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Land loans

How about living on your own land

Want to build your house on the land of your choice have you found the perfect location to build your dream house

You have your dream house perfectly sketched in your mind. Its a picture perfect house and that too on the exact location which you always wanted. If you have found the land on which you wish to bring your dream house to life then all you need is finance, to acquire that land.

Land Purchase Loan is a convenient land loans facility to purchase your land. Be it the land for your dream house or just an investment for the future, the Land Purchase Loan will facilitate your plans for the loan you need. Above all, the Land Purchase Loan comes with a comfortable re-payment options.

Land Purchase Loans

Various private and public sector banks are coming out with attractive loan plans for its customers for purchase of land, purchase or construction of house/flat. The loan can be taken for both, purchasing the land as well as for the construction on the land.

Eligibility for Land Purchase Loans:

Any individual aged 21 years or above having regular income is generally eligible to apply for land Purchase loan.

Maximum Amount of Loans:

The quantum of loan sanctioned, depends on a number of factors like

the cost of house/flat, person's age while applying for loan, income, repayment capacity, credibility etc. Loans of higher amount may be considered on the basis of how strong your case is. The loan can then be repaid through Equated Monthly Installments better known as EMI.

The land loans is payable maximum in years.

Margin for purchase or construction of new house/flat:

Minimum 15% of the project cost for individual

Minimum 10% of the project cost in case wife joins as co-borrower

Margin for purchase of old house/flat/land:

Minimum 30% of purchasing value. This value may vary from bank to bank.

Interest on Land Purchase Loans:

Interest on both fixed as well fluctuating rates are available. The actual interest rate is governed by the prevailing market conditions at the time of taking the loan. Special reductions in interest rates may sometimes be allowed for women and in other special conditions. A nominal processing fee of one percent of the amount of loan taken is generally charged by the banks.

Documents Required for Approval of Land Purchase Loans:

if you are a Businessman/ Self employed professional then you can submit the following documents:

1. Application form with photograph

2. Educational qualification proof

3. Identity and residence proof

4. Proof that you have an existing business with last three years income tax return

5. Last 3 years income statement & the balance sheet.

6. Last 3 month's bank statements.

7. Processing fee check

Salaried customers:

1. Application form with photograph

2. Identity and Residence proof

3. Latest salary slip

4. Form16

5. Last 6 months bank's statement

6. Processing fee cheque.

List of Some of Banks Providing Land Purchase Loans:

HDFC Bank - HDFC Land Loan Rates

ICICI Bank - ICICI Home Loans

Bank of India - Loans To Purchase A Plot

Standard Chartered - HomeAssist

IDBI Bank - IDBI Home Plans

State Bank of India - SBI Unique Housing Scheme

Union Bank of India - Union Home Plus

UCO Bank - UCO Shelter

Bank of Baroda - Housing Offer

Citibank - Innovative Home Schemes

Development Credit Bank - Home Vantage

Note: Terms and conditions may vary from bank to bank.

There are different types of land loan which an individual can apply for.

Home Loan -This scheme offers home loans for individuals to purchase (fresh / resale) or construct houses. Home land loans can be applied for individually or jointly. Like for example, HDFC finances up to 85% maximum of the cost of the property (Agreement value + Stamp duty + Registration charges).

Home Improvement Loan -also known as HIL facilitates internal and external repairs and other structural improvements like painting, waterproofing, plumbing and electric works, tiling and flooring, grills and aluminum windows. Banks usually finances up to 85% of the cost of renovation (100% if you are an existing customer of that bank).

Home Extension Loan - also known as HEL facilitates the extension of an existing dwelling unit. All the terms are the same as applicable to Home Loan.

Land Purchase Loan - Be it land for a dream house, or just an investment for the future, Land Purchase Loan is a convenient loan facility to purchase land. For example, HDFC finances up to 70% of the cost of the land (Conditions Apply). Repayment of the loan can be done over a maximum period of 10 years (subject to change).

Choose from Fixed Rate or Floating Rate with options to structure your loan as Partly Fixed or Partly Floating.

Flexible repayment options to suit your individual needs.

Loan cover Term Assurance Plan For example, HDFC Standard Life Insurance Company Limited offers an insurance plan, which is designed to ensure that life's uncertainties do not affect your family's interests and your precious house. Land loan companies provide a lump-sum payment on the unfortunate demise of the life assured.

This pure risk plan is designed in a way that the cover decreases as you repay your home land loans making it a low cost premium insurance plan.

Insurance is the subject matter of solicitation.

Automated Repayment of Home loan EMI - You can give standing instructions to repay your Home Loan EMIs directly from your HDFC Bank Savings Account, thus, saving you the trouble of procuring, signing and tracking post-dated cheques.

HDFC also offer In-house scrutiny of Property documents for your complete peace of mind.

Customer privileges - If you are an existing HDFC Bank Home Loan customer, you can avail of other loans (such as Personal Loans, Car Loans, Two-wheeler Loans and Loan against securities) at lower interest rates.

So avail the land loan from the bank of your choice and enjoying living on your own land forever.

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