Loan for land purchase.

[someshmv]

Thanks Gauri for info,

But site owner should be ready to get the site registered for MARKET value, Usually they don't agree for market value, most people prefer black money. They want the site registered for govt guidance value and rest in cash.....

[Gauri]

@ lakshmividyasagar..yes we have finalised at 3850...they were not willing to go below that My gut feeling is that price is a bit high and you might get for Rs 300-400 less if its a direct deal( between you and the seller). Its just my gut feeling, am not sure how far its true.

@someshmv...i guess i made a mistake in my previous comment. You will get a loan from Axis bank for plot at 75% of the Market value( i.e 60L in the above example). The registration can still be done at 18L( govt guidance value). Please contact them for further details if you are interested. My understanding is out of ICICI, HDFC and Axis, only Axis gives you this flexibility.

[someshmv]

I checked with Axis Bank Representative, he said I can get site (Plot) loan for 75% of Market value and I can register the site for govt guidance value, and there is no condition to construct the house within 2 years.

Can I believe his words ??, confused....

Anyone who has taken site(Plot) loan from Axis Bank, please share your views......

[pradeepk]

I have taken land loan from Axis bank in December 2011. from November end, Axis bank has made mandatory to sign an affidavit to start construction within 18 months from the date of loan disbursement. I am not sure whether or not axis bank will follow 18 months deadline strictly. One of my friend had taken loan from Sundram finance in 2009, they also asked to sign affidavit , but didn’t follow up after that.

[keshavachandras]

Axis Bank has a complustion of 18 months only if you opt for composite loan (plot + construction); they also offer plot only loans and there is no conditions. I'm having my loan application under processing from Axis bank.

[pradeepk]

i am not sure if Axis bank policy has changed recently w.r.t plot loans. i too opt only for plot loan but they made me to sign the affidavit.

in Axis bank website too , there is no mention of only plot loan

Below is taken from Axis bank website (http://www.axisbank.com/personal/loans/ ... poses.aspx)
Land Loan features and benefits
You can use the land purchase loan to buy a plot of land and to construct the house.
You can take a land loan to build a house on a plot of land that you already own.
The land loan can be used to buy a new house/ flat.
Purchase an old house/ flat. To avail of the loan, the residual age of the property as confirmed by our empanelled valuators at the maturity of the loan should not be less than 10 years.
Takeover of existing housing loans.

[someshmv]

I checked with Axis bank Rep. We need to sign affidavit stated that we will construct the house within 18 months. but I don't know what will happen if we don't construct the house after 18 months ??

Anyone please share your views ?

[prabhu422p]

All,

How many days Axis bank takes to process composite loan?

Thanks,
Prabhakar

[manjunathdm]

Axis Bank takes nearly 3- 4 weeks if its a BDA plot and 5 - 6 weeks for DC converted land. they say they will process loan within 2 weeks, but its not true.
HDFC is the only bank which offers you a loan for buying plot with undertaking of 5 years from date loan disbursal.

[prabhu422p]

Manjuath,

Thanks for the reply.For composite loan which bank is good(LIC,AXIS,HDFC et).

Thaks,
Prabhakar
9916588111