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The rate of interest of the loan may vary from bank to bank. But, to avail this loan you need to follow the basic application process along with submission of important documents. You can borrow this combined loan for buying the plot of land along with constructing home on it. Here are some important features and terms related to this loan that one should know before applying for the same. In case you plan to purchase a plot, you will have to opt for a plot loan that is different from the home loan. A house loan is intended to purchase a property that is already constructed or is under construction and would be available shortly.
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.
Mistakes to Avoid While Applying for a Personal Loan
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc. ‘Own Contribution’ is the total cost of the property less HDFC’s home loan. EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum. I declare that the information I have provided is accurate & complete to the best of my knowledge.
Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes. You may spread out your payments for the loan over a maximum term of 15 years. MagicBricks.com is India's No 1 Property portal and has been adjudged as the most preferred property site in India, by independent surveys. The portal provides a platform for property buyers and sellers to locate properties of interest and source information on the real estate space in a transparent and unambiguous manner. You can get a variety of benefits and advantages out of a loan.
Interest Rates
A good credit score is essential to get quick and hassle-free approvals for land loans. You can also approach the bank for a loan after improving your credit score, which can be done by clearing your past debts. You can also approach a bank with which you have an existing relationship or fixed deposits or other investments. Using an EMI calculator will help you in knowing the amount which needs to be paid as EMI once you avail the plot loan. All you need to do is enter the loan amount, tenure in months, the interest rate and the processing fee and click on ‘Calculate’. Complete your loan for the land purchase application process with minimal time spent.
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 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. I bought my home loan from Fullerton but an interest rates are high.
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For plot purchase – 60% of 30lacs will be given to you as loan. 18lacs loan will be provided by bank, this is given as cheque payment direct to the seller. All the house owners are liable to pay income tax for the profit earned from the properties they own. However, if the owner himself is living in the office, then he is exempted from paying the income tax.
Hence be clear on how you intend to use your plot, and accordingly take up a plot loan to get the benefits of tax on your loan. However, the whole of the interest is relinquished if the constructed home is given on rent. Here are the things which you should know with regards to buying a plot by applying for a plot loan. You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced. Did you know investing to purchase land is considered one of the wisest decisions in your investment portfolio because of its growing value and worth. That is why Indian investors are inclined towards purchasing land either for investment purposes or for house construction.
Documents required to avail of a plot loan
The title transfer fees for the plot and the registration fees are also part of the exempted limit if they are paid for in the year in which the construction of home was completed. You can calculate your tentative loan eligibility with the help of our instant loan eligibility calculator. Tax deductions will only be applicable if the construction of the house is completed. The second loan is taken to construct the house on the same plot. The salaried claimant must have a disciplined source of income and more than that he must fit into the specified income criteria. Whereas a self-employed claimant must have been in the business consistently as per the specified number of years.
If you purchase a plot, you will have not only a space of your own but also the privilege to customise it in your own unique way. You can have as many bedrooms as you like, a kitchen at the preferred place, a personalised living room, etc. However, as we all know, purchasing a piece of land can be an expensive affair, especially in high demand areas or big metropolitan cities.
We are unable to show you any offers currently as your current EMIs amount is very high. You can go back and modify your inputs if you wish to recalculate your eligibility. Loans against property / Home Equity Loan for Business Purpose i.e. You can apply individually or jointly for Plot Loans. All proposed owners of the property will have to be co-applicants.
You can take a plot loan from us of up to ₹ 1 Crore and give your family their dream home they deserve. Enjoy competitive land loan interest rates during your tenure and walk into any of our 135+ ICICI HFC branches to meet a friendly local expert who will help you get a loan in as little as 72 hours. You also stand to receive home loan tax benefits if you commence construction on the purchased land.
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