Plot Loan to Build the Home of Your Dream/Build your Assets

Not comfortable living in a regular-sized flat, thinking to purchase land and build a space that is uniquely yours then get a low-interest plot loan with FinMarket to build the home of your dream. Avail a plot loan with interest rates as low as from 7.0% p.a. onwards. The loan tenure for plot loans is up to 30 years and get a maximum loan amount up to 1 crore or more. We provide land loans at affordable interest rates with low processing Apply Now.

Features and Benefits of Plot Loan

Get Plot Loan Eligibility in Minutes

Plot Loan Types

  1. Plot loan:
  2. A loan to Purchase vacant residential plot or piece of land, the purchased plot should be within municipality or corporation limits.
    • The land or plot of your choice must be purchased strictly for non-agricultural purposes.

  3. Plot + Construction Loan:
  4. Customer who opts for plot + construction loan need to purchase the residential land and should construct a house within the stipulated time.
    • ‬If a customer does not begin construction within the specified time,‭ ‬then the bank can increase the rate of interest.

The Eligibility Criteria for You to Avail Land Loan on the Below Factors

Criteria Salaried Self-Employed
Age ( primary applicant) 23 years to 55 years 23 years to 55 years
Age ( Co-applicant) 18 years to 55 years 18 years to 55 years
Net Monthly Income Rs.35,000 Rs.35,000
Loan Tenure Up to 30 years Up to 30 years
CIBIL Score Above 750 Above 750
Minimum Loan Amount Rs.30 lakhs Rs.30 lakhs
Maximum Loan Amount Rs.100 lakhs Rs.100 lakhs

Documents Required for Plot Loan

Criteria Salaried Self-Employed
Identity Proof Passport, Voter’s ID, Driving License or PAN Card. Passport, Voter’s ID, Driving License or PAN Card.
Residence Proof Passport or utility bills. Passport or utility bills.
Income proof Past two years bank statement of salary account. Past two years audited financial statement.
Property documents
  • Allotment letter/ buyer agreement copy.
  • Title deeds in case of a resale with the previous chain of the property documents.
  • Allotment letter/ buyer agreement copy.
  • Title deeds in case of a resale with the previous chain of the property documents.

Interest Rates for Plot Loan Jul 2020

Banks/NBFC Names* Interest rates Processing Fees
HDFC LTD 7.0% onwards 0.50% of the loan amount
ICICI Bank 7.25% onwards 0.50% of the loan amount
Axis Bank 7.25% onwards 0.50% of the loan amount
PNB 8.00% onwards 0.25% of the loan amount
Bajaj Finserv 8.25% onwards 0.75% of the loan amount

Tips for getting Plot Loan Approval

Do’s and Don'ts while applying for a land loan

Do’s Don’ts
Check the rate of interest offered by the lender. Ignore your credit score and make multiple inquiries regarding loans from different banks.
Check the eligibility criteria and documents. Do not sign your loan documents without reading it completely.
Consider how you’ll pay the loan off. Don’t ask someone to co-sign your loan if you’re Not sure you can make the payments.
Make sure that the loan is in accordance with your FOIR. Applying without calculating your required credit amount.

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More About Plot loan

Q: What is the maximum tenure of a plot loan?

A: The maximum tenure for plot loan is 30 years, but it varies from lender to lender.

Q: Can I get tax benefits on my plot loan?

A: No, a plot loan does not offer any such tax benefits offered by a home loan, you can avail tax deduction only if you are constructing a house on the land.

Q: What is the maximum time available for starting construction after taking a land loan?

A: The construction should be completed within two years from the date of disbursement of the loan.

Q: Does a loan for construction include the cost of labour and raw materials?

A: Yes, a loan for construction will include both these costs.

Frequently Asked Questions

The minimum CIBIL score required for plot loan approval is 750 or above.With 750 or above your or eligible to get higher loan amount and also you have a scope to negotiate the interest rate.

No, the plot should be within municipal or city limits and that should not be agricultural property.

It is usually sanctioned in 5-6 working days and the loan amount would be credited to your bank account in 7-8 working days. The entire process of a loan application, evaluating your application, e-sanctioning and finally, the disbursal would take around one week's time.

No, you do not have to visit the bank to apply for a plot loan. You can simply visit our website and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.

Our loan specialists are here to help you, please feel free to contact our customer representative at 1800 572 2132. If you have a more pressing matter to discuss, feel free to visit our branches.

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