Can I get a home loan to buy an open plot?

So yes, one can get a loan for buying land both from banks or NBFCs. Usually, such loans that are used to purchase land are called plot loans or land loans. Home loans can only be taken when you have to purchase a house, if the house is under construction, or if the house has been approved for construction.

So, if you are looking to buy a plot, you may not be eligible for a home loan, but you can get a land loan. Home loans are available only for the property already constructed, under construction or likely to undergo construction soon. For funding the purchase of a vacant plot, you will have to go for a land loan instead