If you’d like to get a land loan, it’s typically easiest to do so from a community bank or credit union located near the land you’re looking to buy. But depending on what you intend to use the land for, there can be other loan options available to borrowers.
Hereof, can I buy land with no money down?
There are two main ways you can buy land: cash or owner financing. … You can use owner financing to your advantage by putting almost no money down, and not having to worry about a credit check or proof of income.
Moreover, how much home loan can I get on 40000 salary?
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
How much is a loan for land?
Land loan rates by property type and loan term
|Land Type||10-year fixed||30-year fixed|
|Lot Land||4%-5%||4.65% – 5.65%|
|Raw/Recreational Land||4.25% – 5.25%||4.90% – 5.90%|
SBI is the best bank for plot loan because it offers lowest interest of 6.65%. In addition to that, based on customer service,Axis Bank, is the best option to avail loans at satisfactory service.
This loan needs to be repaid through equated monthly instalments (EMI) over a period of 10-30 years.
|Plot Loan Interest Rate||Minimum||Maximum|
|Self Employed- Professional||6.85%||7.75%|
|Self Employed- Non Professional||7.00%||7.90%|