Can I get LIC Home Loan for B Khata?

To answer your query about availing of a LIC home loan for B Khata, I’d like to say that generally, nationalised banks are not able to provide home loans, site purchase loans, or composite loans for B Khata properties. But compared to a nationalised bank, many private financial institutions charge far higher interest rates on loans for these properties.

Is it Possible to Get LIC Housing Finance for B Khata?

Obtaining a loan for B-Khata properties, which are either illegal or semi-legal, is difficult. Lenders typically reject home loan applications for properties in the B Khata.

However, as per my research, financial institutions such as LIC Housing Finance, CAN Fin Homes, HDIL, Indiabulls, and others provide house loans for B Khata properties. 

It is advisable to clarify with the lender that your property is a B Khata one. Your application for a house loan could be denied if you apply without being verified, which could make it more difficult to obtain approval for a loan.

I hope this answers your query, about obtaining LIC housing loan for B Khata.

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B Khata properties typically get a rejection by several banking institutions. But I know that many private financial institutions offer B Khata loans. The proper method is necessary to receive the loan advantages if you are also seeking one. You will just have to qualify for the eligibility criteria of the institution. So let’s dig in deep to know more about whether can you get LIC housing loan for B Khata.

Can you get a LIC housing loan for B Khata?

Yes, many NBFCs offer loans for even B Khata properties. B Khata loans are available from NBFCs including LIC Housing Finance, CAN Fin Homes, HDIL, Indiabulls, and others. Most nationalised banks do not view B Khata properties as legal real estate. And they do not offer loans for building or purchasing a B Khata property as a result. Interest rates differ between lenders and depend on your background. It contains your CIBIL score, earnings, and income-to-debt ratio as well as the property type. I hope you understood can I get LIC home loan fro B Khata.

What documents are needed for LIC housing finance for B Khata?

The straightforward paperwork required for hassle-free home financing is listed below.

• Master plan or floor plan (Approved by Panchayat).

• A copy of the receipts for the previous years' property tax payments.

• Order of land's transfer from agricultural to non-agricultural use.

• The Panchayat Khata extract given by the builder.

• Property's title deed and sale deed

• Current real estate taxes.

• KYC documents.

• 3 years IT returns.

• Betterment fees must be paid to BBMP upon property conversion.

What else should you think about when searching for a home loan?

When you sign out for your first home loan, the majority of consumers choose a 25-year term. You can stay for a longer or shorter amount of time, though. Your instalments will be less if you choose a longer term. But it will take you longer to repay your loan and you will be spending more interest than if you choose a shorter term. The faster you pay off your home loan, the shorter will be the interest rate.

This clears your doubt about whether can you get a LIC housing loan for B Khata.