Get Hassle Free Home Loan in Uttam Nagar Delhi – Tips & Tricks

Being a regularized colony, most of the Banks do not offer Home Loan in Uttam Nagar Delhi. The region is grappling with problems like illegal construction, gross commercialization, poor infrastructure etc. Uttam Nagar attracts middle class families due to its proximity to Gurgaon and IGI airport, availability of Metro Services and relatively low property prices.

Due to this attraction of middle class families, the demand for property in Uttam Nagar has increased significantly. Along with the growing demand for property, the demand for Housing Loan has also increased tremendously due to which many HFCs / NBFCs are starting to offer Home Loan in Uttam Nagar Delhi with certain terms and conditions.

Home Loan on Residential Flat in Uttam Nagar

You can take Home Loan against new builder flats or resale flats in Uttam Nagar. The property is used as collateral and is tested by the lender for the value of the asset and your ability to pay the borrowed amount according to your income.

When it comes to property, Most HFCs / NBFCs offer Home Loans ranging from 80% – 90% of the property value in Uttam Nagar. And if it comes to eligibility or the ability to pay, it varies for a salaried, self-employed, self-employed professional, cash salaried, contractor, retired person, rental income, NRI etc. The interest rate and sanction amount of your loan depends on your profile and property.

Home Loan on Residential Floor in Uttam Nagar

You can also take Home Loan against new builder Floors or Resale Floors in Uttam Nagar. The property is used as collateral and is tested by the lender for the value of the asset and your ability to pay the borrowed amount according to your income.

When it comes to property, Most HFCs / NBFCs offer Home Loans ranging from 80% – 90% of the property value in Uttam Nagar. And if it comes to eligibility or the ability to pay, it varies for a salaried, self-employed, self-employed professional, cash salaried, contractor, retired person, rental income, NRI etc. The interest rate and sanction amount of your loan depends on your profile and property.

Home Loan on Residential Independent House in Uttam Nagar

You can also take Home Loan against Residential Independent House or Resale Independent House in Uttam Nagar. The property is used as collateral and is tested by the lender for the value of the asset and your ability to pay the borrowed amount according to your income.

When it comes to property, Most HFCs / NBFCs offer Home Loans ranging from 80% – 90% of the property value in Uttam Nagar. And if it comes to eligibility or the ability to pay, it varies for a salaried, self-employed, self-employed professional, cash salaried, contractor, retired person, rental income, NRI etc. The interest rate and sanction amount of your loan depends on your profile and property.

Home Loan on Bachcha Flat in Uttam Nagar

You can take Home Loan against Bachcha / Bacha Flat in Uttam Nagar. Thais is a small flat which is builds in stilt parking area.

In sale deed, ground floor is mentioned as stilt parking. If they construct any residential unit on it, technically banker counts it ground floor and due to the technical issue lending institution do not provide home loan on this type of property. But, through our coordination, you can get home loan on such property. Certainly, Rate of interest will be slightly higher than usual.

Home Loan on Stone Slab (Kadi Pathar) Roof in Uttam Nagar

Banks or HFCs do not offer Home Loan on Stone Slab or Kadi Pathar roof property. In such case, Banks / HFCs will consider this property as a plot purchase. In the valuation of property, value of constructed building is taken as NIL, Banks / HFCs offer composite loan on this type of property. It is to make property livable and safe.

Home Loan on 3rd Floor Builder Flat in Uttam Nagar

In Uttam Nagar Delhi, you can get Home Loan up to 3rd floor flat. This is irrespective of availability or stilt parking. As we know that authority allows construction height up to 15 meters. When a stilt parking is built, naturally height of building goes beyond 15 meters. Still through www.propertyloanfin.in coordination, you can get easy and fast Home Loan up to 3rd floor in Delhi.

Loan for Plot / Land Purchase in Uttam Nagar

If you want to buy a Plot in Uttam Nagar and construct a house later, you can get Housing Loan up to 70% to 80% for purchasing a plot. It is preferred that the plot / land should be physically identified with plot number. In absence of plot number, property paper must contains details of adjacent property with Khasra number or Khata number with owners name. It must have boundary wall at least 1 feet height. In case, this is not available, you can ask seller to do non-permanent boundary before valuer site visit.

Loan for Fitting & Fixture in Uttam Nagar

Uttam Nagar is a regularized colony, there is no fitting and fixture loan offered by Banks or HFCs. In approved location, you can get home loan up to 140% of sale deed( not more than 90% of LTV). Up to 90% payment of sale deed is done by bank in the name of seller and remaining payment is made in name of buyer on account of “furniture and fixture”. You can get top-up loan after 6-12 months of loan disbursement in uttam nagar delhi.

Construction Loan in Uttam Nagar Delhi

You can get loan up to 80% for construction in 2-3 installment. These installments are released based on progress of construction. There is nothing time bound in the construction. You may construct entire building in 2 months and get 100% amount disbursed or you may take 6 months or longer. HFCs will release amount when disbursed money is utilized and they can see progress on your property site.

