IB Plot Loan
| Loan Criteria | Catagory / Area | |||||||||||
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| Target Group | Eligible persons/Age of the Applicants/Recognition of Income level /NTHP as applicable for Home Loan Scheme to Residents/NRIs. | |||||||||||
| Purpose | Purchase of House site on ownership basis( not on lease basis) layout of which duly approved by Competent Authority . | |||||||||||
| Quantum of loan | Permitted up to 36 times of the Gross Monthly Income ( as per latest Salary Slip for salary class) or THREE times of Annual Net Income ( in case of P& SE /Business category- based on average of latest Two years ) subject to maximum of Rs,1200.00 lakhs.
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| Margin | Maximum 25 % for residents and NRIs on the cost of plot.
LTV ratio should not exceed 75%. If the value of the plot to be purchased is more than Rs.100.00 lakhs, valuation of two Independent panel engineers are to be obtained |
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| Repayment Period | Maximum 180 EMIs. No holiday period to be allowed | |||||||||||
| Interest Rates | Click here | |||||||||||
| Processing fee | Click here | |||||||||||
| Security | · EM of house site to be purchased and the EM are to be registered. | |||||||||||
| Other Terms | · – For NRIs /PIOs Purchase of plot in rural areas is not permitted
· – Property should be properly protected by fencing/compound walls · – Property to be purchased should be in a good, accessible, developed/developing area · – Interest and installments repaid will not rank for IT benefits · – Layout irrespective of Home Loan or Plot Loan should be approved by CMDA / DTCP or by the respective Statutory Authority empowered for the purpose as per local rules. |
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