Even though terms, prices and operations pertaining to land loans are just like compared to a mortgage, there are numerous intrinsic differences when considering the 2.
Indian investors are usually inclined towards buying land either purely as a good investment or even 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 obtained just for the house currently built, under construction or more likely to go through construction quickly. For funding the purchase of the plot that is vacant you’ll have to go after a land loan rather. (más…)