Secure Your Future with MyFinCorp Open Plot Loans

Open Plot Mortgage Loan

Empower Your Vision with Our Plot Loans

Secure Your Future with MyFinCorp Open Plot Loans

At MyFinCorp, we understand that owning a piece of land is a significant step towards securing your future, whether for building your dream home, starting a new project, or making a valuable investment. Our Open Plot Loans are designed to provide you with the financial support you need to purchase land with ease and confidence. With competitive rates, flexible terms, and expert guidance, MyFinCorp is your trusted partner in realizing your land ownership dreams.

Why Choose MyFinCorp Open Plot Loans?

Competitive Interest Rates: Benefit from attractive interest rates that make purchasing land more affordable.
High Loan Amounts: Access substantial funding to finance your plot purchase, ensuring you can secure the land you desire.
Flexible Repayment Terms: Enjoy flexible repayment options with tenures ranging from 5 to 20 years, making EMIs manageable and aligned with your financial plans.
Simple and Quick Processing: Experience a streamlined application process with quick approvals and minimal documentation requirements.
Loan-to-Value Ratio (LTV): Avail up to 70-80% of the plot’s market value, providing significant funding while requiring a reasonable down payment.
Top-Up Loan Facility: Get additional funds through top-up loans without the hassle of a new loan application, providing extra support for your plans.
Balance Transfer Facility: Transfer your existing plot loan to MyFinCorp for better interest rates and improved terms.
Prepayment and Foreclosure: Flexibility to prepay or foreclose the loan with minimal or no penalties, helping reduce your overall interest burden.
Expert Financial Guidance: Access to a dedicated team of financial experts to guide you through every step of the loan process, ensuring a smooth and hassle-free experience.

10.5%

Interest Rate

Starts from 10.5 to 16%

70%

Loan Amount Range

Up to 70% on Property value

1.0%

Fees and Charges

Start from 1.0% to 2.0%

For Salaried Employees

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo
Employer ID card
Resident Address Proof

Income Proof Documents:

3 months Pay slips (Latest)
IT returns for the past 2 years or Form 16 or PF ( Provident Fund ) Statement
6 months Bank Statement latest where your salary is credited

For Self-employed

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo

Income Proof Documents :

Income Tax Returns ( ITRs ) for the Last 3 years ( Along with Profit & Loss and Balance sheet and Computation of income)
Office or Shop Business Registration Certificate.
One year Bank Statement from personal a/c and Current Account
GST registration certificates, 1 year GST monthly returns (if applicable.)
Partnership deed in case of partnership firms (if the applicant is one of the partners).
Certificate of Incorporation in case of Limited or Pvt. Ltd Company (if the applicant is one of the Directors).

For NRI

KYC : Applicant and Co-Applicant

Valid passport and visa (attested copy)
PAN, Driving License, Aadhar Card
Address proof with the current overseas address
Documents must be attested by Overseas Notary Public or Indian Embassy/Consulate.
passport size photograph
Employer identity card

Income Proof Documents for NRI

For Salaried
- Employment contract Letter with an English translation (if it’s in another language)
- Last 6 months’ salary slips or salary certificate
- Last one Year bank statements showing salary credits
- Latest Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
For Self-employed
- Business address proof
- Income proof in case of Self-employed Professionals / Businessmen.
- Last 2 years’ balance sheet and P&L accounts (audited / C.A. certified).
- Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
- Last 12 months’ bank statements of overseas account(s) in the name of individual as well as company.
GPA ( General Power Attorney ) PAN, Aadhar Who is Staying in India

Property documents

Agreement of Sale
Mother link Document Copies of all, that can establish the chain of ownership for the past 20 years.
Building Construction Permission Plan
Encumbrance certificate for 20 years
Property tax paid receipt

Eligibility criteria for a Open Plot Mortgage loan in India typically include: Age: Most lenders require applicants to be between 21 and 65 years old. Income: A stable and sufficient income to cover EMI payments. Lenders may have minimum income requirements. Employment Status: Salaried individuals, self-employed professionals, and business owners are eligible, but criteria may vary. Credit Score: A good credit score (usually 700 and above) can enhance loan approval chances and result in better interest rates. Property Type: The property must meet the lender's criteria and legal requirements.

Interest rates on Open Plot Mortgage loans in India are determined based on several factors: Repo Rate: The rate at which the Reserve Bank of India (RBI) lends to commercial banks influences lending rates. Credit Score: A higher credit score can result in a lower interest rate. Loan Amount: Larger loan amounts may attract different interest rates. Loan Tenure: Longer tenures can affect the interest rate. Lender Policies: Different banks and financial institutions have varying interest rate policies.

Open Plot Mortgage loan, that owning property can provide opportunities to secure loans using it as collateral. Mortgaging a property ( Like Residential, commercial , Hospitals, Warehouse, Hostels, and specialised properties) can indeed be a viable option to obtain funds for various financial needs such as business expansion, education expenses, weddings, medical emergencies, Purchase other property and more.

The maximum tenure for a Open Plot mortgage loans in India typically ranges from 15 to 20 years, depending on the lender's policies. Longer tenures result in lower EMIs but higher interest payments over the loan's life. Borrowers should choose a tenure that balances their monthly affordability with overall interest costs.

There is no tax benefits