Requirements of Loan Land Purchase: Many people who want to live in their own home do not want to purchase an apartment or a home that’s ready-to-move-in a standalone building or in a society. They don’t want to live within the hustles and bustle of living in such housing arrangements and instead wish to construct a home customized to their choices.
As a result, such people, if they are relying on a finance option to fund the land purchase, opt for a loan for land purchase and not a conventional Home Loan.
A Home Loan from a bank and non-banking finance company (NBFC) will not suffice your needs of buying a vacant plot if you are looking for a loan for land purchase. Yes, your needs are different when you buy an empty plot compared to a ‘ready-to-move’ home, and that’s when opting for a land purchase loan will help.
Let’s put out some vital aspects of a loan for land purchase to help you know more!
What is a Loan for Land Purchase?
As the name suggests, a loan for land purchase helps you buy a plot of your choice. It is your choice to either keep it, construct a home on it or sell it for liquidity purpose.
When should You avail a Loan for Land Purchase?
A loan for land purchase should be your choice if you face or are stuck in situations such as:
➢When you are buying a plot via direct allotment
➢When you are purchasing a resale plot
A loan for land purchase is a handy choice to help you fund the need to purchase a plot of your choice. Leading names in the banking and non-banking finance companies (NBFCs) can offer you such a loan at lower Home Loan interest rates.
Some lenders also let you avail a top-up loan facility to borrow another Rs.50 lakh after you have started with the construction and needed more funds.
However, such a facility is available to customers who opt for the Home Loan balance transfer. Home Loan balance transfer is a facility where you can switch your existing Home Loan accounts to a new lender to enjoy lower rates. You need to pay some charges to your existing lender for availing the facility though!
Loan for Land Purchase – Some Benefits that You can Enjoy!
Gone are the days when you need to wait for a lender to sanction your loan for land purchase application. We are living in a fast-paced world where everything is served fast, and loans are no exceptions. Hence, you can expect the loan approval within minutes. Leading online lenders won’t take more than five minutes to complete the approval process.
✓Fast Disbursal into Your Bank Account
A land purchase needs you to put down a substantial amount in one go as the down payment. Lenders understand that delays in the payment could lead you to lose the plot for your dream nest. As a result, known service providers ensure to credit the loan amount within 72 hours once the application is approved.
✓Lower Land Loan Interest Rates
Most of the top online lenders can offer you a good deal in the form of a lower land loan interest rates. It helps you pay lower loan EMIs and realize the dream of having own house without hassles.
✓Online Account Access
You need not run from pillar to post to know details of your loan such as paid loan EMIs, upcoming loan EMIs, interest rate and more. You can access all information via lender’s digital customer portals anywhere and anytime.
The Bottom Line
With lenders offering you so many benefits of a loan for land purchase to realize your housing aspirations, why wait? You can apply online for it and get set go!