You are buying a 3rd floor flat. Having inquired with few banks & financial intuitions for home loan on 3rd floor flat, you have learnt, getting home loan for 3rd floor flat is getting more challenging than you though. I have created extremely informative & detailed resource to eliminate doubts for home loan on 3rd floor flat. I suggest you to carefully read details. It will get you incredible benefits in learning facts and remove confusion for home loan on 3rd floor flat.
Home Loan on 3rd Floor Flat in Delhi / NCR
Because of better employment opportunities and bigger trade market, more people are moving in to Delhi NCR region. Every month and year Delhi / NCR is getting more densely populated. Delhi as per its 2021 master plan will utilize it’s 79% of land area, leaving very small place for development in future. For more houses required, vertical growth is only feasible option.
In Delhi plotted development approved height of building is 15 meter (49.2 feet). With its approved height comes misconception of flat on 3rd floor being approved to construct. For approved 3rd floor flat, building must adhere to approved FAR (Floor Area Ration) based on plot size. Click here to open Delhi Master Plan 2021. I suggest you to download it for your reference.
There is lot of variation in FAR allowed depending on plot size in Delhi. It varies between 120% – 350%. You can see approved FAR for plotted development on page 49 in Delhi Master Plan 2021.
Home loan on 3rd floor flat is conveniently available when plot owner had taken approval from authority with sanction map. In such authorized construction, you must leave sufficient set back (Empty space) on ground, first and second floor, so construction on 3rd floor does not covers above approved FAR.
In NCR Delhi & Noida has highest FAR limit up to 350%. On other hand in neighboring town of Faridabad and Gurgaon it is only 175%. Many properties are built in Delhi / NCR which has excess FAR coverage. This results difficulty in getting home loan on such 3rd floor flat.
In Delhi / NCR there is no height restriction on group housing society subject to approval from Airport Authority Of India, Fire Department, Structural Stability Approval and other requirement depending on different cities of NCR
Is It Safe to Buy 3rd Floor Flat in Delhi / NCR?
Government is under constant pressure to provide housing or make policies to make housing affordable. It results in increased FAR (Floor Area Ration). This is holding civic agencies from carrying out demolition as they too understand sooner or later (In MPD 2041), FAR is bound to increase
Here is important factor I want to tell about safety while buying a house. Problem with NCR region is its plotted development. With people owning plot and constructing without any uniform structural strength guidance, makes it unsafe to live. Threat is further compounded by its seismic zone -4 geographic location, which makes it vulnerable to high intensity earth quakes.
My most important advice is, whichever floor you buys, you must carefully look for structural strength of building as a whole. On visit to property take a closer, deeper look at condition of property. Any cracks, breaks, mold, and pests discovered near a home’s foundation are big red flags that indicate you should head to the next listing on your list.
Why Banks Don’t Give Home Loan on 3rd Floor Without Map Flat in Delhi / NCR?
We all know, it is difficult to get home loan on without map property even for ground floor flat. Somehow banks and financial institution are comfortable to grant home loan on without map property up to second floor. It becomes very difficult to get home loan on 3rd floor flat without approved map. What is reason behind it?
Well here important factor is again FAR (Floor Area Ration). As already told government allows, certain percentage of construction based on size of plot. People may give logic, map for building is not approved, but there is sufficient set back (Empty space) in front and back of building which should support FAR for construction of 3rd floor.
Bank’s technical team does not buys this logic, it is because of ground, first and second floors are owned by other people. You cannot take their guarantee that they won’t construct on empty space left. Time they extends their property, 3rd floor automatically becomes illegal because of excess coverage. It may result to demolition notice to attach on such 3rd floor flat
Here question people asks why MCD or other regulatory authorities attaches demolition notice on 3rd floor, why they don’t demolish lower floor. Answer is straight demolition of lower floors can destabilize entire building, so they order demolition of top floor only.
How to Get Home Loan on 3rd Floor Without Map Flat in Delhi / NCR?
If your property does not have approved construction map for 3rd floor, you don’t have much choice for your preferred bank and lowest rate of interest. Based on your personal contact you can get home loan on without map 3rd floor flat from some PSU Bank, or you can get in touch with us for your requirement.
We deals with many banks & non-banking finance companies for home loan on these property. We do complete analysis of your requirement & recommends you most economical rate of interest option available from our contact financial institutions. For home loan on 3rd floor flat we takes a one-time loan coordination charges after sanction of your loan.
Feel free to post your experience, comments and ask questions. Your comments can help other home buyer make a better decision.