Muthoot Finance Plot Loans

Muthoot Finance offers plot loans at affordable interest rates to individuals looking for a plot to build their dream home. A loan of up to Rs 25 Lakhs is offered to the plot loan applicant, ensuring the borrower does not need to worry about the expenses. Muthoot Finance provides a housing loan for plots and home loans for land purchases, offering flexibility for various property types. Customers can benefit from plot loan tax benefits of up to Rs 2 Lakhs. Keep reading further to know more about the Muthoot Finance plot loan eligibility and the documents required.

Muthoot Finance Plot Loans – An Overview

Here is an overview of the Muthoot Finance Plot Loan:

Muthoot Finance Plot Loan Interest Rates

Muthoot Finance Plot Loan has an attractive and competitive interest rate of 11.00% annually. However, these rates can vary depending on the borrower’s creditworthiness. 

Muthoot Finance Plot Loan Fees & Charges

Alongside the processing fee, learn more about the applicable fees and charges while availing of a Muthoot Finance plot loan:

The loan processing fee is a one-time charge of Rs 500 plus taxes. If there are any defaulted payments, a 24.00% per annum charge will be applied to the outstanding amount. A fee of Rs 5000 plus applicable charges will be incurred for property swaps. In the event of a cheque bounce, there will be a fee of Rs 100 plus applicable taxes for each occurrence.

Muthoot Finance Plot Loan Eligibility Criteria

The plot loan applicant must meet the following eligibility criteria before considering to avail the Muthoot Finance plot loan:

• The applicant must be a minimum of 21 years of age.
• At the time of loan maturity, the applicant must not exceed 65 years of age.
• The applicant must be a working professional or self-employed.
• The applicant must have a bank account.

Muthoot Finance Plot Loan Documents Required for Salaried and Self-Employed

The salaried applicant must have the following documents to apply for the Muthoot Finance plot loan:

• Identity Proof 
• Address Proof
• Contract with the builder
• Three months’ salary slips along with the Income Tax Return (ITR) or Form 16.

Features of Muthoot Finance Plot Loan

The key features of the Muthoot Finance plot loan are as follows:

• Disbursal of funds in phases
• Tenure of up to 20 years
• Simple application and documentation process
• Tax benefits

Things to Remember While Applying For a Muthoot Finance Plot Loan

When applying for Muthoot Finance plot loans, consider the following key points:

• Assess your eligibility and repayment capacity. If your income is lower, opt for a longer tenure to manage smaller EMIs. 
• Ensure you have the necessary approvals and permissions for construction on the plot. 
• For plot plus construction loans, remember that Muthoot Finance Finance provides loans for both plot purchase and house construction. 
• Depending on your needs, Muthoot Finance offers varying loan amounts and tenures for land purchase loans, ranging from Rs. 3 lakhs to Rs. 25 lakhs, with tenures up to 20 years.