Home Loan on Freehold Property and Unapproved Property

A house or plot inside unauthorised colony is unapproved property.

In Ghaziabad and Noida, people call it freehold property. It is because most authority-approve properties are lease-hold there.

In UP, we serve home loan on freehold property in Ghaziabad, Noida, and Greater Noida. In Haryana we serve Gurgaon, Faridabad, Palwal and Sohna.

1. Purchase of ready house, floor, or flat (up to 3rd floor)
2. Plot purchase and construction loan
3. Construction of already purchased plot

Home loan balance transfer interest rate in freehold property / unapproved property / unauthorised colony starts @ 7.20%.

The rate depends on your income and profile.

Our expert team helps you to get a freehold property home loan from start to finish

1. Applying with relevant property and income documents.
2. Bank/ Financial institution approves the loan.
3. Signing of loan agreement for disbursal

*1.5 lakh tax benefit under section 80C

* 2 Lakh tax saving under section 24

* 50000/- extra benefit for first time home buyer

*Bank/ NBFC offer loan between 80 to 90% of value.

*Few banks offer fitting-and-fixture-loan if registry amount is lower than market price.

70% to 75% of plot value

80% to 90% of construction cost

Personal Documents (for applicant and co-applicant)

• Photograph
• PAN Card (if available)
• Aadhar Card
• Address proof (if differs on Aadhar card and bank statement)
• Login cheque in favor of bank (for legal and valuation)

Property Documents

• For home or plot purchase
• Complete legal chain (minimum 15 years)
• Agreement to sale (if executed)

For construction loan

• Complete legal chain (minimum 15 years)
• Architect’s map and estimate of construction (you can take our help with this)

For home loan balance transfer

• Complete legal chain (minimum 15 years)
• LOD letter (List of property documents on letterhead) from existing bank.
•  Loan account statement of home loan

Income Documents

• As per income and profile. Contact us for your personalized document’s list

* Maximum 15 lakh loan amount on cash salary of one applicant.

* For higher loan amount, club other incomes (if available)

* Require employment confirmation certificate from employer on letterhead.

* Maximum 25 lakh loan on without ITR income of self-employed business owner

* For higher loan amount, club other incomes (if available)

* We can add Cash rents for higher loan amount

*2.67 lakhs subsidy credit under Pradhan Mantri Avas Yojna.

*Subsidy for first home purchase or house construction.

*Subsidy credit directly to your loan account

Processing Fee (payable on sanction of loan)

• 0.50% to 2% depending on customer profile.

Loan protector insurance (no need to pay. Funding above loan amount)

• Depending on age, tenure and loan amount

Joy Loan’s Coordination Fee (payable on sanction of loan)

• 2.5% for private institutions (minimum 30000/-)
• 4% for PSU institution (Minimum 60000/-)
• Discount on high loan amount. Charges are payable on sanction of loan

PSU interest rate start @ 7.20%

Private bank/NBFC rate of interest from start @ 8.50%

Cash salary home loan rate start @ 10.30%

Without ITR home loan interest start @ 10.30%

Only plot purchase loans” on unapproved land has higher starting rate of 10.75%.

Unapproved plot with a construction loan comes under home loan, which has lower interest rate

* For unapproved land loan, registry must happen under the “Residential” category.

* If developer makes unauthorized colony out of NA (non-agricultural) land, bank can ask for section 143 declaration.

* In both cases, NBFC can accept sale deed from directly Kisan/Farmer.

* On such lands, a registered mortgage may be require

* On such land, the interest rate starts from 12%

Banks need a title deed for a property mortgage for home loan. You can easily get it through a gift deed or transfer deed.

You can consult our loan experts before initiating any title deed. We suggest you based on ownership document of parental property (Khatoni, Fard, or Intikaal)

Home loan on Bacha flat up to 80% of the value. The rate of interest starts at 11%.

Home Loan up to 80% value in case of Kadi Pathar (stone slab / Gatar Pathar, Kadi Tukdi) house. Possible on the entire house, not on single floor in building. Rate starts at 11.50%

* The registry should be open in that area.

* Seller’s cheque will release over after registry

* Interest rates start from 11.50%

Banks and NBFC do not offer home loan for GPA purchase.

The alternative can be to apply for a personal loan. Or take a loan against existing property.

Bank/NBFC make demand draft in name of seller. They gave this to seller at the time of registry. But in case of sluggish legal papers, they may give cheque after registry.

Banks offer 80% to 90% construction loan on unapproved land.

After sanction of loan, borrower starts construction with your own share 10% to 20% of cost. After that, bank disburses loan to borrower in 3 to 5 installments. Number of installments depends on loan amount and the number of floors.

* Experienced and expert loan team

* In-depth analysis of profile and requirement

* Fast doorstep and online service

* Better than competitors loan offer

* Fraction of cost coordination fee, payable on loan approval

* Trusted by 100s of customers on most challenging loans