What is the Procedure to get a Bank Loan for a Registered Plot Eligibility List of Documents

  
  1. WHAT IS THE PROCEDURE TO GET A BANK LOAN FOR A REGISTERED PLOT

    A land loan is usually taken to buy a land. When we purchase a plot of land, the one point always comes in our mind, how to borrow a land, if we have insufficient money for the purchase of land. In our country, there are several number of Public and Private Sector banks and also many other non-banking financial institutions, which are available to give the loan to the seekers for purchase of land, example- Land Loan.


    Who are eligible to get a Bank Load for a Plot:

    #@>. The applicant who is interested to get a Bank load must be completed 21 years of age

    #@>. The applicant must have a regular income either from job or from a business, as it can be validated by the banks by virtue of Income Taxes or Revenues.


    What is the Loan amount offered by Bank:

    <#>. It is totally depend on the Bank or financial institutions which are offering a loan to the applicant but the customer can get Plot loan upto 80 % to 85% (cost of the plot).

    <#>. The loan amount is also depend upon the requirement of the customer.


    Tenure of Land Loan:

    The tenure of land loan can be upto 15-20 years. Actually it may be depend upon the bank, which are providing land loan to the customer. Some of the private bank allows loan for a period of 5 years or less and the term of the loan is also depend on the customer’s current income.


    What is the Procedure of Loan for Land:

    @>. Most of the bank wish to offer a loan to buy a land or plot so that the anyone can fulfil their dream by constructing their dream home.

    @>. To obtain the loan, the customer need to get the application form from the bank.

    @>. Fill the application form with all the details.

    @>. Affix or attach a passport size photograph with it

    @>. Submit the form with all the required document in the respective bank.

    @>. After all the verification, the bank will sanctioned a loan for land to the customer.


    What is the processing fee :
    The bank will charge 1 to 2% as a processing fees by the customer.


    List of documents of Customer required by Bank for Land Loan:

    $#>. 2 passport size photograph of a customer,

    $#>. PAN card/Passport/Employees Identity proof/ Age proof

    $#>. Proof of Address/ Ration Card copy/ Copy of Landline Telephone bill/Mobile bill and for confirming the
    residential address, a letter from employer.

    $#>. Customer must also attach last four months payslips along with latest CTC

    $#>. If the customers present employment is not more than 3 years, then he/she needs to submit Appointment letter,

    $#>. Relieving letter/Experience letter.

    $#>. Income proof Salary slip – Form 16 for last 2 years along with acknowledgement from Income Tax.

    $#>. Last 6 months Bank satatement

    $#>. A cheque for processing fees

    $#>. Qualification certificate


    List of documents related to plot required by Bank for Land Loan:

     Mutation Register Extract

     Sale Deed also required to be submitted with application form

     Encumbrance certificate

     Document/ Title deed in the name of the buyer

     No Objection Certificate from the State Pollution Control Board

     Approval from the office of the competent authority stating that the land is free from occupancy claims

     Also attach a Tax receipt for taxes paid by the owner of the plot of land

     Layout plan of the plot, if it is a private layout

     Land Record for the plot of land
     
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