What are the Documents and Eligibility of Land Loan
Land loan is a good choice to finance your land purchase. However, the amount of loan will be decided by the bank before sanctioning the amount. The maximum loan-to-value ratio in the case of land loan is around 70%. Banks approve the land loan only after proper verification and scrutiny of all documents and the land you want to purchase. Here is the list of documents required: 1. Original land ownership documents 2. Detailed sketch of plot location approved by the municipality. 3. Revenue receipts and land records, which has been paid by the previous owner. 4. Tax receipts 5. Original sale deed with index II. 6. Copy of property’s registration card on the name of the borrower 7. Search and Title reports of the land in detail in the last 30 days. ‘ 8. Order certificate’s copy, which is issued by the Urban Land Ceiling Act. 9. Building Permission copy issued by the Local Corporation 10. Cost of construction which is estimated by the certified architect. Other documen...