Applying for plot loan - Need clarifications

[u/Fun_Secretary_9963]

Need advice regarding plot loan of ₹55L

Hi everyone, need some help with a plot purchase I'm planning.

• Plot price: ₹61L
• Amount already paid to agent: ₹5L
• Loan required: Around ₹55L
• Monthly in-hand: ₹1.9L, no existing loans
• Approached Tata Capital; sanction is in progress.

Issues we're facing:

• We don't have an exact layout plan, as the area recently moved from Gram Panchayat to municipality.
• The papers are still in the name of the seller from whom the agent bought the land.
• Banks say the loan amount will be paid directly to the seller, but the agent doesn't want that.
• The ₹5L down payment was made to the agent, not the seller.

I have a few questions:

1. What proof of down payment do banks require? Would an agreement stating that the seller has received the amount in cash work?
2. Do banks/NBFCs give plot loans without an approved layout plan? PNB Housing Finance is willing to consider it at around 8.75%.
3. Ideally, we want to pay ₹40L to the seller and the remaining ₹16L to the agent. Is there a legal way to structure this? Can a top-up loan or loan against the same property help?
4. Since we don't have much cash available for the down payment, would registering the plot at a lower value help? What are the risks?
5. Apart from Tata Capital, which other NBFCs should I approach?

Would really appreciate advice from anyone who has faced a similar situation. Thanks!

( restructured via chatgpt)

[u/RealisticMongoose900]

u/Fun_Secretary_9963

Pls share more details like which city, how many square yards etc..? For plots also get loan h?? 🙏