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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

Interest rate: if you purchase a land to build a home, you can avail a plot loan at a low-interest rate. All the charges will be communicated upfront hence there will be no hidden charges.
Prepayment charges: Most of our lenders provide options to close the loan after completing initial EMI's without any pre-closure charges.
Tax benefits: You can avail tax benefit for the loan amount, after completion of construction of a house, bungalow, or a villa on the plot purchased.
Tenure: Plot loan comes with 15 - 30 years of loan tenure, it varies based on the customer profile, age of the customer, and customer repayment capacity.
Loan to value ratio: Loan to value ratio (LTV) is the amount of loan he/she can get against the property. For land loans, the LTV ratio capped at a maximum of 80% of the total land value.
Balance transfer: Customers with land loans can opt for a balance transfer facility, a balance transfer is a facility offered by banks to transfer the balance loan amount to other banks with a low-interest rate.
Top-up loan: A top-up loan is a loan granted by the bank over and above your current plot loan. The top-up loan is a financial help provided by banks to fulfil your dreams with little financial assistance.
Quick disbursal: Since quick processing and disbursal is the top priority while purchasing a land, we speed up the process and once get approved, the lender sends the fund directly to your bank account.

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Plot Loan Types

Plot loan:

The land or plot of your choice must be purchased strictly for non-agricultural purposes.

Plot + Construction Loan:

‬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 Oct 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

Maintaining a good credit history, a score above 750 is considered ideal.
Check with the lender to find out whether or not you are eligible for a plot loan.
Compare interest rates offered by various lenders ensures that you get the lowest rate.
Don’t apply for a loan at several lenders which decreases your credit score.
Assess various fees that your lender charges to get a clear estimate of the expenditure.
Once done with finalizing a lender, make sure you ask them about loan pre-payment.
Before borrowing a loan, plan for its repayment to avoid financial confusion later.
If your loan application has been rejected, it is advised to wait for at least 6 months to apply again.

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

What is the minimum CIBIL score required to get a plot loan?

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.

Can I get a plot loan for purchasing agricultural or commercial property which is outside the municipality or corporation limits?

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

How long does plot loan approval take?

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.

Will I have to visit a bank to get a land loan?

No, you do not have to visit the bank to apply for a plot loan. You can simply visit our website www.finmaket.in 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.

I have a question which is not listed here, what I need to do?

Our loan specialists are here to help you, please feel free to contact our customer representative at 9059365625. If you have a more pressing matter to discuss, feel free to visit our branches.

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