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Can we avail finance from bank on investing in a plot?- Property Hotline
Posted
November 25, 2016
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184
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November 25, 2016
184
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3:49Now PlayingExpert: Expert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert.
Question: I am planning to buy a property in Bengaluru. I do not know whether to buy an apartment or a plot and then construct a house. If I want to own a 3BHK apartment somewhere on Bannerghatta Road, what are the finance options available? I want to know whether I can get finance from banks if he wants to buy plots.
Answer: You can get a loan to buy a plot and construct a house thereon just like you can get a loan to buy a 3BHK flat. Buying a plot and construction a house is administratively cumbersome and you should think about whether you have the time and the ability to undertake that task. Most major lenders like ICICI, HDFC etc. provide loans for plot plus house construction also though not all lenders do so. The rates are the same as regular home loans though the disbursement formalities are a little more complicated. You will have to submit approved plans and cost estimated certified by a architect or a civil engineer. The disbursements will be based on progress of construction as certified by you backed by photographs and may be verified by the lender from time to time.
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