I Don’t have maps for my property, can I still get a Loan against Property

by varun · Published September 2, 2020 · Updated December 24, 2021

Loan for property without maps

If you are applying for a Loan against Property in any Bank then, you need to mortgage your property for this. Property should be clear and without any legal problems whatsoever. Maps provided by property sanctioning authorities are one of the most important documents in any property documents. Banks usually don’t provide a Loan against Property to a property without maps. It is quite understandable from Bank’s point of view that they would not want to mortgage a property whose pan is not even sanctioned by a local authority. But, having said that it is observed that in all major cities of India large number of properties don’t have a property maps.

Loan

To assist these consumers, we have prepared following points to assist you in getting a Loan against Property even if you don’t have maps –

Additional Co – Applicant – By adding a additional creditworthy co-applicant to your loan application, you are giving additional assurance to lending institution. Co- applicant with good credit score will add to the comfort level of lending institution. Suppose, if your spouse have a good credit score, you can make him/her your additional co-applicant.

Good property conditions – A well maintained property in good marketable conditions would fetch a greater market valuation compared to property which is not maintained properly.

Guarantor for your application – By adding a guarantor to your loan application you are increasing your chances of getting your Loan against Property sanctioned by a bank. Guarantor acts as a protection for your Loan against Property in case you default in your repayment.

Seek Low LTV – LTV stands for Loan to Value. Banks have certain fixed LTV for Loan against Property. Banks usually offers minimum of 50-70% of market value of property or 80-90% of your loan amount required. Suppose, you require a loan of Rs 50 lakhs from bank then what you can do is to add certain funds from your side. By adding funds from your side, you are increasing credit worthiness of your loan application.

Seek certain HFCs that offer loans to individuals with No Maps – There are certain companies and organizations like Religare Housing, Shubham Housing Finance etc which provide loans to the individuals having no maps for their properties.

Good Repayment behavior/good CIBIL – If you have a good repayment behavior for your existing loans running then you must have a good CIBIL record. A good CIBIL score of around 750 and above would increase chances of getting your Loan against Property sanctioned manifold. CIBIL score is the gold standard in lending industry and there is no substitute to a great CIBIL score.

Proper Documentation – Even if you don’t have Map for your property then you should maintain proper documentation for your property like proper Sale Deed, Agreement to sale etc.