Reasons Why A Bank’s Home Loan Approved Property Is Safer When Buying A ‘Standalone Building Apartment’ In Hyderabad!
A bank’s home loan-approved property simply means that the bank finds the property very low on risk, and is willing to give you a home-loan for it!
Home the single largest asset investment which is why we need to be 100% sure of our investment from a legal and safety perspective. You don’t want to have any surprises when you make payments from your own pocket. This is why home owners buy properties that are approved for a bank’s home loan by big financial institutions and banks.
You don’t want to run the risk of booking a property where construction of a building is stalled because of absence of requisite approvals, and lack of proper documentation. This is even more important for standalone apartment properties which are constructed by smaller, local builders.
It can be very stressful when things come to a grinding halt of your standalone building, and should you have no sight of when the construction will re-start. This is devastating financially as well as emotionally.
So, before buying a standalone building, you need to make sure that the builder possesses the requisite civic approvals- be it GHMC builder permit or HMDA approval.
What does bank approved property for home-loan mean?
- The financial institution checks on the titles and documents of the standalone building property in Hyderabad on the request of a builder
- Banks and financial institutions have the technical know-how to conduct a comprehensive assessment including reviewing the track record of the builder
- A standalone building which is pre-approved by a bank/ FI for a home loan means that the builders’ documents are in order, and that the construction is completely legal
- Before the banks or a Financial institution approve a property, they make sure that it is RISK-FREE for them
- This is because bank’s offer home loans to eligible buyers and the standalone building property is put on a mortgage with them
- Delay in construction, or any other form of obstruction comes in the way of the buyer of property getting impacted, and in turn, their ability to re-pay EMIs gets adversely affected
- This home buyers normally pay for the interest element till the property possession is received, and only then does the real Equated Monthly Instalment (EMIs) comprising both principal and interest element begin
This is why it is wise to rely on the due diligence of the bank before you buy your standalone building residential property is Hyderabad or elsewhere.
The builder also is at ease because they know that they will receive their payments from the bank and that it is in their interest to ensure that the construction goes on uninterrupted, and as per schedule.
While the bank is not responsible for any delay in construction by the builder, but the incentive to delay is taken away with a bank-approved property, because without money coming-in from the financial institution, the builder gets starved of cash. This is why the builder remains on schedule so that they get money released to them on-time by the financial institution or bank.
So, buying a property that is approved by home-loan is opted even by those who have the ability to purchase the property without taking loan. These cash-rich home buyers also get the banks to contribute for their home-purchase to get the bank’s skin in the game.
4 benefits of a bank’s home loan approved standalone building property in Hyderabad
- Being a small scale builder, the credibility of the property and the project is established
- Home buyers’ worries are freed, as they don’t have to worry about delay in construction due to improper documentation etc.
- Loan sanction of home-loan pre-approved projects is much quicker since the bank has already gone through the required due diligence of the property. Loan application processing time of a home loan pre-approved standalone property is much lesser
- A pre-approved standalone residential property in Hyderabad also indicates the quality aspect of the builder is dependable. ‘Quality as a parameter’ is taken very seriously by the banks and financial institutions
So, if you are looking at a standalone building residential apartment in Hyderabad- (1) a regular apartment with 2 or more neighbour on one floor, or 2) a ‘one apartment per floor’ luxury residence (where you own the entire floor- no neighbours), it is prudent to go for a home-loan approved property to secure peace of mind!
“You should feel beautiful and you should feel safe. What you surround yourself with should bring you peace of mind and peace of spirit.”– Stacy London
To know more about “5 simple joys of living in a spacious ‘independent floor’3BHK luxury residence!”.click here