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  • Plot Loan Eligibility

    If you wish to purchase a plot of residential land in order to build your dream home as per your requirements, then a plot loan is what you need. A plot loan can be used to purchase a plot through direct allotment or for purchase of a resale plot. Leading banks offer affordable interest rates with attractive features and benefits. The eligibility criteria for plot loans vary from bank to bank and is available for residents of India, Non-Resident Indians, and Person of Indian Origin (PIO).

    Banks Offering Plot Loans

    These are some of the leading banks that offer plot loans in India:

    Bank Eligibility Criteria
    Age Nationality Profession
    HDFC Bank 21 to 65 years Indian Salaried or Self-employed
    PNB Housing Finance Ltd. Not more than 70 years at loan maturity Indian Salaried or Self-employed
    Bajaj Finserv 23 to 62 years for salaried 25 to 70 years for self-employed Indian Salaried or Self-employed
    State Bank of India 18 to 65 years Indian Salaried or Self-employed

    Eligibility Criteria 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.

    • The applicant must be a resident of India.
    • Non-Resident Indians (NRIs) and Person of Indian Origin (PIO) plot loans are offered to a person residing abroad for employment or other reasons and is in India for less than 182 days during the time of preceding financial year.
    • Agriculturists & small/marginal farmers are categorized under plot loan schemes based on their holdings of irrigated and unirrigated land.
    • Most of the banks require the applicant to be in the age bracket of 21 to 70 years. Depending on if the applicant is self-employed or salaried, the maximum age at the time of maturity will differ.
    • Salaried applicants must meet the specified income criteria and must have a constant source of income. Self-employed applicants must have been in the business for a specified number of years.
    • The applicant must have a good credit score and clean repayment history.

    Factors Determining Plot Loan Quantum:

    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.

    • Assets held by applicant
    • Age of the plot loan applicant
    • The applicant’s repayment capacity
    • Co-applicant’s asset and income
    • Security offered by the applicant to the bank
    • Continuity and stability of the income

    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.

    Documents Required 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.

    Mandatory Documents:
    • Duly filled and signed application form with photographs
    • Identity Proof - PAN card, passport, voter ID etc.
    • Address Proof - Passport, Driving license, voter ID, ration card etc.
    • Latest degree certificate as proof of educational qualifications.
    • House documents like title documents and approved plan, as applicable
    For Salaried Applicants:

    Salaried applicants must submit the following.

    • Form 16 for the last 2 years
    • Salary slips for the last 3 months
    • Latest bank statements showing salary credits
    • certificate of employment
    For Self-Employed Applicants:
    • Proof of business existence and business profile
    • latest bank account statements for business and self
    • Income Tax Returns for the last three years for business and self
    • Profit and loss account statement and balance sheets
    For Agriculturists:
    • Certificate showing land holdings, if applicable
    • Basic KYC documents

    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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