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Different types of properties, on the basis of planning, on which loans are provided, are:
(1) Registered properties with Map – A registered property with proper maps and clear sanction plan by town planning authority is one of the best mortgages considered in banking industry. Virtually all banks and NBFCs provide loans for this kind of profile. These properties are considered to be a best bet as there is a clear and legal title of the property along with the sanction plan provided by town planning authority.
(2) Registered properties without map – A second kind of property is a property that is registered properties without maps. In these kinds of properties banks usually look for risk mitigation factors like proper sale deed and ATS. These properties have an inherent risk of no clear plan by town planning authorities. If you want to get a loan for these properties then, you should provide additional comfort to bank in form of additional income or co-applicant.
(3) GPA – GPA stands for general power of Attorney. It is a legal instrument that grants authority to one person to act on behalf of another person. This instrument doesn’t give any ownership on immovable property to a person being granted the authority. Banks and NBFC don’t provide a loan as GPA holder doesn’t have any legal ownership over the GPA property. In this case, you have to rely on certain Housing Finance Companies (HFCs) that lend to GPA holder. Other option could also include external financiers, but they would charge exorbitant rate of interest.
(4) Lal Dora land – Lal Dora villages are integral part of Delhi property landscape. There are in total 360 villages in Delhi under Lal Dora. Lal Dora areas are that part of village that is left for livestock and residential purposes. Usually, no banks or NBFCs provide loan for these properties. Traditional loan lenders like banks would not usually provide loans on such properties. But new age lenders like P2P platforms can help to fulfil your dream of getting a loan on your Lal Dora land.
(5) Agricultural land – Agricultural land are specifically put under agricultural purposes only. You cannot get a loan for your agricultural land. They are under several restrictions and cannot be easily converted into non-agricultural land, hence loans are difficult to get.
Adding to above points, banks usually don’t lend to a property that is above 3rd floor and an empty plot. Banks also look for properties which are self-occupied.