A "low interest" loan shouldn't mean you have very little interest in paying it back!
One of the best investment plans for the future is buying a site or plot of land. There is no comparison to the feeling 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 land 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. |
| Margin | 25% of the cost of the plot |
| 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 + GST |
| Documentation | Rs 439 + GST |
| Technical verification | Rs 1316 + GST |
| Subsequent technical verification | Rs 439 (GST to be paid extra) |
| Copy of property papers | Rs.200 + GST for up to 20 pages. Above 20 pages extra price of Re 1 per page would be charged . |
| Legal verification | Rs 877 + GST |
The repayment tenure of a plot loan availed for Aadhaar Housing Finance can up to 20 years. It needs to be mentioned here that the tenure does not extend beyond the retirement age of salaried applicants i.e., 60 years and 65 years for self-employed applicants.
As plot loan, the applicant can avail up to Rs.1 crore from Aadhaar Housing Finance Limited. It should however not exceed 70 percent of the cost of plot.
The plot loan from Aadhaar Housing Finance can be availed individually or jointly. The co-applicant of the loan may or may out be a co-owner of the property but should be immediate family member of the primary applicant.
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.
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