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In certain parts of Navi Mumbai, there are properties that come under the control of the municipal corporation but are called ‘Gaothan properties.’ These homes are affordable and appeal to people looking for budget-friendly options. However, some potential buyers have concerns about whether these homes are legal.
The interest rates for Gaothan properties can be higher compared to other types of properties. However, the specific interest rate can vary depending on the financial institution or lender you approach for financing. It starts from 10.90% depending on cibil score.
In the case of Gaothan properties, the landowner plays a crucial role. The landowner is typically the person or entity who owns the land on which the Gaothan property is situated. They have the legal rights and ownership over the land and are responsible for granting permission or entering into agreements with individuals or developers who wish to construct or use buildings on their land. The landowner may have certain obligations and responsibilities towards the occupants or residents of the Gaothan properties, such as ensuring basic amenities, maintenance, or adherence to certain rules and regulations.
When compared to other properties within the city limits in Maharashtra, the gaothan property rates are much more affordable. The rates, however, differ from region to region.
The interest rate for Gaothan properties is decided by banks and based on income. They have different slots for the interest rate depending on salaried, self-employed, and cash salary. They look at how risky it is to lend money for these properties and then set the interest rates accordingly. It’s a good idea to talk to different banks or lenders to find out what interest rates they offer. That way, you can compare and choose the best option for financing a Gaothan property.
Gaothan properties are typically found in certain regions of Maharashtra, India, including parts of Navi Mumbai. We also provide service in these areas for Gaothan home loans.