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What to do since bank not approving home loan as it is a land?
22-Dec-2023 (In Property Law)
I want to sell my property. I have a plot of land on which a house is made and approved by the MCD. Bank is not allowing the buyer to take home loan as it is a land. I want to know how can i sell my property or transfer the land to home to get the home loan so that buyer can buy it?
Dear Concerned,
Generally, its the discretion of the Bank to grant loan or not. I do not find any other legal bar on the Bank granting the loan just for the reason of the property being a land. However, it seems that the Bank is concerned about the status of possession over the said property. Please inform as to what is the extent of construction on the said land.
Generally, its the discretion of the Bank to grant loan or not. I do not find any other legal bar on the Bank granting the loan just for the reason of the property being a land. However, it seems that the Bank is concerned about the status of possession over the said property. Please inform as to what is the extent of construction on the said land.
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Adv. Avneesh Garg
Delhi | 200+ Answers
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