land purchase home loan

What is a plot loan?

Think about it — most home loans only help you buy a ready-made house. But what if you want to build your own? A plot loan gives you the money to buy the land first, so you can design and build the home you’ve always pictured. With PrimeGround Finance, you get the funding you need at a rate you can afford, and I’ll walk you through every step.

How much will you pay every month?

I know the first thing you want to know is: “What does this cost me each month?” Fair question. Here’s a real example so you can see exactly what to expect before you even apply.

This is just an example. Your actual EMI will depend on your loan amount, the rate you’re offered, and how long you choose to repay. Talk to one of our team members, and I’ll get you a number that’s built around your life.

What rate will you get?

Your rate is linked to the RBI’s Policy Repo Rate. That means when the Repo Rate goes down, your rate can go down too. Right now, the Repo Rate sits at 5.75%.

Current Repo Rate: 5.75% (updated by RBI from time to time)

These rates are a starting point. Your final rate depends on your credit profile and the result of your loan assessment. The cleaner your credit history, the better your chances of getting a lower rate.

Can you get this loan?

Let me keep this simple. If you earn a regular income, you’re between 21 and 65 years old at the time your loan ends, and you’re an Indian resident (or NRI), you’re likely eligible. Here’s a quick breakdown.

Basic requirements

How much of the plot cost will I fund?

You don’t have to pay the full price upfront. Here’s how much I can lend you based on your loan amount.

These limits apply to direct allotment cases. The final funding amount depends on a property valuation and your repayment capacity as assessed by our credit team.

Are you self-employed? Here’s where you fit

How much loan can you get? (real example)

Use this as a rough guide. If your monthly income is ₹ 50,000 and you already pay ₹ 5,000 in other EMIs each month, here’s what you could be eligible for.

What documents do you need?

I’ll be upfront with you — there is some paperwork involved. But it’s mostly straightforward stuff you probably already have at home. Here’s everything you’ll need to submit along with your completed application form.

KYC and identity documents

If your name has changed since any of these documents were issued, just bring a marriage certificate or Gazette Notification along with them. That covers you.

Income documents — if you’re salaried

• Your last 3 salary slips from your current employer
• Last two years’ Form 16 or Income Tax Return documents.
• Bank statements from your salary account — last 6 months
• Offer letter or appointment letter if you’ve been at your job less than a year

Income documents — if you’re self-employed

• Last three years’ Income Tax Return (ITR) filings, including computation of income.
  • Audited Profit & Loss statements and Balance Sheets for the preceding three financial years.
  • Last 12 months’ bank statements for both business and personal accounts.
• Proof of business continuity and registration (GST certificate, shop licence, partnership deed, MoA/AoA, etc.).

Property documents

• Original title deed chain showing clear ownership
• Sale agreement or allotment letter from the developer or authority
• Latest property tax receipts (where applicable)
• Approved layout or survey plan from the local town planning authority
• Encumbrance certificate for at least 15 years (or from the date of first registration)
• Non-agricultural land use certificate (where required)
• NOC from housing society or RWA (if the plot is in a gated community)

What does it cost to get this loan?

I want you to know exactly what you’ll pay — no surprises. Here’s a clear breakdown of every fee involved. All amounts are before GST and other government charges unless I’ve said otherwise.

Good news: if you’re a senior citizen (60+), you get a 10% discount on all service charges.

Processing fee (paid once, non-refundable)

If you want to switch your rate or pay off early

Other charges you should know about

If you miss a condition in your loan agreement (like providing security documents on time), you may be charged up to 2% per year on your outstanding balance — capped at ₹ 50,000 for critical security issues and ₹ 25,000 for others.

Questions you probably have

Can this loan help me purchase agricultural land?

No — and I want to be clear about that upfront. This loan is only for residential plots in approved layouts or registered developments. Agricultural land does not qualify under this product.

What’s the longest I can take to repay?

You can repay over a maximum of 15 years. The only condition is that you must be 65 or younger when the loan ends. Your income level and credit profile will also help determine the best tenure for you.

Should you add a co-applicant?

Yes — I’d strongly encourage it if you want to borrow more. When you add an earning family member as a co-applicant, their income gets combined with yours. That means your eligibility goes up. A quick note: all co-owners must be co-applicants, but co-applicants don’t have to be co-owners. Most people add a spouse, parent, or adult child.

Will you pay a penalty for paying off early?

Floating rate loan? Zero foreclosure fees, no matter where the repayment money comes from. Fixed-rate loan repaid from personal savings? Also free. Charges apply only when a fixed-rate loan is closed using borrowed funds—2% of the prepaid amount plus taxes.

How does the money actually get to the seller?

Once your loan is sanctioned and your documents are all in order, the disbursement is paid directly to the seller or developer. This typically happens right after the sale deed is signed and registered. If your payment plan is split into stages, I can arrange disbursement in parts to match that schedule.

How do I know how much loan I’ll get?

I look at your total picture — your net monthly income, any existing loan EMIs, your chosen tenure, your credit score, how stable your job or business is, and the value of the plot you want to buy. Our credit team looks at all of this together to arrive at a number that works for you.