Most of the bank or NBFC doesn’t provide home loan in unapproved colony or area, because unapproved colony or area facing problems like illegal construction, gross commercialization, bad infrastructure, etc.
But unapproved colony or areas are integral part of Delhi and NCR. These unapproved colony or areas are well connected with urban city of Delhi & NCR through, roads, expressways and metros etc. Due to better connectivity, job opportunity in urban areas and comparatively low property price, large number of people are leaving in these areas. Due to high demand of property, there is a huge construction taken place in unapproved colony or area. These all resulted in huge demand for home loan against unapproved property, colony or area.
To fulfill rising demand of housing loan in unapproved colony or area, few bank or NBFC provides home loan in unapproved colony or area on certain special conditions.
If you need a professional guidance then contact Sanuk Financial Services. We are always with you.
You can borrow home loan against Unapproved property, Colony /Unapproved Area, from bank or NBFC on following types of property:-
Regularized Area Home Loan is an agreement between borrower and the lender (bank or NBFC) that regulates the term of loan. Loan eligibility criteria for almost all the banks are different but there are some common loan eligibility criteria which borrower has to fulfill to avail home loan against unapproved property from bank or NBFC.
Following are some key important factors which would be checked by bank or NBFC to accept or reject the home loan application:-
Documents required for Home Loan on Unapproved Colony depends upon the type of employment of an individual.
Documents required for different types of employment are as follows:
Unapproved area property home loan rate of interest vary from bank to bank. It is slightly higher than standard home loan. Rate of interest is in between 10.00% p.a. to 15% p.a. it is advisable to compare unapproved area property home loan interest rates of different bank and financial institutions and chose the best one which suits your need.
You may take an expert advice of Sanuk Financial Services professional consultants who will help you to choose best bank who offers you lowest rate of interest on home loan with nominal bank processing fees.
List of unapproved area area is very vast and many times bank or NBFC funding a particular block in an area but not others.
So, to check whether unapproved area, where you are buying property is approved or not, fill below form or call us on our mobile no. We are always available with you and happy to help you