You need to mortgage your property to apply for Loan against Property. Maps are crucially important document provided by authorities. Banks usually don’t offer loan against property without a map. It is no shock that the bank would want to mortgage a property. It is their way of ensuring safety. In India, it is not a shocker if properties come up with no maps. There are plenty of them that have no map.
Addressing the situation here are some pointers that would help:
- Additional Co-applicant- Add an applicant with a decent credit score, when you do that you essentially ensure that the lender has some additional assurance. What better than your own spouse becoming your co-applicant.
- Good Property Conditions- To avail the home loan without map you must first ensure that the property is well maintained. The property that is in great condition is sure to fetch well in the market
- Application Guarantor- If your loan application has a guarantor then you can be sure of increasing your chances of getting your loan against property sanctioned, without the need of using a map. Your Guarantor will be the person who will act as protection for a loan against property without a map.
- Loan To Value Ratio- A certain LTV is determined and fixed by the bank. It is usually somewhere around 50-70% of market value and 80-90% of the loan amount. Consider you are in grave need of Rs 60 Lakhs then what could be done? The best option would be to add funds; this enhances the creditworthiness of the loan amount.
- Certain Banks Offer Home Loan without Map- Find the financial service providers who are ready to offer you a home loan without showing map. It is an important document, but some institutions function without the prior need of map as a document.
- Good Repayment behavior/good CIBIL- When you repay on time it is considered as a good behavior gesture. Your CIBIL score is essential, as this increase or decreases your chances of getting a loan, any loan. There exists no substitute or competition for the CIBIL score. It is a gold standard that exists in the lending industry.
- Proper Documentation- Although you fail to publish your map for the property, you still should maintain documentation. Some other essentials are an agreement of sale, House Tax, sale Deed, etc. these can cover up for the absence of property’s map.
- Peer to Peer Lending- With advancements in all spheres, the aspect of new and improved money lending institutions emerging have also been prolifically growing. There are firms who genuinely offer and promote loan types of all variant. Peer to peer lending has emerged as a safe option.
- Private Lenders- In a few cases, it has also been observed that private lenders are ready to lend for a loan, but they have a fixed term and rate of interest that they charge you.
In many cases, you can find private lenders are more than willing to lend to borrowers loan against property without map. But, these private lenders usually charge a fixed interest rate which is quite large compared to the reducing the rate offered by most of the banks. These lenders hold the prowess to offer best money lending service with the help of loans. They offer their careful assistance; lend their ear to know your particular needs better. The body of work they offer is one of a kind. They have a team of professionals who closely work with you to provide you the best possible loan procurement.