Site Purchase Loan Application: Profesional

Site Purchase Loan

The Government of India lays down several terms and conditions for procurement of land. Additionally, we find several attractive loan plans having been brought forward by many leading private and public sector banks for the purchase of land and also for erecting a structure upon it. We provide you the details of land purchase loans in India, such as the banks, their eligibility criteria, rates, calculators and various other aspects.

Loans for Land Purchase: Criteria

In order to get your house loan sanctioned, you must satisfy the following criteria

• An individual aged 21 years or above having a regular source of income.
• The maximum amount of Loan you can take from leading banks depends on a number of factors, such as the cost of house/flat, applicant's age, income, repayment capacity etc.
• Margin for purchase or construction of new house/flat is 15 percent of the project cost for individual borrowers and it is 10 percent when both husband and wife seek the purchase loan, with the latter acting as a co-borrower.
• The rate of interest whether for fixed-rate loans or for adjustable-rate ones are governed by the market conditions prevailing at the time of loan disbursement.
• Documents required for approval (businessman/ self employed professional)
• Application form along with a recent photograph
• Proof for identity and residence
• Educational qualification
• Business profile with income statement of last three years
• Last three years income tax return
• A cheque towards processing fee payment
• Documents required for approval (Salaried Class)
• Application form along with a recent photograph
• Salary slip for the current month
• Proof for identity and residence
• Bank's statement for the last six months
• Form 16
• A cheque towards processing fee payment