Loan on pagdi property
Akash Pillai
(Querist) 29 January 2014
This query is : Resolved
Can i get a loan on pagdi property?
The building is under construction and the owner of the building has offered an extra space outside the house connecting to it.
Can I get a loan on that extra space and also what will be the future consequences?
Thanks and regards,
Akash Pillai
9821794188
akashpillai16@gmail.com
Advocate. Arunagiri
(Expert) 29 January 2014
For pagadi properties, you are not the owner. You can not get loan for construction of the building.
But, you can get a business loan.
Sudhir Kumar, Advocate
(Expert) 30 January 2014
basically it is not legal query. You can check with bank .
as advised by Mr Arunagiri if you are not registered owner and do not have right to mortgage property then loan (atleast from Govt Bank) may not be there.
Caution
In such case the builders also arrange for loan from some banks by arranging false misrepresentation of facts from customer and heavy bribe to bank officials from customer. In case the project is not through the customer remains wrong party in the eye of law and bank can even file cheating case.
Rajendra K Goyal
(Expert) 30 January 2014
You can take loan by mortgaging some other asset, or can take personal loan at higher rate of interest, consult your banker.
ajay sethi
(Expert) 30 January 2014
if builder is offering additional space and it forms part of sanctioned plan by municipal corporation accept it .as far as loan on pagdi property is concerned you would need NOC of landlord if at all bank is willing to grant such a loan
T. Kalaiselvan, Advocate
(Expert) 01 February 2014
Basically the occupant of the property obtained on pagdi is not an absolute owner, therefore he is not entitled for bank loan in stricter terms. If there is any business activity in the said property, the bank may offer loan on the basis of Bank guarantee.
