Your Handy Guide on Plot Purchase Loan - Features and Benefits
Posted on September 16th, 2019
- Loan amount: Reputed lenders provide up to Rs. 3.5 Crore for these loans. Such an amount is more than adequate to meet the financial aspect of buying a plot.
- Interest rate: Loans to purchase plots have competitive rates of interest as they are secured. Therefore, the EMI amounts are relatively lower than other types of loan and are less of a financial burden.
- Tenure: Longer tenures lead to lower EMIs. Therefore, most reputed lenders offer tenures of up to 20 years which makes the repayment process more comfortable.
- Documentation: Loans for land purchase require minimum documentation to apply. These are the list of documents you need to produce –
- Address proof
- KYC documents
- Identity proof
- Salary slip for salaried individuals
- Bank statement for last 6 months for self-employed individuals
- Pre-payment facility: Lenders do not charge any fee in case of pre-payment or early closure of loan account.
- Insurance schemes: Some lenders also provide customised insurance scheme for plot purchase loans so that the borrower’s family doesn’t have to repay the loan in case of an unfortunate event.