Home Loan for Plot Purchase in Nagpur
Did you know you can get a loan just to buy a plot? Yes, banks and NBFCs offer 'Plot Loans' or 'Land Loans' under specific conditions.
Eligibility and Rules
- Approved Layouts Only: Banks only finance plots situated within municipal limits or approved by authorities like NMRDA or NIT. Gram Panchayat layouts usually don't qualify.
- Loan to Value (LTV): Most banks fund up to 70-80% of the registered value. You need to pay the remaining 20-30% as down payment.
- Construction Clause: Some banks require you to start construction within a specified time (often 2-3 years) if it's a composite loan (plot + construction).
- Tax Benefits: Note that tax benefits under Section 80C and 24(b) apply only to the construction of the house, not on the plot loan EMI.
Check with multiple lenders like SBI, HDFC, or ICICI to find the lowest interest rates for your plot purchase.
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