I am 50 yrs old private employee with a monthly income of Rs. 32,000/. I want to buy a plot and construct a house on it. The cost of the plot is Rs. 12 lacs and cost for building will range around 12 lacs. Will I be eligible for a plot loan?
According to the credentials you have provided, you will be eligible for a maximum loan of Rs. 13.5 lakh. This may vary according to the banks since they have different policies for home loans and plot loans. If you want to avail more loan amount, you can include either your spouse/children as co-applicants. By adding co-applicants you will be eligible for a higher loan amount.
The eligibility for plot loans will differ from one lender to another. For Indian residents, land loans are available to both salaried as well as self-employed individuals with a good Credit Score. The only catch when applying for a land loan is to make sure the plot of land that you are seeking to purchase is a residential plot and not an agricultural or commercial land and comes within the corporation/municipality limits. For resident Indians, land loans are available in both cases whether you are looking to construct a residential home on the plot or simply buy it as a future investment.
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