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Yes, definitely, you can apply for a home loan on a property held under the Pagdi system. But the process is complex and depends on legal title transfer to full ownership. Most banks will grant a typical home loan in your name.
The Pagdi system is a tenancy and co-ownership arrangement where the tenant pays a premium and enjoys rights like subletting. But full legal ownership (like a sale deed) is not always clear, especially of the land portion.
Banks require clear and marketable ownership documents to approve a home loan, especially when the loan is in your name alone.
If your pagdi flat’s title rights are formalized and registered as absolute ownership through a legal sale/transfer from the landlord, then you can apply for a home loan using that property as security.
Lenders assess your income, credit score, and the property’s legal status and value before sanctioning a loan, and a registered sale deed is usually mandatory.
If the pagdi rights are not yet converted into full ownership, you may face loan rejection or limited financing options.
Some banks might offer a loan against property (different from a home purchase loan) or project/renovation loans, depending on documentation, but most mainstream lenders insist on a clear title. Also, remember that legally changing your Pagdi tenancy into clear, indisputable ownership, usually by a documented Sale Deed with the landlord. This is all about home loan on pagdi property.
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Banks look for clear ownership titles.
If the property has been transferred in your name and you hold the title of the property, then it is possible for banks to approve your loan application as you have a collateral to offer.
Can I get home loan on Pagdi property transferred to ownership of self.
Ujwal
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2021-07-15T19:23:01+00:00 2023-09-21T15:33:09+00:00Comment
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