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Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

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Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

Last updated: January 29 2018
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  • Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

    My father have own SRA flat in Mumbai Dadar we want to sale this flat and divide the money into 10 younger brothers of my father. But I want to buy this flat by taking home loan against SRA flat, AND I AM SON OF MY FATHER. is this possible?
    Last edited September 2 2015, 09:25 AM.
  • #2

    #2

    Re : Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

    Originally posted by jeevank View Post
    My father have own SRA flat in Mumbai Dadar we want to sale this flat and divide the money into 10 younger brothers of my father. But I want to buy this flat by taking home loan against SRA flat, is this possible?

    Banks agree to give loans for SRA flats

    PUNE: Several banks have agreed to provide loans to beneficiaries of the Slum Rehabilitation Authority (SRA) scheme being implemented by the Pimpri-Chinchwad Municipal Corporation.

    On Friday, the civic authorities held a meeting with bank officials, as around 480 flats are soon to be allotted to the beneficiaries.

    Speaking to mediapersons after the meeting, standing committee chairman Dnyaneshwarrao Bhalerao said that "the cost of each house is Rs 3.5 lakh. The beneficiary has to give an affidavit that he has no outstanding loan from any other bank, and that he will repay the loan on time and follow the conditions. The beneficiary cannot sell or rent the house for 10 years."

    Bhalerao added that the banks have put a condition that if the beneficiary fails to pay three consecutive instalments, then they will lock the flat. Another condition is that the possession of the flat will remain with the bank till the loan is repaid.

    Assistant commissioner Sudhir Joshi said that the PCMC will soon hand over possession of the 480 tenements to the beneficiaries in Sector 22, Nigdi-Pradhikaran.

    - TOI Report
    Last edited September 1 2015, 04:44 PM.

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    • #3

      #3

      Re : Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

      Hi jeevank; Partially Yes, SRA is a scheme where slum dwellers will get new constructed residential premises at same land and builders and developers will get incentive areas to develop the same piece of land from the government.

      Now slum dwellers will get newly constructed residential units, however with the condition that they will not be able to transfer these properties till 10 years. Thus due to such lock-in period, transfer of such slum dweller units is not possible and hence financial institutions will not be able to finance in the absence of registered sale deed.

      However Builders and developers who have developed this piece of land will get incentives in the form of additional FSI, and for which they generally construct separate buildings which can be called as saleable buildings. Such will be financed by some financial institutions.
      Last edited September 1 2015, 04:44 PM.

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      • #4

        #4

        Re : Mumbai : Can SRA Flats be Mortgaged to Avail Home Loans?

        Hi,

        We have our own SRA room on my father's name.thus to inquire is there any possibilities of getting the loan on the that room,and what will be the amount of loan i will be getting if the room cost is 55 lakh in todays date.



        Thanks

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