Phone is your trusted partner which is reputed and accredited by banks and NBFC’s. The association with high-end clients has helped earn the trust of borrowers. The consultants are qualified experts who are well aware of their work and tasks. The consultants assess the borrower through every stage of loan availing. The loan arrangement will be taken care of on a daily basis.
Loan on Phone takes pride in fulfilling property aspirations of all different people. Whatever your requirement and desire is, we help you in realizing those aspirations with the help of our network of money lenders. We help you assess everything, Loan to value ratio, civil score, the income of borrower and general financial status, thereby providing you fitting loan solution.