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Loan for purchase of land

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(Querist)
26 March 2008
Suppose, I would like to apply for a loan for the purchase of land Rs.5 Lakhs from a bank.

About 40% of the total land price will be spent from my side as per the sale deed and balance 60 % will be the bank loan.

The security for the loan will be the land itself ( ie, the land to be purchased). I can submit the sale deed to the bank as mortage.

But I can not submit any proof of income to the bank for the payment of EMI.

The bank will provide the loan or not ?

which bank providing / not providing the above facility.

S.K.
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
27 May 2008 tough to get loan in ur case, source of repayment is very important

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