SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. I had a home loan with State Bank of India and it was closed without any issues.
At the top of the list, you must be an Indian citizen residing in India to take such a loan out. If you are a non-resident Indian, you will still be eligible to purchase a plot loan, but the plot of land purchased will mandatorily have to be used for the construction of a residential home. In such a situation, you might need to take a plot loan, also referred to as a land loan, which is a loan that banks and other financial institutions offer precisely for this purpose. It is not a loan against the plot but a loan for buying the plot instead. Home Loan services was fine from State bank of Travancore since i got the offer. Once i applied the loan, they approved the loan on the spot.
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Thus, if you plan to invest in a plot, a house loan would not be applicable in that case. Therefore, various banks offer a different section of loans known as plot loans if you wish to buy a plot. However, it is important for you to know that several lenders are not willing to lend a plot loan if you have no construction plans on that particular land. Also, many lenders include the construction cost in the provided loan amount. Looking to buy a plot of land today to construct your dream home but you are facing difficulties to get a loan due to nature of your business or not having adequate income proofs? ICICI HFC can finance to make your dreams come true.
You can have this experience at every one of our 135+ ICICI HFC branches or walk into your nearest ICICI Bank branch to get your loan process started. Our local experts are just around the corner, waiting to help you get a plot loan as quickly and as easily as possible. ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants. If you add your wife or mother to your home loan, you may be able to get a lower interest rate, even if they are not earning. It can take as little as 72 hours to get your loan for land purchase disbursed.
SBI realty home loan
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.
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. In case of agricultural plot loans, the loan amount is considered for what purposes? If you want to buy a house but currently can’t afford it or when you want to buy just a plot for investment purposes, SBI plot loans will be highly beneficial. As an added benefit, you can also avail extension loans from State Bank of India for construction of houses if you want to.
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This is wrong and makes sure you dont believe them. Here is an example of a Rs 20 lacs plot loan which is taken for 10 yrs @7% interest rate. The interest to be paid in this case will be 7.87 lacs apart from the 20 lacs principal amount.
I have taken yes bank home loan directly through bank. Yes, Non Resident Indians are eligible for plot loans from banks in India. However, the plot loan can only be used to buy a plot of land for residential use and cannot be used for any other purpose. You can also get tax benefits on the interest portion of the loan under Section 24 after construction of the house is completed and you start residing in the house. Under Section 24 of the Income Tax Act, you are eligible for an annual deduction of Rs.2 lakh.
Documents required to avail of a plot loan
Financial institutions don’t just offer a home loan; they also provide plot loans, which apply when a piece of land is purchased instead of a house. This is a plot loan, sometimes known as land loan, offered by SBI that enables a borrower to buy a plot for the purpose of construction. However, the construction of the unit should take place within 5 years of the loan being sanctioned.
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.
Pre closure is applicable but there is locking period of 6 months. My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. Documentation process is as usual like other banks.
It is simple to get a plot loan from ICICI HFC as we have easy eligibility norms and require few basic documents. To increase your eligibility, you can even add a co-applicant, who could be your spouse or immediate family member. When you take a plot loan, it comes at a lower interest rate because the assumption is that you will be building the house on that land within 2-3 yrs. Under Section 24 of the Income Tax Act, once the construction of the home is complete and you have occupied the home, you can gain further benefit on the interest component of your plot loan. However, for this, you would have to convert your plot loan into a normal home loan which will help you to avail this benefit. This conversion of plot loan to a home loan is easy and can be availed upon completion of the construction of the house on the plot.
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