You can apply for a plot purchase & construction loan when you have decided to buy a commercial plot purchase, that will be a good investment of land within the next few years.
We can offer you the best rate of interest 8.50%, The land may be free-hold or a plot allotted by the development authority like Huda or DDA. The loan is disbursed in multiple tranches, according to the stages in construction.
Criteria of Plot Purchase & Construction Loan
The applicant’s minimum age should be 21 years. Also, the maximum age of applicant at loan maturity will have to be 60 years if you are in the category of salaried class, and 70 years for those who are self-employed.
There is no fixed lower limit as to how long you have to keep the land before beginning the construction.
However, make sure that you complete the construction work within 3 years of purchasing the plot of land and approval of the construction loan.
One has to give a written undertaking as well to the bank or the finance company in this regard.
Maximum Loan on Plot Purchase
Plot purchase or land purchase loan Maximum funding of 60% of the Market value and income criteria should be met according to the loan amount.
Solution 4 finance assures you we provide maximum loan amount and maximum value of loan amount with the lowest rate of interest according to you your income.
- Residential property with LTV@60%.
- Commercial property with LTV@60%.
- Industrial property with LTV@50%.
Processing & Timing
If the client provides complete proper documents, We can take sanction within 3 working days after that required permission to a mortgage if a client provides PTM on time we can disbursement case within 10 to 15 days maximum. If customer support we try to best our level best service.
Property Documents for Plot Purchase & Construction Loan
- Agreement to sell copy.
- Plot allotment latter.
- Map plus estimate of construction. ( That documents we need after sanction for disbursement ).
- Required documents – Plot purchase plus construction.
Home loan or loan against property both are clients income documents are normal KYC is the same but salaried or self-employed or PTV LTD company all of the documents are different.
List of documents for a salaried person – Pan card, Aadhar Card, 2 passport size photos, Current address proof of applicant and Co-Applicant.
Income documents – 6months Bank statement, last 2 years form 16 and last 3 months salary slips.
List of documents for self-employed- Pan card, Aadhar card, Two photos, current address proof of applicant and C0-applicant, One-year current A/C statement update, Last 3 years ITR, GST certificate and One year GST Return.
List of documents for PVT ltd Company – KYC of All partners Company Pan card, MOA and AOA, Shareholder Patten and list of directors. One year current A/C statement update, GST certificate, GST returns One year, Office address proof, Last 3 years Complete ITR.