Plot Loan in Hindi Plot Loan in Hindi : If you need a loan to buy land, then this article is for you. In this article, we will provide you complete information about plot loan such as what is plot loan, how can we take plot loan, eligibility for this loan, what is the document and how can we apply for this loan e.t.c.
Tell you the plot loan of friends Land Loan Also called so you do not have to confuse between plot loan and land loan, both are the same name.
When we take a loan to buy a plot or a piece of land, it is called a plot loan.
It is in the mind of many people that plot loan and home loan are the same but it is not so, we take home loan to buy a house whereas we take plot loan to buy a piece of land on which we can invest in future. I will build a house. Home loan and plot loan both are opposite to each other.
Plot Loan in Hindi
Many banks and non-banking financial companies (NBFCs) in India are providing land loans to customers at attractive interest rates. You can apply online for this loan by visiting the official website of the lender or apply offline by visiting the nearest branch of the lender.
Citizens with a good CIBIL score and credit profile can avail the bank’s attractive interest rates. If you want to buy a plot to build your house or for any other purpose and you are short of money, then in this situation you can take advantage of plot loan and buy the land of your choice.
In different banks and NBFCs Plot Loan Loan tenure, interest rate, loan amount etc. are of different types.
Many farmers have a question in their mind that how to get a loan to buy agricultural land, then tell you that if you are buying a plot for agriculture or for the purpose of your business, then you will have to contact the lender because you can apply for a plot loan. You can take to buy a piece of land which does not meet your agricultural needs.
HIGHLIGHTS:
| loan name | Plot Loan or Land Loan |
| lender | Banks and NBFCs |
| Rate of interest | Different in different banks and NBFCs |
| processing fee | Different in different banks and NBFCs |
| loan tenure | up to 15 years |
| loan amount | Up to 70% of the cost of the plot |
| application mode | online / offline |
plot loan interest rate 2022
The interest rate plays an important role in taking any loan. In a way, the interest rate of the loan decides the amount of loan that you are secured. Land loan interest rate varies in different banks and NBFCs.
You can get information about plot loan interest rates of all banks by clicking on this link. Lenders provide loans to customers at both fixed and floating interest rates. Fixed rate is one in which the interest rate remains fixed for the entire tenure of the loan.
While in floating rate the interest rate keeps on fluctuating during the tenure of the loan. Land Loan Interest Rate is higher than the home loan interest rate. Many lenders offer plot loans at interest rates comparable to home loans.
plot loan interest rate It depends on many factors of the applicant like CIBIL score of the applicant, credit history, repayment capacity, income of the applicant, employment status etc.
If you have a very good credit history and have a steady income employment, then you can take advantage of the lender’s attractive plot loan interest rates.
Plot Loan Benefits and Features
- Anyone can buy a plot of their choice Plot Loan can take advantage of.
- Plot loan and home loan both are different, plot loan is taken by you to buy a piece of land on which you will build your house in future whereas home loan is taken by you to construct a house, renovate a house or buy a house.
- Plot loan and land loan both are same.
- You can take Land Loan for a maximum loan tenure of 15 years.
- You can get loan up to 70% of the market value of the plot depending on the lender and the profile of the customer.
- If you take a Plot loan, then you do not get any tax benefit on the payment of the loan, but if you start the construction work on that land, then you can take advantage of the tax benefits.
- Before applying for the loan, you must calculate your loan EMI with the help of a plot loan calculator which helps you in availing the loan.
- You can take Plot Loan only for the purpose of building your house, you cannot take this loan for agricultural purpose or business purposes.
- After taking a loan, it is necessary to build a house on it.
- You must have also heard about loan against property which is different from plot loan. In property loan, you take loan by mortgaging your property whereas in plot loan this is not the case.
- Attractive interest rate.
- Low processing fee.
- Long term loan benefits.
- No prepayment penalty.
- No Hidden Charges.
- Loan benefits with minimum documentation.
- loan to buy land If you face any problem in taking, then you can get information by calling the Plot Loan Customer Care Number of the lender.
