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Loan for Land Purchase |
Loan for Land Purchase have become popular in India. People find loans convenient because the whole lump sum amount can't be afforded by them. The Government also provides the home loan for the land purchase. Most of the banks have come up with the attractive loan plans to help the people in purchasing land. The loans offered by private and public sector banks can be for the purchase of land or for the construction of the house. The banks offer rate of interest and the amount of loan is judged by them depending upon the repayment capacity of the individual.
Land Purchase Loan
Land Purchase Loan has played an important role in the existing society. Nowadays most of the people are finding it convenient to purchase land on loan. In order to get loan for land purchase, one should have a stable job and the regular income. The age of an individual to apply for the loan for land purchase should be 21 years. The mode of payment for the loan is Equated Monthly Instalment (EMI). The documents required for applying in the loan are application form along with the photograph, form 16, ID proof, residence proof and salary slip. Some of the leading banks provide loan for the purchase of land. They are named as follows SBI, ICICI, HDFC, Bank of India, IDBI, UCO, Citibank and LIC. The interest rates charged by the bank for the land purchase loan vary from bank to bank and from place to place.
Loan for Land Purchase in India
Loan for Land purchase in India have played vital role in the life of the people. SBI charges 11.25 % interest rate on the home loan for land purchase. The loan amount offered by SBI is minimum Rs. 1, 00,000 and the maximum amount is Rs. 20,000,000. The tenure for the home loan is minimum 5 years and maximum is 20 years. The time it takes to process the loan is one week. HDFC banks offer flexible repayment facility for the home loans for the purchase of land which suits the individual. LIC also provides the loan for land purchase and for the construction of the houses. It grants the home loan for the land purchase. They offer loan at low rates and they don't charge any hidden cost. It provides home loan not only to the residents of India but also to the NRI's. The calculator is available on the official website of LIC to provide an insight as to how much they will have to pay for the loans.
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Loan for land purchase in ICICI is accessible to those who are of 21 years of age. An individual should be employed or self- employed and they should get the regular income. The loan they provide should be terminated when you turn 65 years or before retirement.
Loan for Land Purchase is popular in Bangalore and Kerala. Loans for the land purchase have helped people in possessing the home.
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