Depending on your city, you can get loan to build up to 2nd or 3rd floor of property. You can not get construction loan to build basement. If you want to construct basement in your property, you can get it at your expense. Banks or HFCs offer loan on construction cost above ground level.

Criteria, Process & Miscellaneouses of Home Loan in Uttam Nagar

First of all, for Home Loan, Sale Deed is must. It is because without sale deed HFCs do not gets any title documents to mortgage. Many first time home buyers are confused between different words like Sale Deed, Registered Sale Deed, registered power of attorney, registry, agreement to sale etc.

What is Sale Deed ?

Sale Deed, registered sale deed and registry are same documents. I n this sale document, seller makes a sale of property in name of new buyer. You paus stamp duty to government depending on circle rate. Government register this deed as deed of sale in record.

What is Agreement to Sale ?

Agreement to sale is only an agreement, where seller and buyer agrees to sell / buy on consenting terms. An agreement may or may not materialize if both parties later decided not to sale or buy property. Moreover it can also fail if any one of them does not complete terms of agreement.

Yet agreement to sale is first formal agreement between you and seller. This is first step of legal process for owning your home.

What is Legal Chain of Property ?

Banks or HFCs offer Home Loan only where they can ascertain that seller is lawful owner of property by documents. Before lending, they must ensure that no legal dispute can arise, after they disburse the loan. All Banks or HFCs have their local advocate for this job. They verify legal correctness of documents and make title search report. Some HFCs also offer Home Loan where only Khatauni or Fard is available as title documents. This can be case when builder is doing fresh plotting on land owned by farmer. In such case, registered mortgage may be required for Home Loan.

All HFCs have broadly same guidelines for legal report, but few HFCs have certain deviation. Few HFCs will internally  approve process for non-availability of different property papers.

What is Property Identification ?

You should be able to identify property by plot number and boundary of adjacent properties. You can find plot number or identification on electricity / water bill or municipal records. Yet in few exceptional condition we can get you home loan on Khasra number property depending on merits in case.

Double – Triple – Multiple Units on Same Floor Loan in Uttam Nagar

You can get Home Loan on multiple units built on same floor. We can easily arrange home loan for double, triple and multiple flats built on same floor. In such flat bankers prefers for minimum area of 50 yards (450 square feet).

Require Road Width

Banks / HFCs offer home loan on property where a direct approach is minimum 15 feet wide. As per guidelines, in case of emergency, a fire tender shall be able to reach directly on entrance of property site. Yet in many cases www.propertyloanfin.in managed home loan for property with 5-6 feet.

Building Condition

If construction is too, old or not safe to live, bank can give loan to purchase this property as plot. This can also be in case, if house building is at very lower than road level. In such conditions too, housing finance companies, gives construction loan after purchase.

Extra Coverage

General rule is, staircase should be with in actual plot limit if you are purchasing any floor, other than ground. Technical officer of HFCs do not prefer construction on Chajha. They prefer kitchen and at-least 1 toiet within actual plot boundary. It is because, if some demolition takes places on extra coverage, property shall still remain usable.

Bank also looks for structural stability in case of demolition of extra coverage takes place. In all extra coverage cases, they consider property value as per actual plot area.

What is Lowest ROI for Home Loan in Uttam Nagar

ROI depends on your profile and income type, it varies between 6.60% to 14%. If you are self-employed business man / woman with lower net ITR income, we can get you home loan from HFCs. Because HFCs can offer you higher income to EMI ratio. They can offer you loan up to 100% of your income for last 3 years ITR. Therefore, you will be eligible for higher loan amount compared to Banks.

If you are salaried, you can get starting ROI as low as 6.60%. If you are self-employed, you can get ROI 7.50% to 12% depending on income assessment method. Starting ROI for home loan without income proof in Uttam Nagar is 9.50%. You can get home loan on cash salary or without Income Tax Return through us. If you are salaried, you can get lower rate of interest.

If you do not have income proof you can get up to 15 Lacs home loan with satisfactory verification of your income. Loan amount can be higher with additional supporting income or Co-Applicant’s income.

Income Tax Benefits

Under section 80c, you can get tax rebate up to 1.5 lacs income. Under section 24, you can claim up to 2 lacs in tax rebate. Other than this you can get up to Rs.50000- tax rebate under section 80EEE. So, total up to 4 lacs rupee can be claimed under tax rebate for home loan.

PMAY Benefit in Uttam Nagar

You can also get benefit for Pradhan Mantri Awas Yojana under credit linked subsidy scheme. In this scheme, up to 2.67 lacs subsidy is credited directly in your account. This direct credit results in faster repayment of your home loan.

Required Documents for Home Loan in Uttam Nagar Delhi