Instant Approval For Plot Loan

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8.40% FOR PLOT LOAN

PLOT LOAN

Homeloans4u offers loan to buy a plot or a site now and construct your dream home at a later time. This loan is available for salaried or self-employed persons.

The maximum finance available to the customer for the purchase of a plot and subsequent construction is up to 70% of the agreed-upon value of the plot between the seller and the buyer OR 70% of the value determined by the bank’s panel valuer (whichever is lesser).

The loan amount gets disbursed to the seller during the time of property registration. Upon registration of the property, the customer must have the Khata transferred into his name, pay the most recent property tax, submit an application for a sanction plan, and obtain an estimate from his engineer or architect.

Post approval of the plan, 80% of the estimate amount gets funded or 80% of construction value, as assessed by the bank (whichever is lesser). The customer must contribute a 20% margin in the construction, in order for the bank to directly deliver the construction loan to the customer in phases according to progress.

As the IT act, the customer will get the tax benefits. However, the customer has to start the construction with in the time period given by the bank, else need to pay the additional interest rate.

General checklist

Salaried

Application form to be filled and signed by applicant and co-applicant.
One Passport Size photo of applicant and co-applicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of last 3 months payslip and CTC letter.
Copy of last 2 years Form 16 and Saral.
Copy of last 6 months bank stmt where salary is credited.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Self –Employed

Application form to be filled and signed by applicant and coapplicant.
One Passport Size photo of applicant and coapplicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of Registration certificate of firm.
Copy of last 2 years ITRs with Statement of Income, Profit & Loss Account, Balance sheet with Form 3cb & 3cd.
Copy of last 12 months bank stmt
Copy of Partnership deed in case of partnership firm.
Copy of MOA & AOA in case of Pvt ltd co.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Additional documents

Pre-Approved Projects (Direct Purchase from builder)

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement (if transferred from assignor)

Un- approved Projects (Direct Purchase from builder)

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement ( if transferred from assignor).

Individual Resale house:

Copy of legal documents of the property.
Copy of approved plan for the property.

Plot Purchase:

Pre-Approved project:

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Un- approved Projects:

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Balance Transfer loans:

List of original documents held in bank
Foreclosure-Quote.
Loan sanction letter and Repayment track record.

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Instant Approval For Plot Loan

Plot Loan