@SmoothSting2 Hi There, I'm currently in same situation. Our family is in process of purchasing a plot in Bangalore. When we asked the same question to the builder, he said, for just purchasing the plot no bank(Especially Govt banks)will not give loans. But the private banks does. What they will do it seems is, they will give it under the home loan category with the exception of giving 5 years time. So after 5 years we need to show them that we have started the construction. Either that or replay the entire loan amount within 5 years.
I have contacted my RM from HDFC and she also said somewhat along the same lines.
I know that there exists something called Mortgage loan, but you cannot Mortgage something that is not in your name. What bank says is unless we have the papers(Sale agreement) with your name on it, we cannot process the loan.
So I don't think you will get a loan just for purchasing the property.
Others who have gone through this process, Can shed some more light if you feel I might have gotten wrong/half information.
Thanks a lot for the details. I personally called hdfcbank and they told loan for plots is available.
Yes
Yeah.
Yes