Banks generally do not make Home Loan on Regularized Area Property. However, there are some HFCs and NBFCs which provide Home Loan on Regularized Area Property with some special terms and conditions.
What is Regularized Colony ?
A regularized colony is one whose land use is changed by the government in a statutory manner. Since huge vote banks reside in unapproved or unauthorized colonies, unauthorized colonies are finally able to undergo regularization and take advantage of basic civic amenities such as water supply, sewerage etc. Once they become regularized they become legally livable. In such cases, the government chooses to regularize the area in view of population or other factors.
Regularized Colony in Delhi
According to the state government, there are 1,797 unauthorized colonies in Delhi. The Center has granted / recognized the rights of ownership / mortgage / transfer of residents residing in 1,728 unauthorized colonies residing in Delhi. Housing and Urban Affairs Minister Hardeep Singh Puri said that 69 “rich” colonies including Sainik Farms, Mahendru Enclave and Anant Ram Dairy were not included.
Benefits of Regularization
Regularization is expected to bring various benefits such as improved physical and social infrastructure, and minimal civic services and community facilities. Development fees are levied for the development of colonies. The land is re-designated as residential and individual plot owners gain clear ownership over their land. Subsequently, they are able to register the Sale Deed and obtain clear title to the property. Consequently, land transfers are done through registered deeds of transfer.
Home Loan on Regularized Area Property
Due to problems such as illegal construction, gross commercialization, poor infrastructure, most Banks or HFCs do not provide Home Loan on regularized area property. Nevertheless, in view of the increasing demand for housing loans in a regularized colony or area, some HFCs or NBFCs offer home loans with some special terms and conditions.
Required Documents for Home Loan on Regularized Area Property
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