Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Buying Plot? Here’s All You Need to Know!

Loan for Home

Loan for Buying Plot? Here’s All You Need to Know!

Loan for Buying Plot? Here’s All You Need to Know!

Fact: Not all homebuyers have the same housing preferences. While some favour pre-built houses and apartments, others look to buy a plot and build a house aligning with their space and aesthetic needs. If you fall into the second category, you might require a considerable amount of funding to purchase a plot and realise your housing goals.

Thankfully, numerous lenders in the Indian market now offer affordable plot loans that allow you to purchase land and construct the house of your dreams.

If you’re wondering what a plot loan, read on to find out.

What is a plot loan?

As the name suggests, it is a loan for buying plotwhere you plan to construct a house in the future.  You can avail of these loans at affordable interest rates and repay it through easy EMIs for a tenure of your choice.

Also known as land loans, plot loans are often confused with housing loans. The main difference between a plot and a housing loan is that you can only use a plot loan to purchase a piece of land. On the other hand, a housing loan can be used to buy an under-construction or a ready-to-move-in apartment, flat, or villa. Some lenders, like Tata Capital, offer home loan that you can utilise for a variety of purposes, including plot purchase.

Additional Read: Difference between a Home Loan and a Plot Loan

Eligibility criteria for plot loans

Although the eligibility criteria may vary from lender to lender, here are the conditions you must fulfil while applying for home finance with Tata Capital:

  • You must fall into the age bracket of 24-65 years.
  • If you’re a salaried employee, you must have a minimum salary of Rs. 30,000, along with at least two years of work experience
  • If you’re a self-employed individual, you must have been in business for a minimum of three years
  • If you’re an NRI, you must be a salaried individual with at least three years of work experience

You can either visit a lender’s nearest branch or their official website to get detailed eligibility information. Several lenders also offer online eligibility calculators for quick eligibility calculation.

Documents required to avail of a plot loan

Here’s a list of standard documents you must provide when applying for a plot loan with Tata Capital. Note that the documentation requirements may differ from one lender to another.

  • Duly filled and signed loan application form
  • Passport size photographs
  • Residence proof
  • Photo Identity proof
  • Income proof, including salary statements for the past 6 months
  • Bank statements for existing loan details
  • Processing fee cheque, issued from the salary or business account
  • Last 3 months’ salary slips

Additional Read: Home Loan for Purchasing Residential Plot

Wrapping up

Are you looking to purchase a plot for your housing goals? Well, you’re in the right place! Tata Capital’s housing finance options come with attractive home loan interest rates and flexible repayment options, leaving little to be desired. Moreover, with our easy-to-meet eligibility criteria, minimal documentation requirements, and swift loan processing, you will have the required funds in no time!

Head over to our website now to check your home loan eligibility.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.