Loan Against Open Plot Unlock The Value Of Your Property
Check your eligibility
Loan against open plot objectives
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Date of Birth*
Required Amount Loan*
Income (Per month)*
City you live in*
The plot must be within municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority.
Loan for Purchase of a plot through direct allotment.
Loan for Purchase of a resale plot.
Transferring your outstanding loan availed from another Bank / Financial Institution.
Attractive interest rates to make your Plot Loan affordable.
Customised repayment options that suit your needs.
Expert legal and technical counselling.
No hidden charges.
Loan Against property
Investors are traditionally inclined towards buying land either purely as an investment or for building a house. So, if you are looking to buy a plot, you may not be eligible for a home loan, but for a land loan. Home loans are available only for the property already constructed, under construction or likely to undergo construction soon. For funding the purchase of a vacant plot, you will have to go for a land loan instead.
Loan limit: Land loan can be taken for up to 70% cost of the plot in urban areas. While the percent drops down to 50-60% for land in smaller cities or towns. Hence, the remaining 30-40% of down payment has to be paid by the loan borrower only.
Tax eligibility: Though a land loan is part of home loan offering, but a landowner would not get any tax benefit for just owning the land and keeping it as investment. The tax benefit comes in picture only if landowner decides to build a home on the said land. But, still tax deduction will start from the year when home construction is complete.
Within municipality limits: Banks and NBFCs will extend land loans for land only under municipal or corporation limits. If the land comes under agricultural or commercial vicinity, then a loan cannot be availed on such land.
Other requirements: Land loan process is similar to a home loan procedure. A person has to submit his identity proof, address proof, income record, as well as all the other land related documents. The land in question should bear clear title and possession certificate, encumbrance certificate, location certificate along with back documents of last 15 years needs to be produced.
You can apply individually or jointly for Plot Loans.
All proposed owners of the property will have to be co-applicants.
However, all co-applicants need not be co-owners. Generally co-applicants are close family members.
Generally Required Financial Documents For Self Employed Category
Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:
Original documents pertaining to ownership of the land.
ID proof: Copy of passport / PAN card / Voter id card / Driving license/ Ration card / Adhaar card.
‘No Encumbrance’ Certificate for the plot.
Layouts / drawings of the plot, duly approved by the Town Planning Authority.
Tax receipts for taxes paid by the landowner.
Address proof: Copy of , passport/utility bill/voter id card / driving license/ ration card / adhaar card.
Bank statement for the last 6 months.
You may spread out your payments for the loan over a maximum term of 15 years.The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of the bank.
The actual Plot loan amount is determined taking into various account factors such as: