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Home Loan on GPA Property in Gurgaon

GPA Property, in the context of real estate in India, refers to “General Power of Attorney” property. It involves the sale and purchase of property rights through the transfer of power of attorney rather than through a formal sale deed. Here’s a brief explanation of what GPA Property entails:

General Power of Attorney (GPA): A General Power of Attorney is a legal document that grants one person (the attorney or agent) the authority to act on behalf of another person (the principal) in various matters, including property transactions. In real estate, a GPA is often used to authorize the attorney to sell, lease, or manage property on behalf of the principal.

Use in Real Estate Transactions

In some cases, particularly in the past, properties were sold using a GPA instead of a formal sale deed due to various reasons, such as circumventing certain regulations, avoiding taxes, or because the property was not legally transferable at the time. Under a GPA, the actual ownership of the property does not change hands; instead, the attorney is given the power to manage and dispose of the property.

At homeloanagents.in, we understand the importance of getting the right funding at right time. We have been in the industry for over 10 years and have helped more than 1000 Individuals in getting the required amount of Home Loan on GPA Property in Gurgaon. We have tie up with different PSU’s and private sector banks for different types of financing requirement such as Home Loan , Loan against Property or OD Limit. We are top Home Loan consultant for GPA Property in Gurgaon. You can also contact us even if you are looking for Home Loan on unapproved property in Gurgaon.

The rate of Interest on Home Loan for GPA Property

The interest rate on a loan for GPA (General Power of Attorney) property can vary widely based on factors like the lender, the borrower’s credit profile, the property’s location, and the prevailing market conditions. Generally, these loans might have slightly higher interest rates compared to traditional property loans because GPA properties are often considered riskier.

Which banks provide Home Loan for GPA Property

In India, obtaining a loan on a General Power of Attorney (GPA) property can be challenging because GPA properties are often seen as having less clear legal ownership. However, some banks and financial institutions might consider offering loans on such properties, especially if they have strong collateral or if the GPA is backed by other legal documents.

Some banks might provide loans on GPA properties in Gurgaon.
  1. HDFC Bank: Known for providing loans on GPA properties in Gurgaon in certain conditions, usually if the GPA is registered and supported by other legal documents.
  2. ICICI Bank: May offer loans on GPA properties but usually requires a thorough legal verification process.
  3. State Bank of India (SBI): Generally more conservative but may offer loans on GPA properties if they meet specific legal criteria.
  4. Punjab National Bank (PNB): Might provide loans against GPA properties in some cases, especially if there is clear legal backing.
  5. NBFCs (Non-Banking Financial Companies): Some NBFCs, such as Bajaj Finserv, LIC Housing Finance, and others, might be more flexible in providing loans on GPA properties, though at higher interest rates.
  6. Cooperative Banks: Some regional or cooperative banks might offer loans on GPA properties, especially in rural areas, but this is less common.

Features & Benefits

Tie-up with Multiple Banks & NBFCs

Longer Period

Tenure upto 30 years

Low Interest Rates

Quick Disbursal

Approval in 48 Hrs

Loan amount upto Rs.15 Cr

How to Improve the chances of getting Home loan

To increase your chances of getting a housing loan approved, here’s what you can do.

1. Credit clean-up : Your credit score is a vital factor of consideration. A high credit score makes it easier for you to get a loan. If you have a low credit score, identify the reasons by checking your credit report. Sometimes, minor errors affect your credit score adversely. In such a case, inform Credit Information Bureau (India) Limited (CIBIL) immediately about the error.

2. Assess your debt-to-income ratio : Lenders analyse your current income to determine your ability to pay the home loan EMIs. If possible, you can try to increase your annual income through a part-time job or by selling liquid assets like stocks. As your debt-to-income ratio increases, your chances of getting a loan can also increase.

3. Limit your borrowing : If you borrow more money than you need to meet your financial targets, your chances of getting a housing loan are reduced. Save and invest more, and take wise calls on how much money you require as a loan and submit an application for that particular amount.

4. Add a co-signor or guarantor : In certain cases, it can be difficult to get a loan on your own accord. Consider adding a co-signor or guarantor with a good credit score. A co-signor or guarantor ensures that you pay your home loan EMIs on time, and if you fail to do so, they are liable to repay the loan on your behalf. However, getting a co-signor or guarantor comes with its own terms and conditions and so be sure to take note of the same

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Frequently Asked Questions

To apply for a GPA Property Home Loan, you need to submit documents such as proof of identity, proof of address, Income Proof, Details of Property to be purchased, loan application form that has been duly filled and your financial documents.

We determine your eligibility after considering various factors, including your monthly income, your monthly financial obligations, your current age and your retirement age, among other things.

We have tie-up with Multiple Govt Banks, Private Sector Banks and NBFCs. We select the bank after considering various factors including your monthly income, your monthly financial obligations, your current age and your retirement age, property to be purchased among other things.

The rate of interest depende on various factors including customer profile and the bank from which we are arranging your home loan. Typically the home loan ranges between 8.5% to 12%.

The EMI is calculated based on specific factors like the amount of the loan, its tenure and the Home Loan interest rate.

A floating rate of interest is linked to a benchmark rate. As per guidelines of RBI, floating rate Home Loans from banks are linked to external benchmark rates. So, rate of interest of your Housing Loan changes in line with the Repo Rate. As a result, the EMI or the tenure of your loan will increase or decrease, depending on the change in the rate of interest.

A fixed rate of interest on a Home Loan means that the rate of interest does not change throughout the tenure of the loan. So, the EMI will also remain fixed.

Yes, you can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income tax return. The limits on the amount deductible are governed by the applicable income tax laws.

Knowledge Centre

Is it safe to buy GPA Property in Gurgaon

Buying a property through GPA (General Power of Attorney) can be complex and may involve certain risks. Whether it is safe or not depends on several factors. Here are some points to consider:

1. Legal Validity:

  • In Some Countries: Properties sold through a GPA may not offer full ownership rights. For instance, in India, the Supreme Court has ruled that property transactions done solely through GPA do not confer ownership. Such transactions may need to be converted into a proper sale deed to be legally recognized.
  • Check Local Laws: The legal standing of a GPA transaction varies by jurisdiction. Make sure the transaction complies with local property laws.

2. Verification of GPA:

  • Authenticity: Ensure the GPA document is genuine and notarized. It must be executed by the rightful owner of the property.
  • Scope: Verify that the GPA authorizes the person to sell the property and that it has not been revoked by the original owner.

3. Clear Title:

  • Ownership Verification: Ensure the property has a clear title, free of any encumbrances or disputes. This can often be done through a title search or by consulting a real estate lawyer.
  • No Liens: Ensure there are no outstanding loans, mortgages, or liens on the property.

4. Consult a Real Estate Lawyer:

  • Legal Advice: Before proceeding with the purchase, it's advisable to consult a real estate lawyer who can verify the documents and ensure that the transaction is legally sound.
  • Conversion: In some cases, you may need to convert the GPA into a sale deed for full legal ownership. A lawyer can guide you through this process.

5. Other Considerations:

  • Market Value: Ensure the property is being sold at a fair market value. Compare with other properties in the area.
  • Due Diligence: Conduct thorough due diligence, including checking the property's history, any ongoing litigation, or potential future disputes.

In summary, while it is possible to buy a property through a GPA, it comes with potential risks and complications. Legal consultation and thorough due diligence are essential to ensure a safe transaction. Getting a Home loan on GPA Property in Gurgaon can also be challenging, however some banks / NBFCs in Gurgaon offer loan on GPA Property.

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