Even though the terms, prices and operations linked to land loans are comparable to compared to a mortgage loan, you can find intrinsic differences when considering the 2.
Indian investors are usually inclined towards buying land either purely as a good investment and for building a residence. Therefore, if you’re thinking of buying a plot, may very well not be eligible for a mortgage, however for a land loan. Mortgage loans can be found limited to the home currently built, under construction or more likely to go through construction quickly. For funding the acquisition of the plot that is vacant you’ll have to aim for a land loan rather. Even though terms, prices and operations pertaining to land loans are comparable to compared to a mortgage loan, there are numerous intrinsic differences when considering the 2 as outlined below: