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.
| 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 |
| 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 |
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| 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 |
| 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. |
A: The maximum tenure for plot loan is 30 years, but it varies from lender to lender.
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.
A: The construction should be completed within two years from the date of disbursement of the loan.
A: Yes, a loan for construction will include both these costs.
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 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.
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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