Even though terms, prices and operations pertaining to land loans are just like compared to a mortgage, there are lots of intrinsic differences when considering the two.
Indian investors are typically inclined towards buying land either purely as a good investment and 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 found just for the home currently built, under construction or prone to go through construction quickly. For funding the purchase of the plot that is vacant you’re going to need certainly to try using a land loan rather. Even though terms, prices and operations associated with land loans are comparable to compared to a mortgage, there are several intrinsic differences when considering the 2 as outlined below:
Property Venue and Type:
Unlike mortgage loans that are available on all properties aside from their location or kind, you could get a land loan just for a plot that is residential. (more…)
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