Udaipur, the City of Lakes, is witnessing a surge in real estate demand, making it an excellent investment destination. Whether you want to build a home or invest in property, buying plots on EMI in Udaipur is a great option for affordability and financial flexibility.
In this blog, we’ll explore everything you need to know about buying plots on EMI in Udaipur, including available locations, financing options, benefits, and legal considerations.
Why Buy Plots on EMI in Udaipur?
1. Affordable Investment
Not everyone can pay the entire plot price upfront. EMI options make it possible for buyers to invest without financial strain.
2. Easy Bank Loans
Many national and private banks offer home and land loans for purchasing plots on EMI, making it a secure investment.
3. High ROI & Property Appreciation
Udaipur’s real estate market has shown consistent growth, ensuring that investing in plots now can yield high returns in the future.
4. Legal Security with Loan-Approved Plots
Most EMI-approved plots come with legal clearances, reducing the risk of disputes and encroachments.
5. Future Development Potential
As Udaipur continues to expand, areas like Balicha, Bhuwana, and Hiran Magri are emerging as prime investment hubs.
Best Locations to Buy Plots on EMI in Udaipur
1. Balicha
- Well-developed infrastructure
- UIT-approved plots available
- Price: INR 8,000 – 15,000 per sq. yard
2. Bhuwana
- Growing residential and commercial hub
- Close to malls, hospitals, and schools
- Price: INR 7,000 – 12,000 per sq. yard
3. Hiran Magri
- Developed locality with high appreciation potential
- Good road connectivity
- Price: INR 10,000 – 18,000 per sq. yard
4. Pratap Nagar
- Proximity to Maharana Pratap Airport
- Ideal for long-term investment
- Price: INR 6,000 – 10,000 per sq. yard
5. Sukher
- Home to luxury residential projects
- Excellent rental income potential
- Price: INR 12,000 – 20,000 per sq. yard
How to Buy a Plot on EMI in Udaipur
Step 1: Choose a Location
Select a UIT-approved plot in a prime area for better appreciation and legal security.
Step 2: Check Loan Eligibility
Visit banks or NBFCs (Non-Banking Financial Companies) to understand the eligibility criteria for plot loans.
Step 3: Verify Legal Documents
Ensure the plot has:
- Clear title deeds
- Encumbrance certificate (no pending dues or legal issues)
- Land conversion certificate (if applicable)
Step 4: Apply for a Loan
Banks like SBI, HDFC, ICICI, and PNB offer loan schemes for plot purchases with EMIs.
Step 5: Finalize the Agreement & Registration
Once the loan is sanctioned, register the property at the Sub-Registrar Office and complete all paperwork.
Loan & EMI Options for Buying Plots in Udaipur
1. Home Loan vs. Land Loan
- Home Loan: Offered for construction-ready plots.
- Land Loan: Specifically for purchasing plots; usually covers 50-70% of the land value.
2. Eligibility Criteria for Plot Loan
- Indian citizen aged 21-65 years
- Stable income proof (salary slips, ITR, bank statements)
- Minimum CIBIL score 750+
3. Interest Rates on Plot Loans
| Bank/NBFC | Interest Rate (Approx.) |
|---|---|
| SBI | 7.50% – 9.00% |
| HDFC | 7.60% – 8.50% |
| ICICI | 8.00% – 9.20% |
| PNB | 7.75% – 8.90% |
| LIC HFL | 7.80% – 9.30% |
4. EMI Calculation Example
For a plot worth INR 10,00,000, with loan of INR 7,00,000 at 8% interest for 10 years, EMI = INR 8,500/month.
Benefits of Buying a Plot on EMI
1. Financial Flexibility
- No need for huge upfront payments.
- Pay in easy monthly installments.
2. Tax Benefits
- Tax deductions under Section 80C & 24B on interest paid for plot loans.
3. Long-Term Appreciation
- Plots in Udaipur appreciate 10-15% annually due to rising demand.
4. Better Planning & Development
- Buy now and construct later as per convenience.
Common Mistakes to Avoid When Buying Plots on EM
- Not Checking Loan Terms – Some loans come with high prepayment penalties.
- Ignoring Hidden Costs – Registration, GST, legal fees, and maintenance charges.
- Skipping Legal Verification – Ensure it’s UIT-approved and free from disputes.
- Not Comparing Interest Rates – Always compare multiple banks/NBFCs.
- Choosing Wrong Location – Opt for areas with high resale & rental potential.
Conclusion
Buying plots on EMI in Udaipur is a great way to own property without financial burden. With rising real estate appreciation, easy bank loans, and strong infrastructure, now is the perfect time to invest.
Make sure to conduct proper legal verification, choose the right location, and compare loan options to make a secure and profitable investment.
