Can I get plot loan from HDFC bank?
HDFC offers eligible customers plot loan with interest rates ranging from 7.05% p.a. to 8.10% p.a. The maximum amount of the loan offered can be 80% of the property cost. The processing fee ranges from 0.50% to 1.50% of the loan amount, excluding applicable taxes. The repayment period is up to 15 years.
You can get a plot loan of up to Rs 1 crore to purchase a vacant plot for construction of a residential house.
Can I get bank loan to buy plot?
A plot loan can only be used for buying a residential plot or land; while a regular home loan can be used to buy a readymade housing unit such as a flat, bungalow, villa, row-house, etc. This loan needs to be repaid through equated monthly instalments (EMI) over a period of 10-30 years.21-Nov-2022
Most of the banks give land loan up to 75% of the value of the property. However, if the amount is lower than 75 Lakhs, you can get up to 90% of the value of the property.
Can we get 100 percent plot loan?
For security purposes, lenders do not sanction a mortgage loan with an LTV of 100%. You can avail a maximum of 50% to 60% of the property's present market value as a loan from a lender.
FAQs on Tax Benefits on Plot Loan Upon buying a land, you will be eligible for a tax exemption of up to Rs. 1,50,000 per year. If paid in the year in which the home is constructed, the title transfer fees for the plot and the registration fees are also included in the exempted limit.
How much plot loan can I get on 50000 salary?
50,000, you can avail a loan amount of Rs. 37.28 Lakh for the same property. Subsequently, if your take-home is Rs. 75,000 you can increase your eligibility up to a loan amount of Rs.
The only loans available to buy the plot are for “residential plots”, which means that if you take these “plot loans”, you need to also construct a house within 2-3 yrs of buying the plot. You can't just buy a residential plot and skip building the house.10-Mar-2021
What is the procedure for plot loan?
DOCUMENTS REQUIRED FOR PLOT LOAN Processing Fee Cheque in favour of 'PNB Housing Finance Ltd. ' Photocopy of Title Documents of the Property, Approved Plan etc. All documents need self-attestation.
For e.g. If a person is 30 years old and has a gross monthly salary of Rs. 30,000, he can avail a loan of Rs. 20.49 lakh at an interest rate of 6.90% for a tenure of 30 years provided he has no other existing financial obligations such as a personal loan or car loan etc.
Is plot loan and land loan the same?
A plot loan, also called a land loan, can only be used to buy a plot of land that has been earmarked for residential property construction. Keep in mind the points given below before you apply for a plot loan: The plot of land should be located within the limits of the municipality or corporation.
As per the standard rule, banks offer home loans up to 60 times of your salary. Say you earn Rs. 20000 then you will be eligible to get a home loan of Rs. 12,00,000.
Is plot loan available in SBI bank?
The customer can also avail another Home Loan for construction of house on plot financed under SBI Realty. The maximum amount of loan that can be offered to a customer can range upto Rs. 15 crores with a comfortable repayment of 10 years.
Factors Determining Plot Loan Quantum:
Can I take plot loan and home loan together?
You can borrow this combined loan for buying the plot of land along with constructing home on it. Here are some important features and terms related to this loan that one should know before applying for the same.
SBI offers eligible customers plot loan with interest rates ranging from 8.35% p.a. to 8.75% p.a.The maximum loan tenure for the SBI plot loan is 10 years.
Which type of loan is tax free?
Home loan If you buy a house using a home loan, then the amount you repay towards the principal and interest of your home loan makes you eligible to claim a tax deduction. Here, you can claim up to Rs. 1.5 lakh under Section 80C of the Income Tax Act for the principal repayment.
A home equity loan is also known as an equity loan, home equity installment loan, or second mortgage. The loan allows homeowners to borrow against the equity in their property. This loan is typically offered on a fully constructed property with a clear title.
Is plot loan eligible for tax deduction?
Availing tax benefits on plot loan Upon completion of construction you can avail the follow tax benefits. Tax benefit under Section 80C: As per Section 80C of the Income Tax Act, you can avail deduction on the principal repayment component of your plot loan up to a maximum of ? 150,000 per annum.
EMI Calculation for a 40 Lakh Home Loan with varying Tenors
What is the EMI for 50 lakhs home loan for 30 years?
EMI Calculations for a Home Loan of ₹50 Lakh with Varying tenures
Can I get plot loan from HDFC bank?