Home Loan on Freehold Property in Unauthorized Colony in Delhi NCR

Do you need a home loan in Freehold property of Unauthorized Colony? We present to you; easy home loan for the purchase of a house, flat or plot with construction. We have helped hundreds of customer like you in their home loan for such properties. In Delhi NCR you can get your home loan approved in express fast time with us.

We can provide an effortless home loan in many neighbor cities of Delhi. We can help you for home loan on cash salary or without ITR. We process your home loan from RBI approved housing finance institution, so you get the tax benefit..

These institutions, also provide automatic credit of Pradhan Mantri Awas Yojana subsidy. These top institutions offer you reduced rate of interest for maximum saving. Be assured for a perfect offer in freehold property of unauthorised colony.

Take advantage of our high-class expert service and make perfect savings. Our professional team is committed for your comprehensive support. Send your details immediately for a high-speed home loan in the unauthorized colony.

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Areas for Home Loan on Freehold Property in Unauthorized Colony

We can provide effortless home loan in many neighbor cities of Delhi. In Utter Pradesh we serve Ghaziabad, NOIDA, Greater NOIDA and NOIDA Extension (Greater NOIDA West). In Haryana we serve Faridabad, Palwal and Gurgaon / Gurugram.

Many unauthorised colonies are highly populated. Many more unapproved colonies are being developed in free hold land. For a home loan, bank looks for nearby population of your property. Bank demands minimum 25% - 30% house built in the locality. If your property does not have any house in the neighborhood area, then the bank may not give loan.

If developer is developing a new colony, bank will see its distance from closest populated area. Bases of merit of the new site, we can also help in your project approved from housing finance company. If you are a developer, you can contact us for your project approved.

Home loan is available only where sale deed takes place in the unauthorized colony. Supreme Court had declared sale/purchase of property on GPA illegal. (Click here to download court verdict).

It is because of this, no financial institution gives loan on GPA property. Moreover by GPA; buyer does not become the owner of property. So, the housing finance company do not get any title deed in name of the buyer. Hence, they don’t give home loan without sale deed.

Legal Issue in Unauthorized Colony

Another challenge for home loan on freehold property is the legal chain of property. It is because; these sites are carved out of agricultural land. Many times seller / Kissan only has Khatoni or Fard as ownership proof. Despite this, we can help you with your home loan.

In Delhi, can help you for home loan on 895 provisional approved colonies. Sale deed on most of these colonies has started. Before finalizing property in such location, share the legal chain with us. It is because legal chain of these properties are generally not complete. Yet we can arrange home loan on many challenging property legal chain

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For What Purpose Home Loan is Available

Home loan in an unapproved colony in freehold area is available for the following purpose.

  • Purchase of house
  • Purchase of Flat / Floor
  • Construction of house
  • Purchase of plot with construction
  • Construction and purchase refinance

Construction Loan

If you already own a plot in unauthorized colony, you can take construction loan. You do not need map approval from authority for the construction loan on these locations. It is because authorities do not recognize these locations for housing. So they will not approve construction map. The financial institution will accept map on a letterhead of the architect. An estimate of construction will also needed along with this.

Construction loan is generally disbursed in 3-5 installment. First, bank will disburse loan depending on number of floors you are construction.  Second, they will disburse loan depending on progress on your construction.

In Ghaziabad and Noida you can take loan for construction up to the third floor. In Gurgaon, Faridabad, and Palwal you can take construction loan up to the second floor only. It is because cities of Haryana has lower approved FAR.

Home Loan Refinance

If you have already purchased house with your sources, you can also get home loan refinance. Home loan refinance has lower rate than loan against property. Along with lower rate, you enjoy tax benefit and PMAY subsidy in comparison of LAP.

The only transaction done in last 6 months are considered for refinancing under a home loan. For home loan refinance, you will have to provide proof of payment to the seller. Bank only consider payment made through the bank for refinancing purpose.

You can even get construction refinance for house constructed by your own money. Providing payment proof for construction is not necessary. You can get construction refinance on the basis on estimate of construction.

