Are You Applying For Loan For A Plot? - Adisesh Prime

1. Who doesn’t want to buy a home? And, what’s better if you have the opportunity to build your own dream home? Oh yes! If you are planning to buy a plot of land, and then build your home over it, there can be nothing better than that! Not many of us have the opportunity to do that. And for those who are looking for a readily built property that is nothing lesser than a dream home, you need to take a look at Adisesh Prime, one of the finest projects offering independent villas in Narasapura Bangalore amenities at a very budget-friendly price. with the best of The freedom of having to build your home just the way you want it, as per your requirements and preferences, is the biggest advantage of buying a plot. While an apartment gives you the freedom to work your way on the interiors, building a home on your piece of land gives you the freedom to work on both the interiors as well as the exteriors. But, when you want to purchase a land, you probably want to get a loan for it too. There are various lenders like banks and financial institutions that can help you get a loan. However, there are certain things you need to know about getting a loan for plot purchase. Here is a

2. complete guide to help you understand the minute details and make your dream home a reality. Is the property residential and within government limits? First and foremost, check if the plot you wish to purchase is located within municipal or corporation limits, or else your loan will not be sanctioned. Also, check that the plot is a residential one because a loan can only be sanctioned on a residential plot. How much loan can you avail on your property? There are always different slabs of loans you can avail, depending upon the total value of the land. The general amount is 70-75% of the total value, which means you will need to arrange for the remaining 25-30% of the property value on your own. How much loan will you get and for how long? A land loan can generally be passed for 15-20 years. Different banks and financial institutions have different tenures; so check with yours for the tenure option. Also check for the maximum loan availability amount. While some lenders offer a capping of Rs. 50 lakhs, there are others who offer up to 1 crore. How do you apply for a plot loan? First and foremost, you need to file an application, which requires you to fill up all your personal details like education, employment details, income, property details, property value, loan amount needed, and other basics. Next, you will be asked to submit important documents like age proof, ID card, address proof, and income proof. Along with this, you will also be asked to provide your bank statement and details of the property against which you are applying for the loan. Once you are done with these two processes, the lender will initiate a verification process, wherein all your details and documents will be verified, and the property will be visited to be assessed. Once everything is found legal and genuine, your application will be accepted, and loan sanctioned.

3. There is also an option of applying for a composite loan if you want to achieve tax benefits, which is not otherwise possible in the case of a simple plot loan. A composite loan comprises of the plot loan along with loan against construction. To apply for such a loan, you will need to tell the lender the plot value and the estimate construction cost, combining which the lender will provide you 70-90% of the amount as loan. For more details, please visit: Adisesh Prime Stay social with us on: Facebook, Twitter, Google+