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.
Likewise, can I avail tax on land loan?
If you constructing a house in the plot, then you can avail tax deduction. The deduction is applicable only for
|Land loan||House loan|
|Tax Deduction||Eligible under condition||Eligible|
Keeping this in consideration, can we take loan to buy land?
Loan for land purchase is offered by banks when you need financing to buy a plot or a piece of land. This loan is generally provided for residential purposes and in urban areas. However, some banks do let you use the loan amount to purchase land in a rural area.
How can I check my SBI loan eligibility?
Login to SBI website. Go to SBI personal loan. Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.
How Much Home Loan Can I Get?
|Net Monthly Income (₹)||Loan Amount (₹)|
|₹ 25,000||₹ 13,73,026|
|₹ 30,000||₹ 17,09,806|
|₹ 35,000||₹ 20,46,586|
|₹ 40,000||₹ 23,83,366|
Home Loan Eligibility Based on Salary
|Eligible Home Loan Amount||Net Monthly Income (₹)|
|30 years||51.42 Lakh||77.13 Lakh|
|35 years||48.13 Lakh||72.20 Lakh|
|40 years||43.59 Lakh||65.39 Lakh|
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.)
For example, if you are wondering how much personal loan can I get on a 30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.
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.
Eligibility Criteria for Land Loan
|Loan type||Land Loan|
|Loan Amount||Rs 8 lakh – Rs 3 crore|
|Age||Minimum: 25 Years Maximum: 65 Years|
|Eligible profiles||Salaried & Self-Employed|
|Tenure||Up to 20 Years|
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.
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%|
Banks operating in the country offer plot or land loans to eligible applicants. The loans can be availed to buy a residential plot where you can build your dream home.
|Banks||Interest Rate (p.a.)|
|HDFC Plot Loans||7.05% – 7.95%|
|Federal Bank Plot Loan||7.65% – 7.80%|
|Shriram Housing Finance||8.90%|
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.