Check Plot Loan Interest Rates & Eligibility Easily

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A plot loan is provided by banks for purchasing a plot of land. Individuals can avail themselves of this loan. The land can be used for various purposes, such as constructing a house or any commercial property, or developing any real estate. Land purchase is one type of valuable investment that an individual can consider for residential purposes or for generating income from commercial development. PNB Housing offers a flexible opportunity to avail a plot loan at an attractive rate. One can get financing of 70-75% of the property market value. Moreover, one can enjoy tax benefits on a plot loan if one starts construction on purchased land.

Plot Loan Interest Rates

A floating interest rate is applicable on a plot loan that changes periodically based on the prevailing market conditions. The applicable interest rate is decided based on the credit score of the individuals. A credit score of 825 and above attracts a lower interest rate due to a good credit history.

Usually, the interest rate on a plot loan for a high credit score ranges between 9.25% and 10.75%. However, an individual who is purchasing for the first time and does not have any credit history can also apply for this loan, but it may incur a little higher interest rate, between 11.55% and 13.30%.

Eligibility Criteria for Plot Loan

Any individual who has a regular source of income or is self-employed or a business owner can apply for this loan.

● The borrower’s credit score must be at least 650 or above to avail themselves of the benefits of a plot loan.
● The borrower should be within the age of 70 years at the time of loan maturity.
● The applicant must display the residential proof and age proof to get approval for the plot loan.
● • The last 3 years’ income statements are also mandatory for giving proof of the source of income.
● The amount of loan sanctioned by the bank depends on the cost of the property, loan tenure, and other mandatory criteria as applicable by PNG Housing at the sole discretion of PNB Housing.

Benefits of PNB Housing plot loan

● PNB Housing is providing the plot loan at the lowest rate of interest with a flexible disbursement procedure.
● PNB has branches across India. Anyone can apply for this loan by visiting the branches or directly filling out the application form with the details of their loan requirements and personal details.
● The borrower has the option of online post-payment services for hassle-free repayment of the loan.
● • An individual can enjoy the government’s applicable subsidy on a borrowed plot loan.

PNB Housing is offering an exciting opportunity to make your dream come true. With a flexible interest rate, a longer period, and an easy application process, it has made purchasing a piece of land much easier, which was never the case before. Use the plot loan EMI calculator on the website and enter the details of your loan requirement to know the expected EMI amount payable monthly in a few simple steps. So, do the financial planning with the assistance of one of the largest housing finance institutes, PNB Housing, today, and give shape to your every wish.

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