City Beat: Chandigarh Housing Board Gives Nod To Loan On Property [Video]
The Chandigarh Housing Board has allowed nearly 70,000 property owners in the city to take loan against their properties both residential and commercial segments. To avail of this service, the allottee of the property will have to apply for permission to the board. While a processing fee of Rs 1,000 to Rs 2,000 will be charged depending on the size of your property, you will receive the permission in two working weeks. By paying a higher fee of Rs 30,000 to Rs 50,000, you can also get a faster approval within five working days.
According to official estimates, Chandigarh has nearly 63,000 residential and 4,000 commercial properties.
In another piece of good news for those planning to buy property in Punjab, the state Cabinet has abolished the two per cent stamp duty levied on immovable property when giving the power of attorney. The state has set a Rs 1,000 fee as a nominal charge to give a general power of attorney and Rs 500 on special power of attorney.
Meanwhile, the state government has given a relief to those who own industrial plots of 1,000 square yards or more in Mohali. The government has announced a conversion policy that would allow the owners to convert such plots to start hospitals, educational institutions or hotels. The decision came after the state noticed that many such plots were lying vacant due to the absence of a conversion policy. Under the policy, the plot owners could construct on 40 per cent of the total plot area.