A Plot Loan is a type of Financial assistance specifically designed for purchasing a piece of Land or Plot. It helps individuals realize their dream of Owning Land for Residential or Investment purposes.
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Loan for Plot Purchase
A Land Loan, also known as a Plot Loan, is a type of credit specifically designed to Finance the purchase of Vacant Land or Undeveloped Property. Land Loans are used to purchase different types of Land, such as Raw Land, Unimproved Land, or Improved Land, and the terms of the Loan, including the Down payment and Interest rate, are often Negotiable.
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Finvest Fortune Plot Loan Features
→ Online Plot Loan Sanction facility
→ Quick Sanction and Low EMI
→ Simple Documentation
→ Amongst the lowest Rate of Interest
→ Takeover or Balance Transfer of existing Home Loans Possible.
Types of Plot Loans
Purchase of Plot from Govt. Bodies/ Development Authorities/ Approved Layout
Purpose
Loan for purchase of Residential Plot from Legal Authorities
Maximum Loan Amount
75% of the Property value
Loan Term
Maximum term – 20 Years
Composite Loan towards Purchase of Plot and House Construction
Purpose
Only Applicants who intend to finish Construction within 3 years of the Plot purchase date are eligible for Loans under the Composite Loan scheme.
Maximum Loan Amount
Maximum 60% of the Sanctioned amount to be utilized towards purchase of Plot and Balance amount should necessarily be utilized towards Construction of House.
Loan Term
Maximum Tenure up to 30 years.
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Commercial Plot Loan FAQs
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What is a Plot Loan?
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What is the minimum down payment required for a commercial Plot Loan?Typically, a minimum down payment of at least 25% is required for commercial Real Estate Loans
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What Documents are Required for a Plot Loan?The Documentation may vary between Lenders, but common requirements include Proof of Identity, Address, Income Documents, Property Documents, and details of the Plot. You can find a checklist regarding Documents required on https://finvestfortune.in/documents-for-loan/
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Who can Avail Commercial Property Loan (Plot ) ?Self Employed persons like Doctors, Lawyers, Chartered Accountants and Business Owners can avail a Commercial Property Loan(Plot) for Building an office or a Clinic Thereon.
