PSU Banks funding to buy Plot.

[amit_pearl2]

Friends i would like to know which PSU bank can provide me loan to buy BBMP site.
I checked with SBI, they agree to give me Composite loan( Buy and construct). Currently i dont
plan to construct house.Here in composite loan i have to construct house in 2 years.

Please let me know which bank would give me site loan. Preferably i would like to stay away from private
banks

Opinion would be very helpful

Thanks
Amit

[msn1270]

with the rising NPA, no PSU Banks give preferance for site loans unless it is BDA or BDA 100% approved Layouts. Also their terms and conditions are very stringent. You need to give a guarantor who is of same or more earning capacity alongwith his earning details and IT Returns for the last 3 years.

[msn1270]

Also they give loans only on the Government Guidance value of upto 80%, not on the actual buying value.

[akula]

Hi Amit,

You can approach IDBI home finance ltd. They give plot loans at 9% ( for 75% funding) and 9.5% (for 85% funding) interest rate. You should have bbmp khata for the plot though not the bda authorisation. I got loan sanctioned for a bbmp plot from IDBI for the market rate. Though SBI's interest rate was slightly less they insisted on a gurantor because of which i could not go with them. I'll send u the contact details fo IDBI person.

Regards,
Akula

[amit_pearl2]

Thanks Akula,

Is it Only plot loan or Composite Loan? If by providing a Guarantor i could get site loan from SBI then i would be happy
to avail from SBI. Atleast i can confirm that the paper verified would be clean. In Private banks they are not very
strict about title verifications.

By the way which SBI bank agreed to give you site loan with Gurantor.

Site i am buying is DC converted with BBMP tax paid yet to get Khata.

Thanks
Amit

[akula]

Hi Amit,

Its plot loan not composite loan.

I had posted my requirement on apanaloan and got calls from several banks including SBI. I dont know which SBI brach I got the call from. But I think their rules will be uniform across all their branches in bangalore.

IDBI would insist on khata with betterment charges, even though you have paid the tax. Also for document verifications, its better to get it done through a lawyer instead of relying on banks.

-Akula

[amit_pearl2]

Akula,

Do you mean to say Betterment charges are must for Bank to give loan?With only BBMP kata will not get me loan?

Now what should i do to get loan? How much and where should i pay the betterment charges?

It was just panchyat approved layout, now under BBMP. We might get the BBMP khata next week.

Thanks
amit

[akula]

amit,
pls check with the bank. i'm not sure if it is a must. my developer had paid the betterment charges. i see the seal of bbmp (kandaya ilaakhe) on the betterment paid receipts.
-akula