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Plot Loan or Land Loan Vs Home Loan

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Plot Loan or Land Loan Vs Home Loan

Last updated: December 23 2019
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  • Plot Loan or Land Loan Vs Home Loan

    I needed a comparison between a Plot Loan or Land Loan versus a Home Loan. If construction is mandatory within period of max 5 years and also not eligible for tax benefit in plot loan then how is it different from a housing loan?

    I want to have plot loan but not planning to construct in coming 15-20 years. Please guide what should I do on this.
    Last edited December 17 2019, 11:59 AM.
  • #2

    #2

    Re : Plot Loan or Land Loan Vs Home Loan

    Plot loan and Home loan don't differ much except for the fact that a home loan is is used for buying an under-construction or developed property while a plot loan is used for buying a a piece of land, or a plot, that will be developed on a later date for residential or commercial purposes.
    Talk TRUE; Talk IREF

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    • #3

      #3

      Re : Plot Loan or Land Loan Vs Home Loan

      bthmanish While there are no tax benefits on a land loan, there are tax exemptions on a land loan taken against the construction of a house on the said land and only after the completion of construction.
      Talk TRUE; Talk IREF

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