Loan Against without Approved Map Property / House in Delhi NCR
You want to take a growth opportunity, or you want to consolidate small loans. To do this, you want to raise loan against property / house. You may have tried few banks for your loan against property / house. Almost all banks ask for approved map to give you loan. As your property do not have approved map, you are facing problem to raise a loan against your without map property / House or flat.
Our experienced and expert team is here to get you effortlessly loan against your without map property / house. Our specialized team gets you fast and swift loan on your without map property / house. Our high speed service is reliable to make your loan, a pleasant experience.
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Why do banks asks for approved map
Banks are trader of money. When banks lends money to customer, they ensures maximum security of their money in any scenario. They borrows money from its customer at X% which is their cost of money, say 8% yearly. They lends at Y%, let’s say 11% yearly. Difference between Y% and X% is the margin which includes, their staff salary, office rental, operating cost and provision for profit.
Top financial institutions offers competitive rates. They have very thin provision of profits. Because of this, they only lends to perfect customer profile and technically correct property. It is because, even if a single case goes unpaid or goes in litigation, they loses profit from 100 other rightly served loans.
Even after carefully scrutinizing loan application there are so many condition which may cause a loan to go bad. There can be change in revenue performance due to market conditions. Bad health condition or death of main applicant can also cause non regular payment of loan.
For unpaid period, bank is duty bound to pay interest to its lender without getting repayment from borrower. Bank bears heavy expense for recovery of loan. All such cases, ends up settled on outstanding principle or even below it.
There are many unforeseen factors, which can eat up not only profit but principle, which belongs to their depositing customers. By not giving loan on without map property / house, they chooses to avoid additional predictable risk. By their experienced they know there is certainly some percentage of risk on technically incorrect properties. You just saw how it may effect a banker in case 1% of loan goes bad.
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What is Risk in Without Map Property / House
As per technical guidelines, properties build by law can cover only certain percentage of land area. They are required to leave remaining area as set-back. In Delhi, you can cover maximum 90% plot area on ground, first and second floor. Third floor can cover area as per remaining FAR (Floor Area Ratio) allowed. In other NCR town, lower ground coverage is allowed with lesser FAR.
Home owners are supposed to leave up to 40% empty area on ground level. In cases where coverage area is more than prescribed area, local authorities can send demolition notice. Many time demolition can effect structural strength of building leaving it unusable. If property is sealed and matter is under court jurisdiction, then too property owner are unable to use it. In absence of their own property, client may have support rent of other property
If business activity is being carried which also support repayment of loan, borrower may not be able to pay EMI. In such commercial property customer’s livelihood also depend on usability of that property. In such conditions customer are unable to pay EMI because they have to bear rent of second property. Sometimes they willfully chooses to not pay.
In such situation, bank does not gets repayment on time. In many cases judgments lingered for many decades. Later banks made it part of policy to not fund without map property / house.
Most banks sees risk in giving loan against without map property / house. Few financial institution takes calculated risk based on following common sense approach.
- No construction beyond plot limit (Deviation 15% – 20% on case to case basis)
- Stair case with in plot limit (No Deviation)
- Rate of interest 1% -2% higher than standard rates (Starting 11.5%)
- Compulsory property insurance
- Loan on Ground to Second Floor in Entire Delhi NCR
- Loan on third floor and fourth floor in Delhi Only
Which Bank Gives Loan against Without Map Property / House?
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