NishanthSN
TF Buzz
I’m looking for a plot only loan. Hdfc offers plot loan with 7.9 interest 15years .There is one hidden condition on all banks that if construction not completed within 3years else rate will be revised as commercial rate. But many hdfc sales guys told me that they won’t change the rate after 3years and it just for formality as per rib guideline , and for no one they have done it . They told only for plot plus construction it is applicable. How true is that?
Now LIC offers plot only loan with no condition mentioned in website. The LIC guy told me there won’t be anything in writing stating that 3years construction clause. Also their website mentioned that only for composite plot loan .I’m ok to go for LIC but u have one main concern . Is the plot only interest rate tied to RPLR? Will the rate automatically reduced with out paying hefty fee?
The lic guy told me that for land loan customers it won’t reduce automatically unlike home loan customer. Does anyone can confirm this having plot only loan in LIC ?
For my CIBIL score LIC offers me 8.05 rates .
Share your thoughts
My main goal is investment plus some interest rate arbitrage as i have the required funds invested
Now LIC offers plot only loan with no condition mentioned in website. The LIC guy told me there won’t be anything in writing stating that 3years construction clause. Also their website mentioned that only for composite plot loan .I’m ok to go for LIC but u have one main concern . Is the plot only interest rate tied to RPLR? Will the rate automatically reduced with out paying hefty fee?
The lic guy told me that for land loan customers it won’t reduce automatically unlike home loan customer. Does anyone can confirm this having plot only loan in LIC ?
For my CIBIL score LIC offers me 8.05 rates .
Share your thoughts
My main goal is investment plus some interest rate arbitrage as i have the required funds invested
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