Plot Purchase Loan

Plot Purchase Loans

Plot purchase loan is the type of loan which is used to buy a land so that the applicant can build any building over the land. The applicant can get the plot purchase loan for the purpose of residential activity, investment or other construction. However, the plot purchase loans cannot be availed for agricultural land. With plot purchase loan, up to 70% LTV (Loan to Value) ratio over the property price can be availed. There are mainly two types of Plot purchase loans:

Types

  • Release Plot
  • Direct Allotment

Eligibility

For working individuals:

  • The age of the person must be between 23-65 years.
  • The person must be a permanent resident of India
  • The person must be earning and must possess a minimum experience of 3 years.
  • The minimum loan amount he/she can apply for is Rs.10 Lakh, with Maximum loan amountas Rs.3.5crores.

For Entrepreneurs/self-employed applicants:

  • The age of the person must be in between 25-70 years.
  • The person must be a permanent resident of India
  • The person must have experience of minimum of 5 years within the industry.

Documentation

Some of the documents which are required to get eligible for Loan against Property are:

  • Document proof for KYC such as Adhaar, PAN card, identity proof, Passport, etc.
  • Document proof for the running business or self-employment with an Experience of minimum 5 years.
  • 6 months prior bank statement proof


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