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If you are planning to purchase a plot, then you will be eligible for a land loan and not for a housing loan. Housing loans are available only for the properties likely to undergo construction soon, under construction, or already constructed. If you want to buy a plot, then you’ll have to go for a land loan instead. I want you to know that the processes, rates, and terms related to land loans are similar to that of a housing loan. Keep these points in mind if you want to get loan on open plot:
Apply for a loan which you can repay easilyBefore you apply for a plot loan, you should evaluate how much loan amount you can afford based on your ability to afford it as well as your income.
Debt and Income RatioBank officials will approve your loan application if you maintain a good debt and income ratio. The lesser the ratio, the better are the chances of your land loan application getting approved.
Maintain a good credit scoreMake sure you have a good credit score of 700+ if you are planning to get a plot loan. A good CIBIL score ensures the lender of your creditworthiness and ability to pay back the EMI.
Read how to improve CIBIL score immediately
Now that you have an answer to your “can we get loan on plot” query, check out the plot loan interest rate in different banks.
Plot Loan Interest Rate| Bank | Plot Loan Interest Rate | Processing Fee |
SBI Plot Loans |
7.65% |
NIL |
HDFC Plot Loans |
7.05% |
Upto 0.50% Min: Rs. 3000; Max: Rs. 10000 |
ICICI Bank Plot Loans |
8.90% |
Upto 1.00% |
PNB Housing Finance Plot Loans |
8.35% |
Upto 0.50% |
Axis Bank Plot Loans |
6.70% |
Upto 0.20% Max Rs. 10000 |
Read more:
How to get a loan for land?
How to get loan on agricultural land?
I hope you like my answer on loan on open plot!
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Can we get loan on plot?
Abhishek
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3 Year
2021-10-27T14:37:04+00:00 2021-10-27T18:18:27+00:00Comment
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