Can I Get Loan on DTCP Layout Plot?

Someone I know recently invested in a DTCP-approved plot. And, he even got a loan for it. I was just as curious as you and wanted to know can I get loan on DTCP lay out plot or not. I asked him upfront and he told me that the only condition to get a home loan on a DTCP approved plot or any kind of plot is that you should have a construction plan in vision. If you plan on constructing a building on the plot, you will easily get a loan. But to get permission to start any construction activity on DTCP land, you need to take DTCP approval and certain approvals from local bodies. 

So, I will first tell you how to get a DTCP approval for a land.

Step-1: All essential documentation must be uploaded along with the online application. If any of these documents are missing, the online application system will not accept them.

• Site map

• Copies of the survey drawing, the village plan, the field measurements, and the survey number book

• A masterplan or an illustrative land use plan excerpt

• A thorough plan

• Certificate issued by the municipal government

• Registration records for the property's ownership

• Certificate of Land Conversion

• Where necessary, various No Objection Certificates

Step 2: After reviewing the application, the local organisation will send it, together with its comments, to the relevant Composite Local Planning Authorities (CLPA), New Town Development Authorities (NTDA), and Regional Office (RO) of Town and Country Planning.

Step 3: The application will be examined by the technical division of the CLPA, NTDA, or RO in relation to the standards and specifications.

Step-4: The DTCP office will receive the suggestions.

Step 5: Based on the provided technical drawing, the director must approve the layout's road plan.

Step 6: The applicant must then turn over the corresponding local authority the road and Open Space Reservation (OSR).

Step 7: After calculating the centage and development fees, a demand letter for payment will be given to the applicant.

Step 8: After the technically acceptable layout has been prepared, a fair copy will be given a number, and any outstanding entries will be made in the layout record.

Step 9: The procedure order will be delivered to the LPA / NTDA together with three sets of technically certified layouts.

10th step: Final permission from the local authority.

Can we buy DTCP approved plots on loans?

To qualified candidates, banks operating in the nation offer plot or land loans. You might use the loans to purchase residential land on which to build your own home. They are offered at competitive rates and can be repaid over a maximum repayment period of 25 years in manageable EMI payments. It is frequently mistaken for being the same as a home loan and is also referred to as a land loan. The distinction between a plot loan and a home loan is that a plot loan can be used to buy the land on which a house will eventually be built.

What are the Eligibility Criteria for Plot Loan?

The following is a list of the requirements that must be met in order to be eligible for a plot loan:

• The applicant must be an Indian resident.

• Candidate should be salaried or self-employed

• Should fall between the ages of 18 and 65.

What are the Documents Required to Apply for Plot loans?

So if you too are wondering, can I get loan on DTCP lay out plot, you have your answer.