Do you know an investment option that has shown around 800% increase in the past 20 years? You guessed it right if you had said “Plots”. Investing in land continues to be a very popular choice amongst people for the very reason that it mostly appreciates over the time. A plot is also very flexible in terms of investment - you can sell or share it for future gains. The icing on the cake is that with urbanization, the demand for plots and land is ever increasing and purchasing a plot is financially less demanding than purchasing a property. More often than not, the resale value of plots is better than that of residential properties. You can also choose to invest in a plot if you want to construct a house according to your design preferences and after a few years when you have gathered enough money for constructing a house.
Even though the cost of a plot is comparatively lesser than that of houses, many of us would lack immediate funds to aid a property purchase. Good plots are hard to come by and one should never wait quoting financial reasons. With many banks offering loans exclusively for plot purchase, you can easily pay the loan back in affordable EMIs. Plot Loans are offered to all categories of applicants including agriculturists, self-employed customers, salaried applicants and NRIs. Read on to find more about the eligibility for plot loans.
The eligibility criteria for home loans differs based on the plot loan scheme and also the applicant’s employment type. Here are some of the standard eligibility criteria for plot loans.
Apart from plot loan eligibility criteria, certain factors decide the loan quantum that you get. Here’s a list of factors that impact your eligibility and loan quantum.
Your bank might have a preset list of eligibility requirements or calculate your eligibility factor based on certain parameters. Do enquire with the bank to find out more about plot loan eligibility before applying.
How do I find out my eligibility for Plot Loans?
You can visit any of the third party loan comparison websites to know more about the eligibility criteria for a bank. Also, you have to mention some information like the required loan amount, tenure, your annual income, and age to get suitable plot loan offers. Alternatively, you can visit a bank branch and enquire more about the eligibility for plot loans.
Now that you have found out your eligibility, you must be informed about the documents required for plot loans to make the loan application process fast. Here are some of the documents that might be asked for when applying for plot loans.
For Salaried Applicants:
Salaried applicants must submit the following.
For Self-Employed Applicants:
Being informed about the eligibility criteria and the documents that will be required will make your loan process hassle-free. Also, if you know the eligibility criteria for plot loans offered by a particular bank, you will be able to choose the best scheme in the market.
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