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Plot Loan for Land Purchase

Banks operating in the country offer plot or land loans to eligible applicants. The loans can be availed to buy a residential plot where you can build your dream home. They are provided at attractive rates and can be repaid in affordable EMIs with the maximum repayment tenure going up to 25 years. Read on to know more about plot loans.

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Plot Loans by One Solution

Plot loans are a unique banking product designed to facilitate the purchase of a plot of land. Also known as land loans, it is often confused as being same as a home loan. The difference between plot and home loans is that a plot loan can be availed for the purchase of the land where the house will be constructed later.

Home loan starting from 20 Lacs

₹ 20 Lacs lakhs to ₹ 1000 crores

Loan tenure

Upto 30 years

Some of the benefits of availing plot loans are listed below:

  • Can be availed for purchase of residential land
  • Attractive interest rates
  • Affordable repayment tenures
  • No pre-payment penalty
  • Processing fee is low
  • Minimal documentation
  • Tax benefit under Section 24 and 80C of Income Tax Act
  • Listed below is the list of basic documents which you will need to furnish while applying for a plot loan. The documentation requirements are subject to change depending on the eligibility criteria laid down by different lending institutions.

    • Duly filled Application form
    • Applicant’s photograph
    • Proof of Identity
    • Proof of Residence
    • Most recent salary slips
    • Bank statement for the last 6 months
    • Form 16
    • Cheque for loan processing fee

    Additionally, you may also be required to provide the following documents pertaining to the land.

    • Original documents pertaining to ownership of the land
    • ‘No Encumbrance’ Certificate for the plot
    • Layouts / drawings of the plot, duly approved by the Town Planning Authority.
    • Revenue receipts
    • Land records
    • Tax receipts for taxes paid by the landowner

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