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Type of Property for Home Loan in Unauthorized Colony

First of all, property must be in the area, where at least 25% of houses are built up. For new colonies being developed by a builder, home loan can be done with lesser developed area. Yet this is based on distance from a populated area from property site.

Second, plot should be identifiable with the boundary of adjacent plots. Bank prefers that plot should have some plot number. It is OK if the developer gives its private plot number. Besides plot number, it should have 1-2 feet high boundary. It is due to, the technical officer needs to provide demarcation of plot in the photograph.

Apart from the built up house, you can take a loan to buy a flat / floor on freehold property in unauthorized colony. In UP you can take home loan up to third floor property. Though in Haryana loan only up to 2nd floor can be done. It is because of higher FAR permitted in UP. Additionally, we can help you with home loan for parking or Baccha Flat (Parking Flat).

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How Much Home Loan Can I Get?

Based on your eligibility, you can get up to 80% loan to purchase built up freehold property. If sale deed is done for a lower value, the loan will be done on lower of two value i.e. Purchase Price or Sale Deed.

For plot purchase in unauthorized colony, you can get loan up to 70%. In these areas, you cannot take a standalone plot purchase loan. Financial institution gives construction loan along with plot purchase. For construction, you can take loan up to 80% of the construction estimate.

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Home Loan Rate of Interest for Free Hold Property in Unauthorized Area

Depending on your profile and income type, rate of interest can be 10.5% - 14%. To buy ready to move built up house, rate of interest will be lower. On the other hand, construction loan and plot with construction loan has higher rate of interest.

Rate of interest largely depends on your profile. If you work in formal sector, then you will be charged lower rate of interest. If you works in informal sector and earns cash salary, then rate of interest will be high. If you are self-employed and do not file ITR, then bank will charge you higher rate of interest.

With us, be assured of most economical rate of interest from top financial institution. Before we finalize financial institution for you, we do in-depth analysis of your profile and your requirement. We do everything to provide lowest rate of interest on your home loan

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Tax and Pradhan Mantri Awas Yojana Benefit

We provides home loan through RBI approved housing finance companies. Due to this you can avail tax benefit and PMAY benefit on your home loan.

On Home loan you can avail tax rebate both on principal and interest repayment. For both of these component, you can avail income tax rebate up to 4 lakhs.

If you are eligible, you will get 2.67L subsidy in PMAY scheme. Under this scheme, subsidy amount will be credited in you loan account. This will reduce your principal amount by 2.67 Lakhs. Due to this, you will repay you home loan quicker. Hence, for loan amount of 12 Lakhs, you can save more than 110 months of EMI.

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Terms of Home Loan

Following are terms for home loan on Freehold Property in Unauthorised Area:

Available for Independent House, Flat / Floor, Up to 3rd floor, Construction loan, Plot purchase with Construction loan (Not for only plot purchase)
Exceptions: Power of Attorney (Without registry) Property. No waiver
Click to download Supreme Court Verdict declaring GPA transaction illegal
Service Area Delhi & NCR (Delhi, Gurgaon, Noida, Faridabad & Ghaziabad) in city municipal limits and selected adjucent town
Rate of Interest 10.5% – 14%, (Depending of profile & area etc.)
Processing Fee 1.5% – 2.5%
Other Charges Loan coordination 2.5%, Minimum 30000/-
Financial Institutions Non-Banking Finance Companies & Housing Finance Institution
Income Documents Can be considered without income proof

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Joy Loan for Home Loan on Freehold Property in Unauthorized Colony

We are local service provider for home loan in freehold property. We provide you fast and professional service at your doorstep. Our team can serve you anywhere in Delhi NCR at your preferred time. To save your precious time and get speedy loan, we suggest you to send your requirement right now.

Hundreds of customer has chosen us to assist them in their home loan. For home loan in these location we takes a onetime coordination charges. Be assured you will pay our coordination fee only after sanction of your loan. So you lose nothing when you submit your details with us

Save thousands every month in you EMI with lowest rate of interest. Get loan offer better than anywhere else. With us you spend fraction of price you will spend with our competitors.

We have experience of serving hundreds of customers like you in unauthorized colony. Get support from professional team for truly trouble free loan. Make your loan amazingly easy. You will wonder... “Was it that easy?

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