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  • Indian Bank Plot Loan

    Indian bank offers an array of home loans with competitive rates of interest. Its impeccable customer service and user friendly portals for repayment have made it the go to bank for home loans. Read more about home loan details from Indian bank.
    We found 0 Indian Bank Plot Loan
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    The ever-growing populace in the country may have given birth to apartment complexes. Nobody these days have the time or energy (or money) to purchase a plot first and then construct a house on it except, of course, the privileged and/ or old-fashioned few. Yet those who cherish the notion of building a dream home exactly as he/ she envisioned find the concept of land loans as attractive as home loans. Indian Bank’s land loan is customized for people from diverse backgrounds.

    Features of Indian Bank Land Loan:

    Particulars In Detail
    Purpose/ aim of the Indian Bank Land Loan To buy a piece of land for the purpose of constructing a house. The blue print of the land must be authorized by a Competent Authority
    Eligibility Criteria The applicant needs to be of age 18 and above and must not be above age 60 at the time of maturity.
    Amount of Loan You can apply for a sum 30 times of Gross Monthly Income. Indian bank has fixed the cap on Land Loan based on several factors: To buy a property in Rural Locations: INR 50.00 lacs To buy a plot in Semi-urban Places: INR 1 Cr To buy land in Urban/ metro cities: INR 2 Cr to INR 3 Cr.
    Margin 25 percent on plot cost
    Processing charges 1.173 percent on loan sum
    Rate of Interest The customer should start constructing the house in two years from the day he/ she availed the loan. They can also start the construction from the day possession is handed over by the Government Housing Development Agency. In case of non-compliance with the above, a higher interest rate could be levied for the late period.
    Repayment Maximum EMIs allowed is 180, without any Holiday Period
    Prepayment charges No fee levied
    Security Equitable Mortgage of Property bought out of loan money. This has to be registered (Applicant should bear the expenses) if there is a provision for the same in the State where plot is.

    Quantum of loan

    Indian Bank permits up to 36 times of the gross monthly income or 3 times of annual income, subject to a maximum of Rs.1,200 lakh. The table mentioned below gives a clear idea of how much you can borrow depending on the area:

    Area Amount
    Rural Area 100 Lakh
    Semi Urban 200 Lakh
    Urban 600 Lakh
    Metro 1200 Lakh

    Eligibility for Indian Bank Plot Loan

    To be eligible for Indian bank plot loan, the applicant needs be a salaried or self-employed individual between 18 and 60 years of age.


    The margin of the loan is 25 percent on the cost of the plot. It must be noted here that valuation of two independent panel engineers is to be obtained if the value of the plot is more than Rs.1 crore.


    As security equitable mortgage of the house to be purchased and the equitable mortgage needs to be registered.

    Documents required for Indian Bank Land Loan:

    Indian Bank do not compromise where documentation is concerned as it is a government bank. Their rules and guidelines are inflexible. Given below are the paperwork required if you are planning to apply for a plot loan from them.

    • A duly filled application form affixed with 3 most recent passport sized photos.
    • Declaration of assets and obligations of the applicant (co-applicant and guarantor, it applicable) in the Indian Bank’s authorized format.
    • ID-proof: Aadhaar Card, PAN Card, Driving License, Passport, Election ID
    • Address proof: latest utility bill, tax receipt, rental/lease agreement, Voter’s ID or Passport.
    • Income proof: Salary slips, bank statements, business-proof papers, ITR, Balance Sheet, Form16 etc.
    • Sale agreement
    • Approved Building Plan
    • Pay slips
    • Bank statement for the last 6 months
    • Title Deed Documents for 13 years/ 30 years as per the case.
    • Title-proof in the Revenue Records.
    • Property tax receipts wherever applicable

    Repayment period

    The repayment period can go up to 15 years.


    1. When can I take disbursement of the loan?

      You will avail loan after your property is assessed legally and technically and whether you have financed your Own Contribution completely.

    2. In how many installments will Oriental Bank of Commerce distribute the loan?

      After getting your request for payment, the bank will pay out the loan completely or in installments, which is customarily not more than three.

    3. Can I pay towards my land loan repayment in bulk before schedule?

      Yes, Oriental Bank of Commerce offers its customers the option to prepay (partially or fully) without any added charges. You can also put in a request to reduce your tenure.

    4. Should the land has to be insured?

      You can enquire about this directly at the bank. But most banks insist on insuring all properties they finance. 


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