NEWS & ADVICE : HOME LOANS
More than 25 banks step forward to provide loans for regularization of unauthorized property in Bangalore
By Joseph Samson
Nov 4, 2007
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Bangalore: The scheme to regularize unauthorized construction, Sakarma-2007 has got good support from leading banks. More than 25 top banks have stepped forward to offer loans to those who want to regularize their property under this scheme.

State Bank of India, State Bank of Mysore, Central Bank, Bank of India, Corporation Bank, UCO Bank, Syndicate Bank, Indian Overseas Bank, Bank of Maharashtra are some of the leading banks, which are willing to lend at existing home loan rates to property owners. This was stated by Vasanth Rao, DC, BBMP after the Palike held a detailed discussion with the representatives of various banks.

The banks have agreed to provide loans provided the owners agree to an inspection of their property by qualified structural engineers appointed by banks. After successful inspection, banks will release the regularization fee to the Palike as a demand draft. If any such application of regularization is rejected by the screening committee of Palike, the demand draft will be returned to the Bank.

The drive to regularize unauthorized property, provided they meet the guidelines framed by municipal authorities require the property owners to file an application before the authorities with the demand draft of regularization fee by December 14. Considering the time frame to be very less and the difficulties faced by property owners to arrange the regularization fees, banks have come forward to arrange the much needed finance. However, the authorities are firm on the deadline and they won't extend it beyond December 14.


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