Indian Bank Plot & Land Loans

Indian Bank offers land loans, also known as plot loans, designed for individuals planning to purchase land for residential or commercial purposes. This type of loan is ideal for those who want to invest in land as it often appreciates in value, providing potentially higher returns upon resale. Indian Bank's plot loans cater to a wide range of customers and come with benefits like competitive loan amounts and long repayment periods, making it a suitable choice for many looking to build their dream homes.

Indian Bank Plot & Land Loans – Overview

Indian Bank Plot Loan Interest Rates

Following is the Interest Rate of the Indian Bank Plot Loan:

Indian Bank Plot Loan Fees and Charges

Following are the fees and charges of Indian Bank Plot Loan:

Indian Bank Plot Loan Eligibility Criteria for Salaried and Self-employed

For both salaried and self-employed individuals, the Indian Bank sets specific criteria to qualify for a plot loan, which are as follows:

• Age Limit: Applicants must be between 18 and 60 years before loan maturity.
• Income Stability: Salaried individuals should have a stable job and a consistent income history. Self-employed individuals must demonstrate stable business income.
• Documentation: Required documents include proof of income (like salary slips for salaried individuals and profit-loss statements for self-employed), employment or business details, and standard KYC (Know Your Customer) documents.

Indian Bank Plot Loan Documents Required for Salaried and Self-Employed

The following documents are essential for salaried and self-employed individuals to process an Indian Bank plot loan.

• Application Form: A fully completed loan application form.
• Bank Statements: The last 6 months of bank statements.
• Income Proof: Salaried individuals must provide recent pay slips and a salary certificate. Self-employed individuals should submit their income tax returns and relevant financial records.
• Proof of Identity: Valid identity proof.
• Proof of Address: Valid address proof.
• Property Documents: Necessary documents of the property involved.

Features of Indian Bank Plot Loans

If you want to buy land to build a house, Indian Bank offers plot loans. Here are the key points:

• You can get this loan if you own land approved by authorities.
• It depends on where the land is. You can borrow up to 30 times your monthly income, which varies between rural, semi-urban, urban, and metro areas.
• You need to pay 25% of the land price yourself.
• You pay a small fee (1.173%) for processing the loan.
• You can take up to 15 years to pay back the loan.
• If you want to pay off the loan early, there’s no extra fee.
• The loan is approved quickly, offers a low-interest rate, and doesn’t have hidden costs.

Things to Remember while Applying for an Indian Bank Plot Loan

When applying for an Indian Bank plot loan, here are some important things to keep in mind:

• Check Eligibility: Ensure you meet the age and income requirements.
• Property Approval: The land you want to buy must be approved by the correct authorities.
• Required Documents: Gather all necessary documents, such as identity proof, address proof, income proof, and property documents.
• Understand Costs: Know the margin processing fees and no hidden charges.
• Plan Repayment: Be clear on how long you can take to repay and understand the conditions for early repayment.