While most banks offer Plot Loans, these may come with certain conditions. For instance, Axis Bank offers Plot Loans only in selected locations. In addition, the bank may ask Lata for an undertaking that construction on the plot will begin within 18 months from the date of disbursement towards purchasing the plot.
Likewise, can I take loan on my father property?
You can take a loan from the bank even if the property is in your father’s name. In that case you can either take personal loan for certain amount or you can take home improvement loan as a co-applicant with your father.
In respect to this, how can I get a loan against my plot?
You will need the following documents* to apply for a Loan against Property:
- Salaried individuals.
- Latest Salary Slips.
- Bank account statements of the previous 3 months.
- PAN card/Aadhaar card.
- Address proof.
- Copy of the documents of the property to be mortgaged.
- IT returns.
- Self-employed individuals.
How much home loan can I get on 15000 salary?
Here taking a salary as ₹ 30k, & without any fixed monthly obligation, you can pay a maximum of ₹ 15,000 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 17,09,806 using a home loan eligibility calculator (assuming 3 household members).
How much home loan can I get on my salary?
|Net Monthly income
|Home Loan Amount
Loan Against Property Eligibility Criteria, Dec 2021
|Age of the Applicant
|18 to 70 years
|Work Experience for Salaried
|3 years and above
|Loan Against Property Rates
|Business Stability for Self Employed
|5 years and above
|Minimum CIBIL Score
Best Loan Against Property Schemes
|8.00% p.a. – 8.95% p.a.
|Up to 65% of the value of the property
|8% p.a. onwards
|Up to Rs.7 crore
|10.10% p.a. onwards
|Rs.10 lakh – Rs.3 crore
|Up to 11.25% p.a. onwards
|Rs.5 lakh – Rs.5 crore
The Bottom Line
The more improved the land, the lower your required down payment and borrowing costs will be. The best options to finance a land purchase include seller financing, local lenders, or a home equity loan. If you are buying a rural property be sure to research if you qualify for a USDA subsidized loan.