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Senior citizens above 65 can also avail this loan on the condition that they repay the amount before turning 70. Another rule for availing of a loan for plot is to have definite plans to construct a house on that plot. The lender will grant the loan only if you promise to begin construction within a stipulated time period from the date of loan disbursement. I had taken a home loan with SBI bank about 5 years ago. Since I was holding a savings account process was smooth and done the process on time.
The customer can also avail another Home Loan for construction of house on plot financed under SBI Realty. The maximum amount of loan that can be offered to a customer can range upto Rs. 15 crores with a comfortable repayment of 10 years. Plot loans are available to purchase residential plots of land, on which you can go ahead and build to your satisfaction. Plot loans generally have a low processing fee and no possibility of a prepayment penalty. Property and construction loans are helpful products.
Plot Loan Reviews
Interest rate was less so I have chosen this bank for my home loan. I got a loan amount of Rs. 50L and they are providing pre - closure and partial payment facility. I have taken a home loan from SBI and the loan amount was Rs. 30 lakh. The rate of interest was 8.15% and i am paying EMI of Rs. 25k.
Aadhar MD & CEO awarded the ‘Certificate of Excellence’ under “30 most innovative Business Leaders to watch in 2018” in July 2018 by ‘The CEO Magazine’. Aadhar Housing Finance bagged the ‘Most Promising Brand For Housing Finance’ award at the ‘World BFSI Congress’ presented by ET Now in Mumbai on 14th Feb, 2019. Aadhar Housing Finance has received ‘Maharashtra State Best Employer Brand Award, 2021’ at the 16th Employer Branding Awards hosted on 23rd Nov, 2021 by World HRD Congress for our exemplary work in HR.
Features and Benefits of Plot and Construction Loan
I received this loan instantly and i applied this loan through online channel.There is no pre closure charges. Without any hassles got this loan and i am really satisfied with the service . I have taken a Home Loan from SBI through bank directly.
We make it a point to be transparent about how our plot loan works, so you can rest easy with the support of the local experts who sit out of our branches. Our plot loan helps both salaried individuals like government employees and corporate professionals, as well as self-employed individuals like doctors, lawyers, CAs, traders and small business owners. We are committed to financing your dream of constructing and owning a home of your own. I never contacted SBI customer care service regarding a home loan services.
Charges On Account Of Delayed Payments
Your end goal will decide which one suits you better. IDFC FIRST Bank, among other lenders, can help you avail bothtypes of loans. IDFC FIRST Bank can also provide competitive interest rates and easy repayment options, decreasing your shoulders' financial burden.
This gives the borrower the freedom to apply for tax benefits on the home loan as plot loans do not qualify for any tax deductions. Banks operating in the country offer plot or land loans to eligible applicants. The loans can be availed to buy a residential plot where you can build your dream home. They are provided at attractive rates and can be repaid in affordable EMIs with the maximum repayment tenure going up to 25 years. Where both plot loans and housing loans offer tax benefits, the former has certain conditions attached.
For instance, you may get a land loan only for residential purposes, not commercial use. Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
HDFC's Plot Loans help you acquire the land for your home so that you can start turning your dream home into reality. Besides the rules mentioned above, there are other factors that distinguish a land loan from a home loan. Moreover, the location of the plot must fall within the state’s municipality or corporation limits.
A loan for plot purchase is a finance solution that offers to fund for buying a plot of land on which you will construct a home in the future. Ramya wishes to use the piece of land to construct a house for herself and her family in the heart of Mumbai. On the other hand, Sonia wants to generate income from the land by converting it into a farming paradise. The former’s application is approved, while the latter’s is rejected. I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years.
I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying because i recently done a balance transfer. Customer service is not upto the mark and they need to improve. You can avail Capri Plot Loan and take the first step towards building your dream home!
Here’s a list of standard documents you must provide when applying for a plot loan with Tata Capital. Note that the documentation requirements may differ from one lender to another. You can either visit a lender’s nearest branch or their official website to get detailed eligibility information. Several lenders also offer online eligibility calculators for quick eligibility calculation. A major advantage of walking into your nearest ICICI HFC or ICICI Bank branch is the special offers.
Plot loans are approved only for the purchase of a residential plot of land and if the borrower has definite plans of building a house on the plot of land. Banks usually have a timeframe within which the residential property has to be completed on the purchased land. However, once the house has been completed, the completion or occupancy certificate can then be submitted to the bank after which the plot loan will be converted into a regular home loan.
Looking for a home loan?
SBI welcomes you to explore the world of premier banking in India. Our commitment to nation-building is complete & comprehensive. SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of SBI. You will also have to be an adult in the eyes of Indian law, which means that you will have to be at least 18 years of age.
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