Land Purchase Loans
Land purchase loans also called a plot purchase loan, is a loan that helps you buy a plot of land for residential constructions. This loan can be perfect in two cases: If you plan to buy a resale plot or if you plan to purchase a piece of land through direct allotment. If you are looking at to by a house but have low credit score Christmas loans for poor credit will help you buy the plot you wished for this holiday season.
Benefits of Land purchase loans
Loan amount of high value:
Any person with a salary can get land purchase loan of high value
Flexible repayment tenor:
This loan to buy plot is made easier with flexible tenor
Instant approval of land loans:
It is very easy to get your loan approved by just filling an application form and get your approved within minutes.
Quick and easy loan dispersal:
There is a need for immediate payment when you are buying a plot of land. So, it is easy for the borrower to buy the plot he wishes,
Exclusive balance transfer facility:
Fast processing and minimal documentation make refinancing your existing land purchase loan easier. If you have taken a plot purchase loan, choose to transfer the outstanding amount for a lower rate of interest with additional features like part pre-payment, foreclosure, etc.
Easy accessibility to loan account online:
Access the status and details of your loan for residential plot purchase anytime and from anywhere through online accounts. It is easy to check information related to your loan like a schedule of payment, payment tracking and other related information through digital portals.
Top up loans with no documentation:
Top up loans with no documentation to meet other financial needs effortlessly using top-up loans on high value. The amount is over and above the existing loan amount and can be availed with no extra documentation
This loan also includes tax benefits where you can deduct on the principal amount of money for a given financial year under the income tax act.
Things you need to keep in mind while applying for a land purchase loan
- Know the land you want to purchase is for a primary residence, for agriculture or as an industrial plot.
- The geographic location of the plot can limit the loans
- Home loans can stretch for up to 30 years, check the tenor carefully after considering your plans and repayment capabilities
- Know the rate of interest and make sure it is convenient for you
- Know why you are planning to take up this lone, for purchasing a piece of land, building your own house, a residential complex, and investment for future resale.
- Lenders need to consider several factors to determine the risk profile of a loan application. These factors include the purpose of the land purchase, construction timeline and existing loans.