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Published on Apr 3, 2020Updated on Sept 27, 2022
Owning land instill a feeling of ownership and pride. It also brings a lot of happiness along with a sense of joy and achievement for the land owner. Other emotions that also play a key role are a great sense of security and peace of mind.
India is a country where owning a piece of land fulfils life long dreams. Other than the fact that you can build your dream home on this plot of land, it can be used in your times of need as well. These days, a number of lenders offer loan against plot to anyone who owns a piece of land and would like to use it as collateral for securing a loan. A loan against land can be used to construct homes, develop a factory or build commercial business plants on the pledged plot of land. Here are some things you need to know before applying for this product.
Before you make your application with the lender, make sure that you have done the necessary research towards your loan against property eligibility check. Here are some of the general eligibility criteria
For Salaried Individuals:
For Self-Employed Individuals and non-professionals:
Here is a list of documents required for loan against property
For Salaried Individuals:
For Self-Employed Individuals and non-professionals:
Also, remember to calculate your eligibility to avail the loan with the help of online loan against land calculators. You can also use Fullerton India’s free online Loan against Property Calculator for this purpose.
Must Read: Secured Loan vs. Unsecured Loan
A Land mortgage loan can be used to build a house, a factory, a business unit, company expansion, purchase of machinery, debt consolidation or funding any other business related expenses.
There are tax benefits that you enjoy on the interest component of your EMIs. However, this loan may not help you save on your income tax. To know more however, please have a detailed discussion with your lender. You are also advised to read the terms and conditions of the loan document thoroughly.
At the moment, at Fullerton India, we only offer loans against commercial or residential property and a plot cannot be pledged to secure a loan. To know more about Fullerton India’s Loan against Property, please click here.
*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.