Home Loan EMI Payment

  1. Home
  2. >
  3. Home Loan
  4. >
  5. What is a Plot Loan

What is a Plot Loan

Quick apply

Just 60 seconds to apply

Enter your first and last name
Enter your 10-digit mobile number
Enter your pin code

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC.T&C

An OTP has been sent on your mobile number

Enter one-time password*

0 Seconds
Enter net monthly salary
select date of birth
Enter PAN card details
Select employer name from the list
Enter personal email address
Enter official email address
Enter current monthly obligations
Enter your monthly salary
Enter annual turnover (18-19)

Thank you

Loan for Plot Purchase

Many financial institutions offer loan for plot purchases which is also known as a plot loan. You can always check your eligibility for a plot loan using a plot loan eligibility calculator. You should bear in mind that plot loans are different from home loans. If you have a good CIBIL score and meet all the eligibility criteria, you can expect to get a low plot loan interest rate as well. Home loans are taken for purchasing properties which are being built or are already constructed. Loan for plot purchase is those taken for buying a plot of land where you will construct a home in the future.

Plots can be bought through direct allotment in real estate projects or housing societies or even as resale purchases in housing societies or projects by development authorities. The plot should be within city limits or outside city limits but should be used only for residential purposes, should be non-agricultural and should have approval from a requisite authority. Most financial institutions offer financing up to 70% of the cost of the plot and the FOIR (fixed obligation to income ratio) up to 60% is given based on your net adjusted income. The margin money that you have to contribute varies from 30-50% in most cases. Rates of interest are a little higher as compared to regular home loan interest rates and tenures range between 15-20 years. You do not get tax benefits for EMI repayments for these loans although you will get tax benefits if construction commences on the plot of land.

How to Apply for Plot Loan

You can apply in a similar manner as a home loan and the process is almost the same where you have to fill out the application form and submit it along with necessary documents. You will be assessed for eligibility and once these formalities have been completed, you will get your sanction letter post which legal verification and other processes will start till the amount is disbursed.

People Also Considered

Home Loan Balance Transfer

Lower your Home Loan EMIs and also avail a top-up loan of upto Rs. 50 Lakh with a Home Loan Balance Transfe

Digital Health EMI Network Card

Digital Health EMI Network Card

Instant activation with a pre-approved limit of up to Rs. 4 Lakh


Home Loan EMI calculator

Estimate how much you will pay each month for your new home by using our Home Loan EMI calculator


Home Loan eligibility calculator

Use our Home Loan Eligibility calculator to estimate how much can you comfortably spend on your new home