Various private and public sector banks are coming out with attractive loan plans for its customers for purchase of land, purchase or construction of house/flat. The loan can be taken for both land purchase as well as construction on the land.
Eligibility for Land Purchase Loans:
Any individual aged 21 years or above having regular income is generally eligible to apply for land Purchase loan.
Maximum Amount of Loans:
The quantum of loan sanctioned, depends on a number of factors like the cost of house/flat, person's age while applying for loan, income, repayment capacity etc. Loans of higher amount may be considered on the basis of merit of the case. The loan can then be repaid through Equated Monthly Installments or EMI. The loan is payable maximum in years.
Margin for purchase or construction of new house/flat:
Minimum 15% of the project cost for individual
Minimum 10% of the project cost in case wife joins as co-borrower
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