1. Yes you can get a housing loan for the above site for the approved plans.

2. Since not agriculture land this land will be covered under Sarfesi if there is any default.

1. Any property which does not fall within the category as mentioned in section 31 of chapter-Vi of the SARFAESI Act including agricultural land is amenable to the rigours of the said A t.

2. So the land you have mentioned falls clealry within the ambit of SARFEASI Act and you can get loan on this property as well.

1. Since your site is a gramtana site and been categorised as 'A' Katha property and issued A-Katha also got building license, you can get housing loan from the nationalised banks, subject to your fulfilling other conditions laid down by the banks.

2. If a charge is created over the property like Mortgage, etc., and if that charge is discharged by the Mortgagee by way of executing a registered Discharge Deed, then this property does not come under SARFESI ACT. On the other hand if the mortgagee defaults in paying the EMIs for a period of 3 months or more, the account becomes NPA, then to get back the advanced money, the lending bank will initiate action under SARFESI ACT, after giving many opportunities to clear the loan.

Dear Sir,

If it is having A khata then you will get loan from Nationalized Bank. Sarfaesi Act applies to all loans advanced by Nationalised Banks as such you need not worry about it if you are intending to pay the EMI’s regularly on your proposed loan. You may purchase the said property after verifying original records and cross checking in the concerned officers.

nationalized or Co-op banks do provide approval for Gram thana projects SBI being the popular one. I would suggest, visit the nearest nationalized bank branches and confirm the same.

1) SARFAESI Act is not applicable on agricultural land,

2.) However, if the said Agricultural land is not used for the purpose of agriculture and is used for constructing residential apartments, then the said land is not considered as agricultural land and SARFSESI Act is applicable on such land.

3) Regarding sanctioned housing loan its depends upon bank to bank rules and regulations.

1. Yes you can

2. Check the same with a local advocate.

Regards

1. GramPanchayat has no legal authority to sanction /approve any plan for Construction. ONLY the collector /Town Planning Dept., (or Local Municipal Corporation /Council) has the sole legal authority to sanction /approve any plan for Construction.

Grampaychayat office is only for collecting House Tax and providing allied facilities (road, water, common electricity ....)

2. "Sarfaesi Act", is not concerned about house construction or plans or whatever. It is concerned only about defaulters who take Loans and then Default on repayments, which then consequently leads to Auction of the mortgaged property.

Keep Smiling .... Hemant Agarwal

You can apply for and obtain housing loan from

Nationalised bank for carrying on construction on site . For purchase of land bank may not sanction loan

2) if you fail to pay loan bank can invoke SARFESI act

Hi, the housing loan is passed only for the approved colonies passed by the town and country planning of the state

Dear Sir,

SARFACESI Act is enacted to facilitate the bankers to recover the loans easily and it is not concerned with the nature of property. Yours is 100 percent title property.

1. The bank will give you the details and would ask you to furnish the reliable documents for grant of loan besides asking you to comply with the requirements that are necessary to grant loan, you may get this issue clarified from the bank in which you are planning to avail the said loan.

2. No site will come under sarfesi act, but if the defaulted loan exceeding Rs. 10 lakhs and has been declared as NPA, then the provisions of sarfesi act will attract.