Bank loan on land,what documents needed?

Question

hi all, what documents required to get a bank loan on land?we have a land of 13 acres, in good developing commercial area,in between 3 spinning mills,and just next to the govt.medical college hospital.and more details on how it will be valued be an extra help.thanks.

Answer 1

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I work for a bank and we offer land lot loans (residential). You have to go through the same motions to obtain a land loan as you would if there was a home on it. If it's zoned commercial though that might be an issue. No residential bank will touch it.

Find a commercial bank or a local savings and loan (not WAMU, or wells fargo or anything). If you have a lot of equity and just need cash you can find a "hard money" lender who needs little documentation. You usually need at least 25% equity on commercial deals.

Call up a local mortgage broker (or two) and they'll "shop" your loan with different lenders. Ask for a good faith estimate from each and compare the offers.

To value your property you'd need an appraisal done by a commercial appraiser.

good luck!

Answer 2

Usually ,when the land are mortgage to the bank for loans ,the Land parcha Khatiyan , Land Sale deed, non-encumbrance certificate form Magistrate office , Search report from the lawyer , valuation report of the registered valuer, trace map of the Land indicating the area it is in are required .
This are to be produced to the banks on submission of which you have to sign the mortgage deed with the bank after the post sanctioned of the loan

Answer 3

demand promissory note

Answer 4

The valuation is done as per the govt applicable rates.
For the documents needed you need to approach the specific bank as it may differ from bank to bank.
Basically the land papers will be as mortage with bank when they release the money.

Answer 5

you will need your house ownership documents more over if u have taken any loan in past on your house or to purchase it u need to show bank loan payed documents....may b u'll need estimation document valuing your house by certified contractor. This almost depends upon your bank what it need.

Answer 6

You'll need to demonstrate your ability to repay to the bank - usually payslips, W2 (if you're in the US), or tax return. "100 point" proof of identification e.g. passport, birth certificate...others, application to the bank. The bank will do an independant valuation, credit check, employment, etc.
Depending on their credit policy, they may require personal mortgage insurance to protect them in case of default (you pay for it) if the loan to value ratio falls below ~80%. Before settlement, they will also do a title search to ensure you have/can obtain clear title...

Answer 7

pan kard votur id land lain bill pasport saiz photo ok