Everyone needs to live in their own house. But sometimes got to require a land for making a new home, but if you are not coming up with necessary cost of money for the land, you can always take a loan from a bank. Many banks in India offer loan for home. Buying home is easy these days, but banks do have their terms and conditions which have to meet before proceeding to buy home Property for sale in Panvel.

First of all, you can’t buy land for agricultural purposes. It should be for residential purpose. Banks don’t provide loans for buying land for agriculture. If you are thinking that, you better drop that plan. Some banks also need land to be in municipal limits. Some clauses like starting construction within 6 months to a year are also there. There are a lot of restrictive clauses; you better read all the loan related documents carefully Flats for Sale in Panvel.

A Land loan is completely different from house loan there is a lot of factors, like: tax deductions. Unlike house loans, tax on interest paid on land loan is not deductible, so which means, more burden on the buyer of the land. Higher interest rate than the house loans also adds extra burden. So loaning money for a land could be a great hole in your wallet. Buy affordable pricing 2 BHK Flats in Navi Mumbai and 3 BHK Flats in Navi Mumbai.

But when you take a loan for construction on the site, you become eligible for the tax break. Here you can claim tax benefits on both loans for land buyers and loan for home construction. Tax deductions will be applicable only in the year in which the construction is completed after submission of the completion certificate from the authorities concerned.

The down payment is also an issue for those who are taking land loan. People, who take house loan, only have to arrange 20% of the cost, but in land loan cases, it could go up to 70%. Also, for documents, other legal verification and procedures, it is advisable to hire an advocate or a lawyer who has done it before and good at it. Therefore, submitting the correct documents is most important to be eligible for a home loan book Ready Possession Flats in Panvel.

Inappropriate documents can lead to rejection and doing all the duties and verification all over again. Some of the documents you would require for getting a loan are’ Original site ownership documents, tax receipts for taxes paid by the owner, revenue receipts, layout drawing, no objection certificate from society for sale and transfer of land, and no encumbrance certificate for the land Buy Property in Navi Mumbai.

You can finance a piece of home in India, but the only problem is high interest rate, but if you are good enough to make that choice, then you are good enough to pay. Also, getting a house loan is easier than getting a land loan. So for a land loan, you have to do lots of paper work and mental exercise to meet all the terms and condition a bank has set up and it takes a lot of time and money to do that Buy 2 BHK Flats For Sale in Panvel.