Home Loan for Plots - Need contacts

[akula]

I'm looking for contacts of banks to go for a plot loan.

Property details :
Green gardens - phase2, banjara layout
horamavu post, kalkere village, K R Puram hobli, Bangalore east.

It is DC Converted, with BBMP khata and latest tax is paid. It does not have a BDA approaval.

Please let me know contacts of banks who will finance such projects.

Thanks,
Akula

[MNRS]

May be you can try LIC Home Finance or IDBI.

[akula]

Hi MNRS,

Thanks for the quick reply.

Another question :
Can you please tell me what is the risk involved in buying this plot ? I want to understand what it means to not have BDA authorisation. Although BBMP has collected betterment charges and issued khata, I guess they are not authorised to approve layout plans. Is this true ? Please advise.

Thanks,
Akula

[MNRS]

Yes. I think there is some risk involved. Whatever you are telling is true.

Isn't it has the DC conversion order ? May be you should contact any decent Lawyer for more clarification. I feel you may have to spend some money on regularizing the plot later.

[akula]

Yes it has DC conversion orders. Everything else is fine. Anybody else have any other inputs ?

Thanks,
Akula

[avian]

If I am right, some of the developers get BDA NOC for their DC conevrsed properties.


These 2 links may provide you with some inputs on DC conversion
http://chakrav-view.blogspot.com/2008/0 ... -keep.html
http://www.scribd.com/doc/7498028/Preca ... ing-a-Plot

[akula]

Hi Avian, Thanks for the link. The first link is very informative, must read for plot buyers

[msn1270]

With the tight norms for disbursement of loans for the housing sector, Nowadays, Loan for any non-approved layouts is a day dream from any nationalised or semi-nationalised banks. Maximum you can get loans from co-operative banks or some private banks in the name of personal loans. But the rate of interest will be high. Be judicious and know your capability before purchasing such plots.

[akula]

- I've given the property documnets to IDBI housing finance. By the first look at the documents they said it should be fine for loan approval. I'll get their final opinion after verification in 1 or 2 days. The interest rate is 9.25%.

- Federal bank is willing to fund 50% of the registered value of the plot, at almost the same interest as above.

- Developer is trying to get loan from LIC housing finance from his end.

I'm also parallelly getting the documents verified through a lawyer. Will keep you guys posted. Any additional inputs are welcome.

Thanks,
Akula

[msn1270]

Nowadays even some banks give loans, it gives based on the actual paper value which is going to be registered. Not like earlier for the deal value.