Various private and public sector banks are coming out with attractive loan plans for its customers for purchase of land, purchase or construction of house/flat. The loan can be taken for both land purchase as well as construction on the land.
Any individual aged 21 years or above having regular income is generally eligible to apply for land Purchase loan.
The quantum of loan sanctioned, depends on a number of factors like the cost of house/flat, person's age while applying for loan, income, repayment capacity etc. 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.
Minimum 30% of Purchasing value. This value may vary from bank to bank.
Interest on both fixed as well fluctuating rates are available. The actual interest rate is governed by prevailing market conditions at the time of taking loan. Special reductions in interest rates may sometimes be allowed for women and in other special conditions. A nominal processing fee of 1% of amount of loan taken is generally charged by banks.
HDFC Bank- Internal & External Reparing
ICICI Bank- Attractive Repairing Interest Rate
Bank of India - Repair of House
Standard Chartered- Home Repairing Assist
State Bank of India - Repair of Existing House
Union Bank of India- Union Home Plus
UCO Bank- UCO Shelter
Bank of Baroda - Financing An Old House
Citibank- Home Renovation Scheme
Development Credit Bank - DCB Home Vantage
* Terms and conditions may vary from bank to bank.