Land mortgage loan: This is also known as a loan against land. Depending on the type of land that you pledge, you can either avail a mortgage loan against agricultural land or a loan against plot.
Herein, can I get loan against plot?
These days, a number of lenders offer loan against plot to anyone who owns a piece of land and would like to use it as collateral for securing a loan. A loan against land can be used to construct homes, develop a factory or build commercial business plants on the pledged plot of land.
Considering this, can we get loan to buy land?
So, if you are looking to buy a plot, you may not be eligible for a home loan, but for a land loan. Home loans are available only for the property already constructed, under construction or likely to undergo construction soon. For funding the purchase of a vacant plot, you will have to go for a land loan instead.
How much home loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
Understand your salary:
|Net Monthly Income (₹)||Loan Amount (₹)|
|₹ 20,000||₹ 10,36,246|
|₹ 25,000||₹ 13,73,026|
|₹ 30,000||₹ 17,09,806|
|₹ 35,000||₹ 20,46,586|
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
The maximum amount with a Loan against Property that an applicant can avail depends on the employment status. Self-employed individuals can avail an advance of up to Rs. 3.5 crore while the maximum loan limit for a salaried individual is Rs. 1 crore.
On the other hand, if you are wondering – how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs.
|Salary||Expected Personal Loan Amount|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
While some concerns may be justified, financial experts say that a loan against property is one of the most secured loans and carries a lower interest rate compared to other options. It allows us to use the value locked up in a property while continuing to occupy the property during the loan period.
EMI Calculation for a Home Loan of Rs. 10 Lakh with Different Tenors
|Loan Amount||EMI when Tenor is 10 Years||EMI when Tenor is 15 Years|
EMIs on a 20 lakh home loan for 30 years
|Loan Amount||Interest rate||EMI|
Best Loan Against Property Schemes
|ICICI Bank||8.35% p.a. – 10.00% p.a.||Up to 15 years|
|HDFC Bank||8.00% p.a. – 8.95% p.a.||Up to 15 years|
|IDFC First||8% p.a. onwards||Up to 20 years|
|Tata Capital||10.10% p.a. onwards||Up to 15 years|
Loans for Buying Land
- ICICI Land Loan. ICICI Bank offers land loans for self-construction of a house. …
- DHFL Land Loan. DHFL’s Land Loan/Plot Loan can be taken for constructing your own house on a non-agricultural land located in municipal limits or local development authority limits. …
- HDFC Plot Loan. …
- PNB Plot Loans.