A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Plot Loan Eligibility

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  • 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.

    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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