How are Home Loans approved – Registered value or Market value of property

POSTED BY Kunal D ON January 22, 2013 11:52 am ONE COMMENT

Hi,

   I am planning a Home Loan for a site/plot and need to know the following:

1. I need X amount for the plot.

2. The plot will be registered for Y [X is greater than Y].

    I also know that the bank will approve 80~85% of this Y.

3. I need to know if the bank will consider the market value or the registered value of the plot to approve the loan as I will have a shortfall of amount. Will the bank ask the applicant to quote his loan amount needed?

I am interested in only nationalized banks and it will be very helpful if anyone guides me through this.

Thanks

Kunal

 

One reply on this article “How are Home Loans approved – Registered value or Market value of property”

  1. Dear kunal, the loan ‘ll be given only on registered value. In my personal opinion, please opt for full value, pay registration charges on it & avail home loan for the value (80-85% of full value).
    thanks

    Ashal

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