Home loan without plan approval


The builder doesn’t have plan approval. Can I get home loan for property?


Lenders don’t provide a Home Loan if your property does not have an approved plan. Lending money for unapproved projects is a risk for lenders. However, you could consider a Personal Loan for buying an unapproved property. You must remember that buying unapproved property is a risk for you too.

Eligibility for a Personal Loan depends on different factors:

Income: Higher the income and the more stable it is, the better the chances for approval

Repayment ability: This is related to the borrower’s financial profile i.e. expenses, assets and liabilities. Too many claims on his/her disposable income reduces loan-servicing ability.

Existing EMIs: Existing loan obligations reduce creditworthiness unless the borrower displays a strong ability to take on additional debt.

Credit Score: Financial history plays an important role in ascertaining a borrower’s creditworthiness. Click here to check your Credit Score for FREE.

It can be hard for borrowers to figure out where they stand with their lender in terms of being a prospective customer. How does one rank on a lender’s risk-scale and how does this affect the loan amount, tenor and interest? In order to make this process easier and more transparent, Bank Bazaar allows its users to input basic background information on its site to check their eligibility for a Personal Loan.

In quick, easy, steps users can receive instant and free quotes based on the criteria provided. Users can then make real-time comparisons of the best Personal Loans available to them across banks and apply for deals offered exclusively on Bank Bazaar’s site through collaborations with partner banks/finance companies.

Looking for a Personal Loan? Click here

BB Expert