Loan for BDA Land

[rannem]

Hi,

I am planning to buy 30*40 BDA land, can anyone please tell me what are the banks providing the loan only for Land..?

Thanks,
Ravi.

[jackalbda]

SBI provides with a 2 year construction start agreement. I believe you can generally get an excuse for 3rd year but not much more.

[sampreeth]

Axis bank, HDFC and ICICI are some private banks who will give site loans.
Axis and HDFC give site loans based on the market value (70% of market value will be the max loan amount) while ICICI is giving loans based on guidance value.

[169039]

Hi,
I guess if you take only site loan from the said banks than ROI is more. Please prefer composite loan from SBI or IDBI( both site and construciton loan is called as composite loan.)

Banks will always predict thier own value less than market value, its better and good to have little more budget from ur end initially,rather than struggling during the last movements at the end of ur agreement with the seller.

[sampreeth]

I am not representing any private banks. Just for clarification:

Composite loan is available from private banks also (with a clause to construct house in 1-2 years). Banks will have site valuation teams who will arrive at the market value. In my experience, the value arrived at from these technical teams represent the market value and it is more than guidance value ( at least in BSK 6th stage, Anjanapura and Vishweshwaraiah layout).

Example: The guidance value in BSK 6th stage is Rs 1000 now (As per the latest proposal it will be around 1500 from August). However market value is around Rs 2000.

[rannem]

Thanks a lot for the info....

But i am not looking to construct the house immediately, may be in 5yrs i will start constructing. In that case i will not able eligible for composite loan i think..

I have enquired with LIC for land loan for which they told ROI is 10.2% floating.

Thanks,
Ravi.

[suhasbl]

Indian Bank is also providing the loans on plots. Check you nearest branch. but I am not sure about the ROI.

[169039]

Hello sampreeth,

Plz donot mistake me, i have just used abt the said banks,still if it not ok than I am sorry for this.

I do agree with you for the bank process which u have mentioned.

[rashmi_somayaji]

Hi Ravi,

Wanted to know if you got the loan for site purchase.
Would appreciate it if you could share the details.
Regards,
Rashmi

[jaggims]

Hello dear Rashmi,

you can get a plot loan from any reputed banks to purchase a BDA plot.
or you can also go for a composite loan, for the purpose of buying a plot and building a house, in this case you might have to construct the house within 2 years of plot purchase.

-Jagadeesh