Are you seeking to grab a land loan to buy a plot and construct a home later? You are not alone as not all like to live in a home designed by others when it comes to buying a readymade home.
While readymade homes and apartments are always a top priority when it comes to easy home buying options, some people prefer building a home on a purchased plot. They want to design all aspects of such a home as per their wish and seek solace.
If you are looking to buy such a plot to construct your dream home and looking for a reliable finance option, you can apply for a land loan and fulfill your need.
Land Loan Benefits for You All
People avail a land loan in situations such as when:
- You are buying a plot via direct allotment
- You are up for a resale plot
A Land Loan from leading online lenders these days comes with a host of benefits such as you can buy your plot quick and without issues. Lenders also let you enjoy a top-up loan of up to Rs.50 lakh at lower rates and extended tenor if you need more money.
Even existing land loan customers can also do a balance transfer if they are paying a higher land loan interest rate to a lender. The balance transfer facility helps in enjoying a lower rate from a new lender. For this, your old lender may charge an amount which could be close to 1% of the remaining principal amount.
For availing a loan for the land purchase, you won’t need to wait for ages for your loan application to get approval. At most of the leading lenders, you can get an instant land loan application approval within 5 minutes.
Once you have the required loan eligibility and approval, the money disbursal process won’t take much time. If everything is fine, your prospective lender will disburse your loan amount in less than 72 hours.
Enjoy Lower Land Loan Interest Rate
With land loan interest rate available at around 8.65%, you can opt for a longer tenor and get ahead to repay in smaller EMIs.
The loan for land purchase also offers up to 240 months or more so that you can spread the cost of your land loan in longer months and enjoy paying lower EMIs.
Online Account Access
Prominent names in the financial industry also have the provision to offer an online loan account access so that the loan subscribers can enjoy tracking it from anywhere. The facility is available 24/7 and 365 days so that a customer can know all land loan details from anywhere and get updated all the time.
Land Loan Eligibility Criteria to Note
To avail these benefits of the land loan, you will need to prove your eligibility and furnish some documents such as:
- You should be an Indian citizen
- You should be a working professional with an employment history of at least 3 years
You will need to furnish land loan documents to process a faster approval of the loan such as:
- KYC documents
- Address proof
- Identity proof
- Latest Salary Slips or Form 16
- Bank account statements for the last 3 months
- Latest color photographs
The Bottom Line
With so many benefits of a land loan ready to be availed, you can apply for it online and get set to grab a plot and construct a home of your choice! Good luck!