Want to buy commercial land (₹30 lakh) – need advice on best financing option

[varungarg101]

Hi all, I’m planning to buy a commercial plot in Punjab for around ₹30 lakh.


My current plan:

• Take a personal loan of ₹30 lakh at ~10% interest.
• Use the funds (or part via credit cards) to pay the seller.
• I was thinking of using a high-limit credit card (e.g., Axis Atlas, American Express tec) to pay the seller and then pay off the card via the loan amount.

Questions & concerns I have:

1. Is a personal loan the right choice for land purchase (especially commercial land)? Or should I opt for a “plot/land loan” or a “loan against property”? ( I am new to this loan segment, so any suggestions and advice would be appreciated. )
2. Regarding the credit card part: is it realistic to pay the seller via card? What are the risks/costs of a cash advance or a high card payment for land purchase?
3. If I do use a credit card, which kind (Axis Atlas, Amex, etc) would make sense? What should I watch out for (fees, interest, limit, merchant acceptance)?

Any feedback, experiences, or pointers would be much appreciated!

 

[nikhilv0303]

Loan against property might be cheaper. But I’m no expert in this. Wait for experts to reply

 

[hender]

Hi commercial land)? Or should I opt for a “plot/land loan” or a “loan against property”?
Regarding the credit card part: is it realistic to pay the seller via card? What are the risks/costs of a cash advance or a high card payment for land purchase?

1. If I do use a credit card, which kind (Axis Atlas, Amex, etc) would make sense? What should I watch out for (fees, interest, limit, merchant acceptance)?

Any feedback, experiences, or pointers would be much appreciated!

1- Home Loan
2-Have doubt how you will pay him via CC which seems beneficial to you !!!