Things To Know For Buying Plot

Aug 6, 2011     Posted under: Investment

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  • How to finance a plot? One can buy a plot by taking a land or plot loan. There are no tax benefits involved. For a loan taken for construction of a house of on the land one has purchased, one gets tax benefits for the composite amount
  • Types of land loans: Plot loans can be obtained for agricultural purposes or for constructing a house. For the latter, the land has to be approved for house construction and a loan can be taken for the construction of a house later on
  • Tenure for plot loans: Tenures for plot loans are usually shorter as compared to home loans and interest rates are also higher by a few percentage points compared to general loans taken for apartments
  • The loan procedure: The procedure is almost the same as for any other loan. Even charges like processing fees are the same. The difference lies in the documents to be provided with respect to the property
  • Document required: The documents for proof of income include salary slips showing all deductions, Form 16 and a recent salary certificate

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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