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They took longer time for the verification and lot of paper works. There are charges for processing fee and plus insurance fee. 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. I have taken a loan amount of Rs. 8,50,000 and there is no preclosure charges. Its due to the low rate of interest, i have selected the home loan from SBI. Without any hassles got this loan and i am really satisfied with the service .
This SBI land loan offers a maximum loan amount of Rs.15 crore. Whether your need is big or small, we finance them all. You can get a plot loan of up to Rs 1 crore to purchase a vacant plot for construction of a residential house.
Mistakes to Avoid While Applying for a Personal Loan
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. I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds. Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request. Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.
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.
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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On the other hand, a housing loan can be used to buy an under-construction or a ready-to-move-in apartment, flat, or villa. Some lenders, like Tata Capital, offer home loans that you can utilise for a variety of purposes, including plot purchase. Tax benefits on plot loans can be availed only if you construct a house on the plot. The tax deductions can applicable only when the construction is completed. As per Section 80C of the Income Tax Act, you can avail deduction on the principal repayment component up to a maximum of Rs.1.50 lakh per annum.
Housing is a priority sector lending, that is why the interest 1.5 to 2 % less than normal loans. Plot purchase can be considered a priority sector, only if there is an intention to build a house subsequently. In total, you can get a 63 lacs (18+45) loan, provided you are eligible for such a loan based on your income. For Example, You take a loan of 4,00,000 Rs to purchase a plot and after a year you take a loan of 2,00,000 Rs. Then the tax benefit will be given on the combined amount.
Documents required to avail of a plot loan
The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance Company. # Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges. Walk into any of our branches to meet your local experts.
Also, a plot loan is different from a home loan in that the latter is only available to purchase residential houses that have already been built. I never contacted SBI customer care service regarding a home loan services. Interest rate was less so I have chosen this bank for my home loan.
It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision. A high loan-to-value ratio of close to 100% of the construction budget or 90% of the property's value, whichever one is lower, is applicable. Get a loan amount approved and sanctioned by our team of experts who are present at every ICICI HFC branch.
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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