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A Land loan or plot loan as the name suggests is a loan provided by banks to borrowers for the purchase of a plot of land.

Home Loan for Plot Purchase

Home loans are available for properties that are expected to be constructed in future, under construction, or for ready properties, while land loans are available for purchasinga plot of land for building a house or for investment purpose.

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Home Loan for Plot Purchase-

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Occupation
Nature of Loan
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Following are the procedure steps:

1. Research Lenders:

Research various banks, financial institutions, and housing finance companies to compare their home loan offerings, interest rates, terms, and conditions.

2. Eligibility Check:

Check your eligibility criteria with different lenders. Factors such as income, age, credit score, employment stability, etc., play a crucial role in determining eligibility.

3. Documentation:

Prepare the necessary documents required for the loan application. Common documents include:

  • Identity proof (Aadhar card, Passport, Voter ID, etc.)
  • Address proof (Driving license, Utility bills, etc.)
  • Income proof (Salary slips, Income Tax Returns, Form 16, etc.)
  • Property documents (Sale deed, Title deed, etc.)
  • Land records (Records indicating land ownership)
  • Any other documents specified by the lender

    • 4. Loan Application:

    Fill out the loan application form of the chosen lender. You may do this online or by visiting the bank's branch. Provide accurate information and submit the required documents along with the application form.

    5. Property Valuation:

    The lender will conduct a valuation of the plot to determine its current market value.

This is done to ascertain the loan amount that can be sanctioned against the plot.

6. Loan Approval:

Once your application is processed and all necessary checks are completed, the lender will approve the loan based on your eligibility and the valuation of the plot.

7. Legal Verification:

The lender will conduct legal verification of the property documents to ensure that the title is clear and there are no legal disputes associated with the plot.

8. Loan Disbursement:

After the legal verification, the loan amount will be disbursed either directly to you or to the seller of the plot, as per the agreement.

9. Repayment:

You'll start repaying the loan in Equated Monthly Installments (EMIs) as per the terms agreed upon with the lender. The repayment period can vary depending on the lender and the loan amount.

10. Insurance:

It's advisable to get insurance for the plot to protect against unforeseen events like natural disasters, fire, etc. Some lenders may also require you to get mortgage insurance for the loan.

11. Registration:

Once the loan is repaid in full, you need to get the plot registered in your name. This involves paying the necessary stamp duty and registration charges to the government authorities.

12. Post-Disbursement Services:

Many lenders offer post-disbursement services like online account management, EMI payment options, customer support, etc. Take advantage of these services for smooth loan management.

Why choose Livanity for Home Loan for Plot Purchase?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Home Loan (for Plot Purchase), we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Home Loan for Plot Purchase at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Home Loan for Plot Purchase offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding Home Loan for Plot Purchase eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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