One of the best investment plans for the future is buying a site or plot of land. There is no comparison to the feeling of watching your dream come true in concrete. The dream of owning a house begins with buying a plot. There are several banks and financial institutions which offer monetary assistance to buy sites or land for constructing a house.
A collaboration of Dewan Housing Finance Ltd. (DHFL) Group and International Finance Corporation (IFC), Aadhar Housing offers loans for different housing requirements. Plot loan offered by Aadhar Housing can be used to purchase nonagricultural land that is located within the local/municipal development authority’s limits. Aadhar Housing also offers finances to construct a house on the purchased plot of land. The loan amount depends on the individual’s requirement and repayment capacity. Both salaried and self-employed individuals can apply for the plot loan from Aadhar Housing.
The Aadhar Housing site loan is filled with salient features. Some of them have been mentioned as under:
|Quantum of loan||Up to Rs 2 lakh can be availed. However, the amount should not exceed 75% of the site’s cost|
|Eligibility Criteria||Minimum age of the applicant should be 18 and above. At the time of the loan’s maturity, he must not be above 60 years of age.|
|Interest||House must be constructed on the plot in two years from the day the loan was availed or possession is handed over by the Housing Development Agency|
|Processing fee||2% of sanctioned loan amount + service tax|
|Documentation||Rs 439 + service tax|
|Technical verification||Rs 1316 + service tax|
|Subsequent technical verification||Rs 439 (service tax to be paid extra)|
|Copy of property papers||Rs.200 + Service Tax for up to 20 pages. Above 20 pages extra price of Re 1 per page would be charged .|
|Legal verification||Rs 877 + service tax|
In order to avail site loan from Aadhar Housing, the individual will have to produce a few documents as proof. The list of documents is mentioned below:
The plot loan can be availed for a maximum of 20 years. The tenure cannot extend beyond 60 years (if the applicant is salaried) and 65 (in case of self-employed).
Until you repay the entire loan amount, the plot remains mortgaged to Aadhar Housing
The applicant choose the tenure to repay the loan, within the five years offered by Aadhar Housing, according to his convenience.
The loan amount offered to an individual is determined on the basis of his requirement and repayment capacity.
Yes. The co-applicant may or may not be the owner of the plot.