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Indian investors are typically inclined towards buying land either purely as a good investment or even for building a residence.

Therefore, you may not be eligible for a home loan, but for a land loan if you are looking to buy a plot. Mortgage loans can be obtained limited to the house currently built, under construction or very likely to go through construction quickly. For funding the acquisition of a vacant plot, you’ll have to aim for a land loan alternatively. Even though the terms, prices and operations pertaining to land loans are just like compared to a mortgage, there are several differences that are intrinsic the 2 as outlined below:

Property venue and Type: Unlike mortgage loans that are available on all properties aside from their location or type, you could get a land loan just for a residential plot. (more…)