Ujaan Nagar

Is it Possible to Buy a Residential Plot in Kolkata With a Low Budget?

Residential plot Kolkata

If you believe that buying a residential plot in Kolkata is only possible for those with overflowing bank accounts, you need to rethink! Yes, you can certainly buy a residential plot in Kolkata even if you’re on a shoestring budget, by following the essential steps and taking the key factors into account. 

Continue reading to learn more!

How to Buy a Residential Plot in Kolkata With a Low Budget?

Mention below is some of the effective tips that will help you buy a residential plot in Kolkata even if you are low on budget.

1. Outline Your Investment Goals

First things first, give a deep thought over what exactly is the goal of your investment. It will help you chalk out a clear investment strategy with effective financing options. Consider thinking along the following lines –

  • Do you want to hold and sell the land to earn a high appreciation value?  
  • Are you looking to build a house for yourself?
  • Do you wish to build a house and resell or rent it out to secure a stable passive income?

2. Evaluate Your Financial Standing

Since you have a tight budget, it is highly advisable to thoroughly evaluate your current financial position before deciding to buy a plot in Kolkata. Assess your income flow, monthly expenses, existing debt, and credit score. By doing this, you’ll be better able to determine your financial capacity, eligibility to acquire a loan, and the overall affordability of your property investment.

3. Prepare for a Downpayment

The down payment is the amount you pay upfront to the seller when buying a plot in Kolkata. It is mandatory, and typically amounts to 30% to 20% of the plot’s value, whereas the remaining 70% to 80% is financed by the lender/bank. 

According to the RBI regulations, lenders, including commercial banks and Non-Banking Financial Companies (NBFC), cannot sanction land loans for the plot’s entire value. This not only helps reduce the risk for the lender but also ensures that the borrower also puts in their own money for the purchase.

To finance your down payment, you can do the following- 

  • Avail of a personal loan
  • Get a soft or informal loan from your friends or family.
  • Liquidate your investments, such as fixed deposits and mutual funds. 

4. Study the Basics of Availing of a Land Loan

Before signing up for a land loan, you must be well aware of a few basics. It will help you make an informed choice while also demonstrating to the seller that you are genuinely interested in buying their property. Please know that a land loan is only available for a residential plot in Kolkata. Plus, your property should be situated within the city/municipal limit. 

Different banks provide residential plot loans with different rates of interest, for both salaried and self-employed individuals. Also, do your research on the loan-to-value ratio (LTV). 

5. Pick the Right Lender

There are numerous lenders in the market who provide diverse land loan options. Consider going for a bank that provides competitive interest rates, flexible loan terms, and reliable customer service. Additionally, you can avail the no cost EMI option that some reputed real estate developers are offering. 

For instance, for projects like Ujaan Nagar, the developer itself is offering no cost EMI option up to five years after agreement is done. Hence, if you have any financing issue, you can surely avail that no cost EMI option after paying the 30% amount at the time of agreement.

Closing 

Buying a residential plot in a booming real estate market like Kolkata with a tight budget may seem overwhelming or even impossible at first thought. However, with the above-mentioned suggestions and patience, you can certainly translate your dream investment into reality.
You must strongly consider buying a residential plot in Sri Sai Ujaan Nagar Township Project. The 100+ acres project offers multiple residential plot options for every investor. There are also numerous reputed banks in the bustling area out there, so it gets easier for you to avail of a plot loan. Contact us now!

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