Home loan vs land loan difference between plot loan and home loan
Many people think that plot loan and home loan are same whereas it is not so. Plot loan and home loan both are different. You can see the difference between these two loans here:
| home loan | plot loan |
|---|---|
| We take this loan for buying a house, renovating a house or building a new house. | We take this loan to buy land on which we will later build a house. |
| You get the benefit of tax benefits at the time of loan repayment. | You do not get the benefit of tax benefits in this loan, but if you start the construction work on the land, then you can take advantage of tax benefits. |
| Its loan tenure is up to 30 years. | While the loan period of Plot loan is up to 15 years. |
| The interest rate is lower as compared to plot loan. | Its interest rate is higher than that of home loan. |
| In this you can get loan up to 90% of the cost. | Under plot loan, you can get loan up to 70% of the cost of the plot. |
Similarities Between Plot Loan and Home Loan
If there is some difference between these two loans, then there are some similarities as well. There can also be an analogy that you will buy land under Plot Loan and build your house on it under Home Loan. Interest rate, processing fee etc. are imposed in both the loans.
The EMI options offered by the lenders and the terms for co-applicants are also the same. You can apply for both the loans both online and offline.
Plot Loan Eligibility
The eligibility to apply for Land Loan can be different in different banks and financial companies. Some of the common eligibility are as follows:
- The applicant must be a resident of India.
- Anyone who needs land to build a house can avail this loan.
- You can buy land only for the purpose of building a house.
- If you are buying land for agricultural work or business purpose, then you cannot avail land loan.
- You will have to start construction work on the plot within 2 to 5 years of purchasing it.
- Your CIBIL score should be very good.
- You must have a good job that is earning you a steady income.
- The maximum age of the applicant should be 18 years or more.
- Both salaried or self-employed individuals can apply for the loan.
Plot Loan Documents required
The documents may be of different types for different lenders. For more information about the document, you can contact your nearest lender’s branch.
Some common documents are as follows:
- duly filled application form
- photo of the applicant
- latest pay slip
- Proof of residence
- proof of identification
- Bank statement of last 6 months
- form 16
- Original documents related to land ownership
- Other documents you may need to provide:
- revenue receipts
- land records
- Tax receipts for taxes paid by the landlord
- Layout/drawing of the plot duly approved by the Town Planning Authority
- ‘No Encumbrance’ Certificate for the plot
How to apply for plot loan?
If you fulfill all the conditions of this loan, then you can apply for it both online and offline. The method of applying may be different in different lenders but you can see the general method below;
land loan apply online
- To apply online, you must first visit the official website of the lender.
- On the home page of the website, you will see the option of plot loan in the option of Loans, click on it.
- On the next page, all the information related to the plot loan will appear in front of you.
- To apply, you have to click on the option of Apply Now.
- The form will open in front of you.
- Enter the requested information and click on submit.
- After you submit the form, the lender’s officials will get in touch with you and the loan process will be continued further.
How to apply offline?
- To apply offline, you must first go to the nearest branch of the bank or NBFC from which you are taking the loan.
- You will have to contact the branch staff who will provide you complete information about the land loan.
- Then will verify your documents.
- You have to fill the form and submit the documents.
- If your loan is approved, the loan amount is transferred to your bank account.
Plot Loan EMI Calculator
Before applying for a plot loan, you should calculate your loan EMI with the help of a plot loan EMI calculator so that you can get an idea of the amount of installments you will have to pay at the time of loan repayment.
You get the option of Plot Loan EMI Calculator on the official website of each lender. You have to click on that. As soon as you click, the EMI Calculator opens in front of you, in which you can check the EMI of your loan by entering the loan amount, interest rate, loan tenure etc.
plot loan customer care number
If you are facing any kind of problem in taking Land Loan or you have to get any other information about this loan, then you can get information by calling the customer care number of the lender.
You can also apply for the loan by calling the customer care number. Each lender has a plot loan helpline number. You can get this helpline number from the official website of the lender.
conclusion
In this article we have given you Plot Loan in Hindi Complete information about has been provided. Any person who is thinking of buying a plot to build his house and does not have money, can take advantage of a plot loan in this situation.
If you still have a question How to take a loan to buy a plot? So you can write us in the comment for this.
FAQ:
When we take a loan to buy a piece of land, that is, a plot, then it is a plot loan.
It varies from lender to lender but generally you can get loan up to 70% of the cost of the plot.
Yes you can buy land under land loan.
You can find the cheapest good loan by comparing between different banks.
No, both the loans are different. We take a home loan to buy or build a house, whereas we take a plot loan to buy a piece of land on which we will build a house in the future.