Buying land is a big investment that lets you build your dream home or develop the property as you like. Since buying land can be costly, plot loans are a good option for many Indians. We’ll look at the best banks for plot loans in India, including their offers, benefits, eligibility, and application process.
A plot loan, or land loan, is a financial product from banks and institutions to help you buy land. Unlike home loans, which are for buying or building a house, plot loans are just for purchasing land.
Important Note: Plot loans are not available for buying agricultural land or plots located in village or gram panchayat areas. They are primarily offered for buying residential plots within municipal or development authority limits.
| Criteria | Details |
|---|---|
| Minimum Age | 20 years |
| Maximum Age | 70 years |
| Occupation | Salaried or Self-Employed |
| Tenure | Up to 20 years |
| Interest Rate | Starting from 9.00% onwards |
| Amount | Up to 70% of the market value for purchasing land |
| Criteria | Details |
|---|---|
| Interest Rate | Starting from 9.50% |
| Prepayment penalty | No prepayment penalty |
| Processing fee | 0.35% of the loan amount + taxes, minimum 2000 to 10K |
| Minimum Age | 18 |
| Maximum Age | 65 |
| Tenure | 10 years |
Income: Stable income source with proof.
Credit Score: Minimum CIBIL score of 750.
Age: 18 to 65 years.
Employment: Salaried or self-employed individuals with regular income.
| Criteria | Details |
|---|---|
| Interest Rate | 8.75% to 9.65% |
| Processing fee | Starting from 0.50% + taxes as applicable |
| Age | 18 to 70 years |
| Profession | Salaried and Self Employed |
| Tenure | Up to 15 years |
| Maximum amount | 75% to 80% of the property value |
| Criteria | Details |
|---|---|
| Max amount | 75% of the property value |
| Tenure | 15 years |
| Interest rate | Starting from 8.50% |
| Profession | Salaried and Self Employed |
| Criteria | Details |
|---|---|
| Loan Amount | 1 lakh- 10 crore |
| Tenure | Up to 25 years |
| Interest Rate | 9.5% |
| Maximum Loan | Up to 90% of the property cost |
| Profession | Salaried and Self Employed |
Choosing the right bank for a plot loan is important for a smooth home-buying process. Compare different banks’ offers, interest rates, fees, and eligibility requirements to make a smart choice. The banks mentioned in this blog are top options for plot loans in India, offering good rates and terms. Before applying, understand the loan terms, eligibility, and required documents to make the process easier and improve your chances of approval.
No, plot loans are typically not available for purchasing agricultural land. They are meant for buying residential plots within municipal limits.
The maximum tenure for a plot loan is usually up to 15 years, but some banks may offer up to 20-25 years.
Most banks offer up to 75-80% of the plot's value as a loan.
Yes, a higher credit score improves your chances of getting a plot loan at competitive interest rates.
Unlike home loans, plot loans do not offer tax benefits on the principal or interest repayment.
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