Looking for a smooth way to finance your Velammal Garden plot purchase. Our in-house Home Loan Desk makes it easy from shortlisting banks to disbursement. With ready documents, standard templates, and regular bank coordination, you can focus on choosing your plot while we handle the paperwork.

Why Use the Velammal Garden Home Loan Desk
Buying land in the Padappai Oragadam belt is time sensitive. Approvals, valuation and legal checks must move in sync with your booking. Our desk helps you with
• Faster turnaround through bank relationship managers
• Single window coordination for documents and site verification
• Templates for income proof and bank specific formats
• Updates at every stage on WhatsApp and phone
Banks Tied Up With Velammal Garden
We work with leading public and private sector lenders active in Chennai land loans. Availability may vary by profile and scheme.
• Public sector and large private banks for home loans and composite loans
• Housing finance companies for flexible income assessment
• Special NRI desks for overseas buyers
To know the active partner list for the current launch window, contact the sales lounge at the site or submit an enquiry form on velammalgarden.com. The team will match your profile with the right lender and product.
Loan Types You Can Choose
• Plot purchase loan
• Composite loan land plus construction with staged disbursal
• Top up loan for boundary wall and initial utilities
• Balance transfer with top up when construction starts
Interest Options
• Floating rate linked to repo
• Fixed rate for initial years and then convert to floating
• Part fixed part floating based on bank policy
Step by Step Process Flow
Step 1 Profile and Budget Fit
• Share your monthly income, obligations and preferred tenure
• Get a quick eligibility estimate and indicative EMI
• Shortlist banks based on your employment type salaried or self employed, CIBIL range and turnaround time
Step 2 Document Collection and Login
• PAN Aadhaar and photographs
• Address proof and residence proof
• Income proof
Salaried last 3 months salary slips and 6 months bank statement and latest Form 16
Self employed last 12 months bank statement and last 2 years ITR with computation and GST if applicable
• Property dossier from Velammal Garden layout copy of parent documents, patta or extract, DTCP approval details and RERA details
• Signed application form and processing fee payment
Step 3 Credit Appraisal and Legal Technical Check
• CIBIL check and internal scorecard
• Office verification and phone verification
• Legal opinion on land title from empanelled advocate
• Technical valuation with site visit and photos
Tip Our Home Loan Desk schedules site access for the valuer and hands over layout files to cut delays.
Step 4 Sanction Letter and Conditions
• Receive sanction letter with loan amount, rate type and tenure
• Note common conditions like own contribution margin and insurance
• If you need a composite loan, the desk will help with a simple construction plan and cost sheet for bank format
Step 5 Registration and Disbursal
• Pay your margin money as per sanction
• Complete sale deed registration at the sub registrar office
• Bank disburses to the developer based on the registered sale deed and demand note
• Receive the EMI start intimation and repayment schedule
Typical Timelines
• Document login to sanction 3 to 7 working days for salaried and 5 to 12 for self employed depending on bank and season
• Legal and valuation 2 to 4 working days post login
• Registration to disbursal same day to 2 working days when all conditions are met
Eligibility Snapshot
• Age 21 to 60 for salaried and up to 65 for self employed at loan maturity
• Minimum work continuity 6 months in present job or 2 years in business
• CIBIL score 700 plus preferred
• Maximum loan to value on plots usually 70 to 75 percent of the agreement value or valuation whichever is lower
• Tenure up to 15 years for plot only and up to 30 years for composite subject to policy
What Your EMI Could Look Like
• EMI depends on loan amount, interest and tenure
• Prepaying a small extra each month can reduce years off your tenure
• Ask the desk for an on the spot EMI schedule for your selected plot and bank
Documents Checklist You Will Need
Salaried
• PAN and Aadhaar
• Passport or voter ID for KYC
• Latest 3 months salary slips
• Last 6 months salary account statement
• Form 16 latest
• Company ID or offer letter if newly joined
Self Employed
• PAN and Aadhaar
• GST registration if applicable
• Last 12 months current account statement
• Last 2 financial years ITR with computation and P and L and balance sheet
• Office address proof and business registration
Property
• Booking form and allotment letter
• Layout copy and approval details
• Demand note and developer KYC as required by bank
Tips To Improve Approval Chances
• Keep credit card and loan dues current for the last 6 months
• Avoid multiple loan logins at the same time
• Share full income including incentives or rent with proof
• Choose a realistic tenure to keep FOIR within bank limits
• Use a co applicant spouse or parent to enhance eligibility
NRI Buyer Guidance
• Passport and valid visa or OCI
• Overseas address and must contact details
• NRE or NRO bank statements and salary slips
• Power of Attorney format provided by our desk if you are away during registration
Many partner banks offer NRI land loans in Chennai with remote login and video KYC. Reach the Home Loan Desk through velammalgarden.com to get the current list and timelines.
Charges To Plan For
• Processing fee bank specific
• Legal and valuation actuals
• Stamp duty and registration charges as per government
• Franking or notary as applicable
• Insurance credit life or term optional but recommended
After Disbursal Support
• Welcome call and EMI start date reminder
• Interest rate tracking and switch advisory when repo changes
• Help with provisional interest certificate for tax filing
• Assistance for part prepayment or tenure reduction requests
FAQs
What is the difference between plot loan and composite loan
A plot loan finances only the land. A composite loan covers land plus future construction with staged disbursal as you build. If you plan to start building within the next 12 to 24 months, composite can give longer tenure and better rate.
Can I get 90 percent funding for a plot
Most banks cap land loan to 70 to 75 percent of value. Higher funding is usually possible only under composite loans or with additional security and is subject to policy.
How long is the sanction letter valid
Sanctions are commonly valid for 60 to 90 days. If registration is delayed, our Home Loan Desk will help with revalidation where the bank permits.
Will my EMI start immediately after registration
Yes, EMI generally starts in the next cycle after disbursal. If it is a composite loan and only land amount is disbursed, your EMI will apply on the disbursed portion until construction tranches begin.
Do I get tax benefits on a plot loan
Section 24 benefits on interest typically apply after construction is completed and a house property is ready. Pure plot loans do not generally get deduction until construction. Consult your tax advisor for your specific case.
Ready To Get Started
Walk into the Velammal Garden site office in Padappai for a quick eligibility check and a bank match session. Our Home Loan Desk will map your income, show EMI options, and lock a timeline that fits your registration plan. Share your details on velammalgarden.com and the team will call you back with the bank shortlist and document list tailored to your profile.