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).
These are some of the leading banks that offer plot loans in India:
|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|
|ICICI Bank||25 to 65 years||Indian||Salaried or Self-employed|
|State Bank of India||18 to 65 years||Indian||Salaried or Self-employed|
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.
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.Mandatory Documents:
Salaried applicants must submit the following.
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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