DC Converted Land Purchase loan

POSTED BY Pavan Avala ON December 23, 2011 11:36 am COMMENTS (9)

I do not know whether this is right place to ask this question.

I am planning to buy land in Bangalore. I know that banks give loan for purchasing land. But, I heard that there is a restriction that we have to start construction within 6 months or 1 year.
*) Is this true?
*) Is it same with all banks?
*) No bank gives loan specifically for purchasing land without above restrictions?
*) Anyone aware of any bank giving loan for purchasing DC Converted (& BDA no issue certified) land in Bangalore?

Please provide your information on this.

9 replies on this article “DC Converted Land Purchase loan”

  1. JAGADISH says:

    SIR I M JAGADISH H NILAVAR, I HAVING THE DC CONVERTED LAND (4000 SQR FT IN BANGALORE, SO IS M ELIGIBLE FOR THE BANK LOAN ? KINDLY SUGGEST

    1. Depends on a lot of things .. check with bank

  2. RAj says:

    Hai, I want to buy plot in neeelamangla bangalore DC converted E Khatha property.
    Suggest banks and best rate of interest.

    1. You can approach HDFC bank

  3. investngrow says:

    Ashal-> DC converted lands are nothing but the agricultural land converted to residential plots (a term widely used in Karnataka)

    Pavan -> Verify if the DC coonverted lands has approval from BDA/ BMRDA/ BIAPPA . If yes then most of the banks will give loans. I know couple of my friend who have take loans for the DC converted+ approved plots.

  4. Dear Pavan, My take ‘ll be to contact local office of HDFC or a nearby SBI Branch.

    By the way, what do you mean by DC converted land?

    In my prev. reply, the friend has plot in Jaipur loan from HDFC.

    Thanks

    Ashal

  5. Dear Pavan, to add in the above reply, that land loan from HDFC is running for my friend since 2004 or 2005. My take ‘ll be to contact the local office of HDFC or SBI in Banglore & get the required clarification from the competent authority itself.

    Thanks

    Ashal

    1. Pavan Avala says:

      Thanks for your reply.

      I have contacted HDFC & ICICI. Their executives said that they can not give loan for DC Converted Land and they made generic statement that “No bank gives home loan for purchasing DC converted land in Bangalore”.

      Is it true that no bank gives loan?
      If anyone aware of any bank giving loan for purchasing DC converted loan, please reply.

      Thanks in advance.

  6. Dear Pavan, I can’t say for each bank but one of m,y friend has purchased a land with a loan from HDFC & till date no construction has been done on that land. Please do check with SBI also as there too this restriction is not applied.

    Thanks

    Ashal

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