Banks usually do not entertain application for Home Loan on Unauthorized Property. But, there are certain HFCs / NBFCs that provide Home Loan on Unauthorized Property. What is unauthorized / unapproved Colony ? Generally unauthorized / unapproved colonies are not included in the master plan. Disadvantaged urban middle class and urban poor people live in these colonies, which are similar to urban slums. The purchase and sale of property in unauthorized / unapproved colonies is done by the General Power of Attorney (GPA), as these colonies are not considered part…
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