Repco - Loan For Plot Purchase

When it comes to purchasing a property, most people require some form of financial assistance. This assistance usually comes in the form of a loan. Bank loans are often necessary because they provide individuals and businesses with access to capital that they may not have otherwise. Here are some reasons why bank loans are important:
It helps in starting or expanding a business. Starting a new business or expanding an existing one requires significant capital. Bank loans can provide the necessary funds to cover initial costs such as equipment, real estate, and inventory.
They also help people move towards home ownership. For most people, buying a home is the largest purchase they will ever make. Bank loans such as mortgages make it possible for people to own a home by providing the necessary capital upfront.
Loans also help people with emergency expenses: Unexpected expenses such as medical bills or car repairs can be financially stressful. Bank loans such as personal loans can help cover the costs of these expenses.
And the final and most important reason why people go for loans is because of their investment opportunities: Bank loans can also provide individuals with the opportunity to invest in stocks, real estate, or other ventures. These investments may have the potential to generate a higher return than the interest rate on the loan.
Overall, bank loans are important because they allow people and businesses to access capital that they may not have otherwise, enabling them to achieve their goals and cover unexpected expenses. However, it's important to remember that taking out a loan also comes with responsibilities such as making payments on time and paying interest on the loan.
While talking about loans, it is essential to address Repco Home Finance, which is a leading home finance company that offers a variety of loan products to help people achieve their dream of owning a home.
Repco Home Finance is a housing finance company in India, that provides home loans to individuals and families for the purchase, construction, renovation, and extension of residential properties. It was established in 2000 and is headquartered in Chennai, Tamil Nadu.
Repco Home Finance is a subsidiary of Repco Bank, which is a cooperative bank under the administrative control of the Ministry of Home Affairs, Government of India. The company has a network of over 150 branches and satellite centers across India, and it has served more than 15,000 customers.
They also offer a range of home loan products, including home purchase loans, home improvement loans, and home extension loans. This company also provides non-housing loans, such as loans against property and plot loans.
In this blog, we will focus on two of their loan products – Plot Loan and Land Purchase Loan – and the interest rates associated with them.
A plot loan is a type of loan that helps you purchase a piece of land to build your dream home. Repco Home Finance offers Plot Loans at an attractive interest rate, which is based on a number of factors such as the loan amount, repayment tenure, and credit score of the borrower.
If you are looking to buy a plot, but don't have the money to do so, then it is time to take a plot loan. These loans can be taken by anyone who has a bank account and is above 18 years of age. In general, they are available in all banks and are usually offered at an interest rate of 8-10%.
As a topic of discussion, there are several benefits associated with taking a plot loan. The most obvious benefit is getting the money that you need to buy the plot that you have always wanted. Another benefit is that you will be able to pay back the loan over a period of time instead of having to pay it off in one go like with other loans such as home loans or car loans.
On the other hand, a Land Purchase Loan is a loan that helps customers purchase agricultural land in approved areas. The loan amount and tenure for a Land Purchase Loan will vary depending on the individual borrower's circumstances.
As we all know, purchasing a plot of land is an important investment for many people, whether for personal or commercial purposes. With the high cost of real estate, it is common for people to opt for loans to finance the purchase of a plot or land. Let us explore the interest rates for these loans offered by Repco Home Finance, as well as the terms and conditions that apply.

Plot Loan Interest Rates:

Repco Home Finance offers Plot Loan for purchasing non-agricultural land in approved areas. The loan amount can be up to 75% of the cost of the plot, and the maximum loan tenure is 10 years. The customer has to put up a residential housing unit on the plot within a maximum period of 24 months, failing which the rate of interest will be modified to a commercial rate. The interest rates for Plot Loans start from 8.30%* (floating) for home loans, depending on the applicable scheme and assessment of the individual customer based on profile and property details. The final rate of interest will also depend on the loan amount and tenure. Note that the interest rates for Plot Loan are subject to change at the discretion of Repco Home Finance.

Land Purchase Loan Interest Rates:

Repco Home Finance also offers Land Purchase Loans for purchasing agricultural land in approved areas. The loan amount can be up to 75% of the cost of the land, and the maximum loan tenure is 10 years. The customer has to put up a residential housing unit on the land within a maximum period of 24 months, failing which the rate of interest will be modified to a commercial rate.
The Land Purchase loan interest rates start from 10.80%* (floating), depending on the applicable scheme and assessment of the individual customer based on profile and property details. The final rate of interest will also depend on the loan amount and tenure. Note that the Land Purchase loan interest rates are subject to change at the discretion of Repco Home Finance.

Factors affecting interest rates:

The Land Purchase loan interest rates offered by Repco Home Finance are based on several factors. These include the loan amount, loan tenure, credit score of the borrower, and the type of property. A borrower with a good credit score is likely to get a lower interest rate than a borrower with a poor credit score. The type of property, whether it is residential or commercial, also plays a role in determining the interest rate.
Repco Home Finance offers competitive interest rates for Plot Loans and Land Purchase loans interest rates , starting from 8.30%* and 10.80%* (floating), respectively. It is important to note that the interest rates mentioned in this blog are subject to change and may vary depending on the individual borrower's circumstances. Before applying for a loan, it is recommended to check the current interest rates on the Repco Home Finance website or by contacting their customer service. Additionally, it is important to understand and comply with the terms and conditions of the loan, including the requirement to build a residential housing unit on the plot or land within a specified period.

Documentation Requirements

The following are the documents required to apply for a Plot Loan or a Land Purchase Loan from Repco Home Finance:

1) KYC Documents

a. Address Proof Documents (AADHAR, Passport, Voter Card, Cas Bill, Utility Bill, etc)
b. Identity Proof Documents (PAN card, Passport, AADHAR, Voter card, ID Card issued by Government Authorities, etc)
c. Recent Colour Passport size

2) Income Documents

A. Salaried Class Customers

a. Latest Salary Certificate/ Last Six Months Payslip/ Inquiry no
b. Latest Salary Credit Bank account statement for at least 6 months
c.Income tax Return/ Form -16.
d. Employer ID card

B. Non-Salaried Class Customers

a. Business proof documents (Registration Certificate, GST certificate, Partnership deed, SSI, MOA, AOA, Certificate of Incorporation, etc)
b. Last three years' Income tax returns along with computation of income, Profit & Loss statements, and Balance sheet.
c. Bank statements of all operative business accounts for at least the last 6 months
d. GST returns filed for at least the last 6 months

3. Property Documents

a. Parent documents along with present title documents
b. Latest Encumbrance Certificate (EC)
c. Plan approval, layout approval, regularization order, etc as applicable.
d. Latest tax receipts
e. Patta / Revenue records mutated in the name of the titleholder.

4. General Documents

a. Details of existing loans along with Sanction letter and latest loan account statements
b. For NRI customers.
c. Passport along with Visa, work permit, and residence ID. d. Latest salary certificate with Overseas salary account statement
e. Latest NRE/NRO account statement as proof for money transfer to India.
f. Registered General Power of Attorney in RHFL format The above list is indicative, and Repco Home Finance reserves the right to seek any additional document applicable for the processing of the loan.
In conclusion, Repco Home Finance is a reliable source of financial assistance for individuals who want to purchase a piece of land or a plot to build their dream home. The company's Plot Loan and Land Purchase Loan products offer attractive interest rates, flexible repayment options, and quick loan processing. It is important to keep in mind that interest rates are subject to change based on various factors, and it is always advisable to check with the company directly for the latest interest rates.