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Land loan to buy residential site
ET Realty how you can get a loan to buy a site and build a house on it

Most banks offer loan to people who wise to buy a piece of plot to construct their dream home , available to salaried and self – employed people and also NRI land loans enable you to purchase a residential plot of land

What type of land can be purchased

A person who want to buy an agricultural land cannot avail a land loan a land loan . a land loan is exclusively meant to purchase plots for residential purposes . some banks require the land to be within municipal limits further some banks add restrictive clauses that require the purchaser to begin construction on the land within six months to a year

IS IT SUITABLE TO YOU

There are a few factors that influence an individual’s decision to construct his house himself . the price situation is one . investing in plot and building a house yourself can at time be less expensive

Also you can pace the construction to suit your finance and economic constrains Building an independent home enables
The owner to implement his creative ideas in design and colour schemes further you have the flexibility to postpone major expenses improvements and expansion to a later date.


HOW DIFFERENT IS IT FROM HOME LOAN

THE RATE of interest charged on a land loan is on a par
With the rate charged on a home loan unlike home loans ,
You cannot claim income tax deductions on interest paid on land purchase loans
When you take a loan for construction on the site you become eligible for tax break, Here you can claim tax benefits on both loan for land purchase and loan for house construction
Tax deductions will be applicable only in the year in which
The construction is completed after submission of completion certificate from authorities concerned


DOWN PAYMENT

PEOPLE WHO SEEK A LOAN TO BUY A PLOT HAVE TO PAY A LARGE PAYMENT . THE LOAN- TO – VALUE LTV RATIO IS OFTEN AS HIGH AS 70% USUALLY A PERSON SEEKING A HOME LOAN HAS TO MAKE ARRANGEMENTS FOR ONLY 20% OF THE COST OF PROPERTY





DOCUMENTS NEEDS

It is prudent to hire the services of a lawyer to verify legal documents associated with the plot of land . verify the layout drawing of the site as approved by the town planning authority
And no encumbrance certificate of the land . other property documents include original documents pertaining to ownership of land revenue receipts land records and tax receipts


SOME DUCUMENTS YOU NEEDS WHILE APPLYING FOR LAND LOAN

Original site ownership documents , tax receipts for taxes paid by the owner , layout drawing revenue receipts , no objection certificate from society for sale and transfer of land and no encumbrance certificate for the land
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