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Land Loan
November 09 , 2012

Land loans can be taken for buying a plot of land for constructing house on the plot. Tax breaks cannot be availed on land purchase loans. However if land loan is followed by another loan for construction of house on the same plot, tax breaks can be availed for both loans put together. Land loans are offered for plots in municipal limits.

Land loans are offered by all major lenders including as ICICI Bank, HDFC, SBI and Axis Bank. Maximum term of loan is 15 years for most lenders. Lenders may insist for construction on plot to begin within two years of sanctioning the loan. Land loan margin varies with location of property. For plots within city limits maximum loan amount of 80% of the cost of the land is offered but if located outside the city limits a maximum of 70% of the cost of the land can be availed.

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