Loan from Nationalised Bank

Raj Sharma (Querist) 16 November 2010 This query is : Resolved
I wish to construct my house on my plot of 200 sq. yards.
plot is in situated at Sehakari Samiti, which is not approved by the Ghaziabad Development Authority. i tried to get the loan from Nationalised banks but they refused saying that they only sanctioned the loan to area approved by Concerned Development Authority.

kindly advice how i can get the loan?

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R.Ramachandran (Expert) 16 November 2010
Dear Mr. Raj,
No bank will be in a position to give loan without adequate security. In your case, the security of the plot of land which you would be offering to the bank is not good enough since it is an unapproved plot.
Therefore, you have to give some other security to the satisfaction of the bank, if you have, to obtain the loan.

Parthasarathi Loganathan (Expert) 16 November 2010
However, all owners of the Samiti can approach the local revenue authories together and get the Plots approved by the competent authority stating that Banks are not sanctioning loans against unapproved collateral securities. Many residential areas have developed in this fashion. Please try as a group or society.

Parthasarathi Loganathan (Expert) 16 November 2010
Reply again repeated, hence erased.

Parthasarathi Loganathan (Expert) 16 November 2010
Reply repeated due to Server issues

Sri Vijayan.A (Expert) 17 November 2010
Normally, Bank won't sanction loan.
However, u may try the option suggested by Mr.Partha, which may work

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