How can I get a loan on an unregistered property?

Banks do not give loans for unregistered properties. Hence it is mandatory to have registration documents before applying for a home loan. If the property is under construction, the home loan can be obtained without registration documents.

Can we get loan for unapproved land?

LOAN ON INDEPENDENT HOUSE OF UNAPPROVED AREA: You can borrow home loan on independent house of unapproved area from bank or NBFC. Only plot loan is not offered by bank or NBFC in unapproved area.

Can a flat on loan be sold?

Answer: In case you want to sell the property on which you have a running home loan, you will need your lender’s consent for the same. This consent is typically provided in the form of a letter which will typically provide the amount, on payment of which the outstanding loan will be fully paid off.

Is CC mandatory for home loan?

4) The govt makes it mandatory for issuance of the OC/CC for all project through the BBMP, however the builders do not comply with the approved plan 100\% as such building with such deviations has become a norm these days. It is not a problem to sell or buy flats without OC/CC for such projects.

What happens if a property is unregistered?

An ‘unregistered’ property is quite simply one that has not been registered with the Land Registry yet. Proof of ownership will be evidenced by a bundle of title documents or deeds. Thus, the risk of a third party having a claim to the land is reduced.

Can I get home loan without property?

Keep the following list of documents handy to avail a mortgage loan against property without income proof: Duly filled application form. Proof of identity like PAN Card, Voter ID Card, Aadhaar Card, Driving License, etc. Proof of address like Aadhaar Card, Voter ID Card, Ration Card, Passport, Utility Bills, etc.

Can we get loan on freehold property?

The property is used as collateral and the loan is disbursed by the lender as per the property value and your income to pay back the borrowed amount. “A person owning a freehold or leasehold property can apply for loan against property.

How do you sell a flat under a loan?

Before you proceed to sell your property that has an outstanding loan on it, you must seek a No Objection Certificate (NOC) from the lender on the selling agreement. Your lending bank must be notified of your intent to sell the property or the initiation of the process.

Do banks loan without OC?

Scenario 3: In case a non-OC property is up for resale, banks may grant a loan if the buyer produces the following: one, receipt of property tax, and completion certificate; two, an appropriate reason by the builder for not having an OC; three, an approved building or structure plan of the property; four, an audit …

Can we get OC without CC?

You may have your property registered, but without an OC, you will not be able to get a khata, which in a way entitles you as the legal owner of the property concerned. Not to forget, to obtain an OC, the builder needs to have a CC first,” mentions Prashant Thakur, head – research, ANAROCK Property Consultants.