I have a plot and want to construct a shop but the local Municipal Corporation is not passing any maps due to some reason. Can I get a loan?
Yes you can get a loan from a bank to construct your shop or office provided the property has a clean title and is legally in your name without any legal hiccups. If the local municipal corporation is not passing the plans you will have to wait as no bank will offer a loan for construction without government approval of the project.
Lenders usually do not provide Home Loans for unapproved properties as there might be legal issues with the property. However, if the builder is yet to get the approvals and you are waiting for the same, you can tell the bank about it. You can get a pre-approved Home Loan based on your income and Credit history and the bank will disburse the loan once the approvals are obtained.
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