To get loans on land you can go to a bank to secure plot loans. In simple words, plot loans are unique banking products introduced by banks so that you can avail of loans for plots. There is a significant difference between plot loans and home loans. You can apply for home loans if you are purchasing a constructed house and if you are purchasing land you need to apply for a plot loan. You need to secure a plot loan for land purchase.
Eligibility Criteria
To understand how to get a land loan to buy land we must know the eligibility criteria. You can avail of plot loans if you fulfil the eligibility criteria mentioned below
Should be an Indian
Must be a salaried or self-employed person
The age bracket to secure a plot loan is 21 years to 70 years.
Should have a good credit score.
Filled up application form
Photograph of the applicant
Identity Proof
Residential Proof
Recent salary slips
last 6 months statement of the bank
Form 16
A cheque to process the loan fee
Original documents that proves the ownership of the land
'No encumbrance' certificate
Revenue Receipts
Land records
Paid tax receipt.
These are documents you need for how to get loan for land purchase.
Get home loans at the lowest interest rate from NoBroker Home Loan Services.
Banks such as SBI, HDFC, PNB Housing Finance, Bajaj Finserv, ICICI Bank offer plot loans. You need to check the lowest interest rate and avail loan from the bank.
I hope you know about the process of loan for land purchase now.
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Authors Of The Question
How to get loan for land purchase?
Reshmi Rathore
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2 Year
2021-12-24T10:19:05+00:00 2021-12-24T10:21:00+00:00Comment
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