Plot Loan: Loan on Plot Purchase and Home Construction
A plot is a good investment that grows in value over the long term. Hence, it gives better returns at the resale. Historically Indians are purchasing lands or plots for various purposes predominantly as an investment. A Land loan or plot loan is a loan provided by banks to borrowers for the acquisition of a plot of land. The bank establishes a definite period for loan repayment, which you accomplish through equal monthly installments (EMIs). You can use it to purchase land so you’ll build upon it in the future. While home loans can have tenures of up to 30 years, plot loans extend only up to fifteen years. One of the restrictions on plot loans in India is that they can’t be used to purchase agricultural land. Apart from that, it’s fairly easy to apply and acquire approval for a plot loan. Normally, it takes no longer than a week for your application to be approved. You should be a minimum of 18 years old and less than 70 years old. Features of Plot Loan: Land Loan Interest R...