Looking out for a land loan

[rannem]

Hi,

I have recently bought a BDA approved land in narayana nagar 2nd phase. I am looking out for loan only for land purchase and have been trying out in LIC. They said they can fund upto 80% @10.5 interest for period of 10yrs. I am looking out for land loan which can give tenure period of 15yrs or can someone suggest me best land loans available in the market.

thanks in advance.

ravi.

Please post in relevant sub-forum.

[neo_sat]

Hi,

From my enquiries recently, Axis Bank & SBI fund the purchase of site with a tenure of 15 years. Axis funds 75% of the agreement value, while SBI funds 75% of the registration value.

For speedy processing of loans from SBI, you can approach the specialized housing finance branch located near Sanjay Gandhi Hospital.

Good Luck !

[rannem]

@net_sat,

I have enquired in SBI jp nagar branch, they said land loan is not given only composite loan is given that to we have construct the house after 2yrs.

[maven_blr]

Hi,
Can you share what is the price you paid for your deal? Will be useful for people like me scouting for good sites.

Thanks,
Sri

[maven_blr]

also, on your query, land loan LICs i heard are the best. Some other banks, dont even offer 80% of the amount. My suggestion is try taking for 10 years and at somepoint when it has to be converted to homeloan, it can be extended to 15 or 20 accordingly.

[OldWorldCharm]

That's right. It's best to take a plain land loan than a composite loan if you are not sure of the time period within which you shall construct your house. When it's time to build your house and you go for another home loan for the same (if at all "-)), then the new home loan and the existing land loan can be combined to form a single home loan providing you the tax adavantage on the total amount and not just the pure home loan component (miunus the land loan).

[Avs]

Ive heard SBI is the best to take home loans as they do a complete legal verification and we can rely on their legality..is this true? or taking loans from any bank is safe?

SBI gives only Composite loans...where a buyer has to start the construction within two years of taking loan

[someshmv]

try LIC housing finance, they give 75% of Registered value of the property......

[someshmv]

Please check some sites in narayana nagar 2nd phase doesn't have bda approval & have ligitation problems from orginal land owners........beware.

[rkrishna]

someshmv , Do you mean narayana nagar 3rd block or 2nd block? As I understand, a part of Narayana Nagar 3rd block (2 acres +) has litigation from tenants (rather than original land owners)? I am made to understand that high court ruled in favor of society and recently squashed the review petition. That said, I also heard that tenants are planning to take it to the next level (division bench?). I plan to consult a lawyer before proceeding further.

Is there any known dispute in Narayana Nagar 2nd block?