Home Loans for Land
Have you found the land of your choice and have your house perfectly sketched in mind? Are you looking for a home loan that will give you the liberty to build your home the way you want? There are various banks offering loans for purchasing of lands. You have the liberty to dream about your projects and the loans for purchasing of lands will make it come true. Why only a house, if you have been dreaming of building the dream hospital that you had aspired to build you can easily do that with all the available loans for purchasing of lands.
When you have your dream home project perfectly sketched in your mind, then all you need is finance. There are several banks that provide loans for purchasing of lands. There are various private and public sector banks that are coming out with attractive schemes of loans for purchasing of lands or for purchasing or construction of houses or flats. This type of loans can be taken for both purchase as well as construction on the land. The eligibility criteria of loans for purchasing of lands are that the individual has to be 21 years of age or above having regular income.
If an only if the individual fulfills such criteria, can he apply for loans for purchasing of lands. A number of factors like the cost of house/flat, person's age while applying for loan, income, repayment capacity etc. affect the quantum of loan sanctioned, Loans of higher amount may be considered on the basis of merit of the case. The loan can then be repaid through Equated Monthly Installments or EMI. The loan is payable maximum in years.
When you are applying for your land loans you need to submit certain important documents. The documents required for approval of loans for purchasing of lands usually include the following:
Businessman/ Self employed professional:
Application form with photograph
Educational qualification
Identity and residence proof
Proof of business existence with business profile and last three years income tax return
The balance sheets of last 3 years and income statement.
Last 3 month's personal and business bank statements.
Processing fee check
Salaried customers:
Application form with photograph
Identity and Residence proof
Latest salary slip
Form16
Last 6 months bank's statement
Processing fee cheque.
The terms and conditions may vary from bank to bank.
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Last Updated On: 2011/05/04
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