Table of Content
For example, SBI Realty Home Loan not only gives you a benefit of purchasing a plot but also offers you a separate loan if you want to construct a house on it. HDFC Bank is one of the banks which offers loans with both the Fixed and Floating Interest options. The interest rate treatment for the plot loans is expected to be the same as that of the House loans. The Borrower will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan. The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.
I hereby authorize HDFC Ltd. and its affiliates to call, email, send a text through the Short messaging Service and/or Whatsapp me in relation to any of their products. The consent herein shall override any registration for DNC/NDNC. SBI realty home offers a concession on interest for women employees. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
AGE
I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
Do we have gestation period for agricultural plot loans? Yes, gestation period will be 2 years in case of land to be developed and will be a maximum of 1 year in case of developed land. After the gestation period, a maximum of 9 to 10 years can be taken for repayment of loan. Borrowers who want to buy land and construct a house on it can avail plot loan and construction loans to design the house the way they want. I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online .
SBI realty home loan
However, in this case, you are eligible for a pre-construction reduction of interest in which you can claim a reduction from before the financial year, for the same annual year. You will be provided the interest reduction over a series of installments. However, the deduction is applicable on a maximum of INR 2,00,000, and only if the owner or their family resides in the home constructed. A plot loan is a loan disbursed by a bank or a lender to applicants whose primary requirement of the loan is to purchase a piece of land or plot to build their dream home. A plot loan is a type of home loan that allows you to finance the loan for the residential plot. This is the land on which you will be able to build a dream home later.
Lenders, hence, allow borrowers to avail a plot and construction loan together as well. Borrowers must provide the lender with the details of the land they want to purchase and details of the construction of the property. If the lender feels borrowers have the right repayment appetite, both loans are sanctioned together. Also known as land loans, plot loans are often confused with housing loans. The main difference between a plot and a housing loan is that you can only use a plot loan to purchase a piece of land.
Credit Card
Therefore, to fulfil your dream of owning land in the big city and having a dream house built on it, you would require financing options to make the purchase. Besides, the documentation you will have to produce will also be minimal. The biggest pro in favor of taking out a loan would have to be that interest on a plot loan generally comes at attractive rates. Plus, the loan repayment installments and tenures are all very affordable and reasonable, too.
Listed below is the list of basic documents which you will need to furnish while applying for a plot loan. The documentation requirements are subject to change depending on the eligibility criteria laid down by different lending institutions. In order to avail of a plot loan from ICICI HFC, you must provide a written undertaking that states that the construction of your home will be completed within 3 years. In order to avail of a plot loan from ICICI HFC, you must provide a written undertaking that states that the construction of your home will be completed within 3 years after taking a plot loan. At each of our branches, you can get a loan in as little as 72 hours. We have easy eligibility norms and require very few basic documents.
Documents required to avail of a plot loan
In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time. Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank.
Even if you already have a plot loan, you can shift to ICICI HFC to reduce your EMI burden and get undivided attention from our experts. You can get competitive land loan interest rate options with us. You can shift your plot loan to ICICI HFC with our Balance Transfer facility and join the ICICI HFC family.
Even before laying the foundation of your dream house, you have to invest in the land on which you will build your house. A plot loan is the financial backing that you can get from ICICI HFC for acquiring a piece of land on which you can construct your home. You have a right to know exactly how much you will need to pay for your plot loan and when. You can find below the list of charges and rates applicable. 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. HDFC Plot loan is till 5 years provided at home loan interest.
This consent will override any registration for NDNC. Thus it is very necessary that you have enough cash flows to aid the repayments. The Loan to value ratio in terms of Plot Loans is lower than the Home Loans.