Hi Manish,
I am looking for some info on purchasing a plot. I have narrowed down a empty plot with is in gram panchayat limits (outside municipal and corporation). Plot is marked residential property and after buying i want to convert portion of the land to commercial and install some factory machinery which i hold the license for. Current the cost of the land is valued at 45L.
I got no objection for setting up non polluting small scale industry from neighborhood as there hardly few houses there.
Now questions.
a) Which banks will help me with the loan the the property alone.
b) How much can i expect from the banks to lend me money and for what tenure.
c) With current situation i can pay 10% from my pocket.
d) Is it possible to convert portion of the land to commercial once bank loan is active.
e) Are there any gotcha’s i should be aware during this exercise.
Note: i’m not looking for loan under housing finance schemes.
Thanks,
Anil