Overview of Product
Plot Mortgage Loan Consultant in Bangalore, India
Leverage your Bangalore plot’s equity with a loan against plot in Bangalore! Plot Mortgage Loan Consultants in Bangalore like Grab Capital can help you secure financing through this option, also known as loan against land, loan against open plot, or loan against property (residential plot). This allows you to access funds from your valuable plot.
Benefits of Loan Against Plot in Bangalore, India:
Access Substantial Funds: With clear titles, a loan against plot in Bangalore can provide significant financial resources compared to other loan options.
Flexible Borrowing Options: Choose between a lump sum with fixed EMIs or a revolving credit facility that lets you borrow as needed and pay interest only on the utilized amount.
Things to Consider:
Interest Rates: Loan against plot interest rates might be higher compared to traditional home loans.
Loan-to-Value Ratio (LTV): LTV typically ranges from 45-55%, meaning you can borrow up to a certain percentage of your plot’s market value.
Grab Capital as Your Loan Against Plot Facilitator in Bangalore:
Partner with Grab Capital to navigate your loan against plot options in Bangalore. We connect you with a network of lenders offering competitive loan against plot interest rates for your plot of land.
You have two borrowing options: a lump sum with fixed monthly payments or an overdraft-style financing that offers flexibility to borrow as needed. The latter choice enables interest payments solely on the utilized amount from your available funds.
Loan Against Plot Interest Rate in Bangalore, India
| Name of Lender | Interest Rate | |
|---|---|---|
|
SBI
|
9.75% onwards |
|
|
HDFC Bank |
9.75% onwards |
|
|
LIC Housing Finance |
9.75% onwards
|
|
|
Kotak Mahindra Bank |
9.75% onwards |
|
|
ICICI Bank |
9.75% onwards |
|
|
Punjab National Bank |
9.75% onwards |
|
|
Bank of Baroda |
9.75% onwards |
|
|
IDFC First Bank |
9.75% onwards |
|
|
Axis Bank |
9.75% onwards |
|
|
Godrej Housing Finance |
9.75% onwards |
|
|
Canara Bank |
9.75% onwards |
Loan Against Plot Processing Fees:
- Typical Range: Processing fees for Loan Against Plot typically range from 1% to 2% of the loan amount.
- Grab Capital Example: Let’s say you apply for a ₹10 lakh LAP with Grab Capital. Their processing fee could be around ₹10,000 (1% of ₹10 lakh) or ₹20,000 (2% of ₹10 lakh).
Loan Against Plot Pre-closure Fees:
- Typical Range: Pre-closure fees can vary depending on the lender and loan terms, but they usually fall between 1% to 4% of the outstanding loan amount.
- Grab Capital Example: Consider you have a remaining balance of ₹5 lakh on your Loan Against Plot after two years. If Grab Capital charges a 2% pre-closure fee, you might need to pay ₹10,000 (2% of ₹5 lakh) to close the loan early.
Loan Against Plot Conversion Fees:
- Typical Range: Conversion fees can vary but are generally lower than processing fees, ranging from 0.25% to 1% of the outstanding loan amount.
- Grab Capital Example: If you decide to convert your remaining ₹3 lakh Loan Against Plot balance into a home loan with Grab Capital, their conversion fee could be around ₹750 (0.25% of ₹3 lakh) or ₹3,000 (1% of ₹3 lakh).
Why Choose Grab Capital ?
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Loan Against Plot EMI Calculator
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Eligibility Criteria for Loan Against Plot in Bangalore, India
Our Financing Against Plot eligibility criteria at Grab Capital are thoughtfully crafted to simplify the financing application process, ensuring a hassle-free experience for you.
- The acceptable age range is between 18 and 70 years.
- The applicant may fall into one of two categories: salaried or self-employed.
- A good credit score of at least 750 or more obtained from a recognised credit bureau
Documents required for Loan Against Plot in Bangalore, India
At Grab Capital, we prioritize your convenience. Our Financing Against Plot application process is streamlined, requiring minimal documentation.
- KYC Document
- Income and Financial Documents
- Property Papers
Note: Please be aware that the list of eligibility and documents mentioned above for the fund is not exhaustive. Additional documentation may be necessary as part of the application and processing requirements.
Ready to Secure Your Funds?
Your Eligibility Is Confirmed, It’s Time to Apply for the Funds You Need to Achieve Your Financial Goals!
FAQ's
Frequently Asked Questions
A loan against plot, also known as a loan against property (residential plot/open plot), is a secured loan where you borrow money using your plot of land (residential or undeveloped) as collateral. The lender provides you with a loan amount based on the market value of your plot.
Having a co-applicant is often mandatory for availing Financing Against Land, but the specific requirements can vary among lenders. It’s essential to check with your chosen financial institution to understand their specific criteria and whether a co-applicant is necessary for your financing application.
The value of land is determined by factors such as location, size, market conditions, zoning, infrastructure, and comparable sales.
The maximum loan term for a loan against plot generally falls between 12 and 15 years. Similar to the funding amount, the loan term can vary depending on the lender and your profile. Grab Capital can guide you through the options available.
Maintaining a good credit score is crucial when applying for a plot financing in India.
The maximum funding you can avail typically ranges from 50% to 75% of the plot’s market value. This can vary depending on the lender, your creditworthiness, and the location and type of plot. Grab Capital can help you understand the specific terms offered by partner lenders.
The plot of land itself acts as the security for the loan. The lender will place a mortgage on the plot until the loan is fully repaid. This means if you default on the loan, the lender has the right to sell the plot to recover the outstanding amount.
Yes, you can get a loan against an open plot (loan against property open plot). Lenders might consider factors like the plot’s location, development potential, and your creditworthiness when determining eligibility.
Yes, a loan against plot differs from a home loan in several ways:
- Purpose: A loan against plot can be used for various purposes, while a home loan is specifically meant for purchasing or constructing a residential property.
- Security: A loan against plot uses the plot itself as security, whereas a home loan uses the constructed house as security.
Interest Rates: Loan against plot interest rates are generally higher than home loan interest rates due to the higher risk associated with undeveloped land.