Leasehold property
PAWAN SETHI
(Querist) 07 September 2012
This query is : Resolved
Dear sir,
Noida authority has recently launched a scheme for sale of flats.
As per the scheme construction will be done in 2 years and possession will be handed over after 2 years.
the property is leasehold.
My question is :
1. whether such type of properties are safe.
2. can we convert leasehold to freehold. if yes how.
3. can we obtain loan for such property from banks. (since property is leasehold bank can give loan pls clear me)
sanjeev murthy desai
(Expert) 07 September 2012
My question is :
1. whether such type of properties are safe.
Yes absolutely you ll get good markatable title over the property;
2. can we convert leasehold to freehold. if yes how.
You cannot, after leasehold period is over then property ll become freehold. Lease hold mandatory condition.
3. can we obtain loan for such property from banks. (since property is leasehold bank can give loan pls clear me)
Yes you can and ask bank people they ll tell you.
Dr J C Vashista
(Expert) 08 September 2012
It is safe and can be converted in to free hold as per NOIDA Act and banks advance loan against such properties.
Go ahead, best of luck
PAWAN SETHI
(Querist) 08 September 2012
Thanks experts for your reply.
Dear Vashista Ji, my question is can i approach to bank for financing the project. i mean to say after giving 10% (booking advance), whether the remaining amount can be availed from bank.
