Land Purchase Loan We all know about home loan. But do you know that loan can be taken from bank or financial institution to buy land. Let us know what is the eligibility for land purchase loan and how much interest is to be paid in it. Also, what documents are required to get it.
Like a home loan, you can also take a loan to buy land. Land can be easily purchased through a land purchase loan. Because in this you pay the money in installments. However, like other loans, interest has to be paid in this too.
How much interest will have to be paid?
Taking a land purchase loan can be a little more expensive than a home loan. There are many similarities between home loans and land purchase loans. However, you may have to pay more interest if you take a loan to buy land. According to the information received in this regard, you have to pay an annual interest of 8.6 percent to 17 percent on taking a land purchase loan.
The tenure in this is less than that of a home loan. The tenure of a land purchase loan ranges from 5 years to 20 years.
Eligibility for Land Purchase Loan
- The applicant must have a fixed salary or be self-employed.
- Along with this, the salary of the applicant should not be less than 10 thousand rupees. However, this
- Different rules have also been laid down.
- If you are self-employed, you can earn Rs 2 lakh annually.
- Apart from this, your credit score should also be good to take any loan.
These documents will be needed
- For identity proof you can use Aadhar card, identity card or PAN card etc.
- Ration card, electricity or water bill, lease agreement etc. can be used for address proof.
- Along with this, bank statement of last 6 months will also have to be given for income proof.
- For self-employed, latest IT assessment will have to be given.
- Apart from this, you will also have to submit your land tax receipt, title deed and other documents required by the bank.
What is a land purchase loan?
In this era of inflation, we have to take a loan to buy our favorite item or goods. Through a loan, you can buy any item in installments. However, you will have to pay interest in this. We often know about home loan, personal loan, education loan etc. You can also take a loan to buy land through a bank or financial institution. Which is called land purchase loan. In this, you have to pay more interest than a home loan.
