Yes, loan for plot of
land purchase is available as long as it is for residential purposes only.
Several mortgage lenders like LIC HFL, HDFC and Banks like ICICI Bank,
State Bank of India (SBI) offer this loan.
You can get up to 60%
to 80% of the purchase amount based on your credit profile and repaying
capacity.
You get no tax breaks
if you take a loan to buy a plot of land. But, if you take a loan for
construction, that means a loan to build a house on that plot of land, then you
can get a tax break.
In such a case, the
tax benefits are available on both portions of the loan the one to purchase the
plot of land & the one taken to construct the house thereon.
Please note that the
benefits under Section 80 C (Repaying Principal) and Section 24 (Interest) can
be availed only when the construction of the home is complete.
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