Home Loan-Gram Panchayat Property
It is not regularized under the town planning department and not even approved by the Gram Panchayat Sarpanch. What the Gram Panchayat property refers to is basically a property which falls under the Gram Panchayat area.
Usually, the co-operative bank of the area provides home loan for properties under the Gram Panchayat. In which, the government wants to offer complete financial support to home buyers to bring them back to the mainstream to people with a temporary roof over their head.
Here are certain important points to keep in mind while buying a Gram Panchayat Land :
- Home finance is available for middle class and lower middle class.
- There is a restriction when it concerns regarding Gram Panchayat properties; Ground floor and up to three floors are only considered for the finance and the applicant is not allowed to construct above this limit.
- Only some micro housing finance companies are allowed Gram Panchayat Property for home loan.
- The lenders consider cases where there is cash income involved without the ITR as well as irregular income to provide the loan.
- Rate of interest on home loans for Gram Panchayat properties would be little higher than authorized properties.
- The loan scheme covers the Pradhan Mantri Awas Yojana under it.