Buying a loan to a website for those who buy a lot and build a residential property is to later. Most banks offer such loans. The requirement is to develop the country and are clearly defined.
Loans are not for the purchase of agricultural land available. Country or package must be intended for residential purposes. Some banks set a condition that the construction is to occur within a specified period - usually six months to one year. In the event that the site is purchased by a government agency, is legally work is minimal and so are the formalities and issues raised by the banks. It is not so. If you purchase a website from a third party
It should be noted that no tax benefits are loans on land. Interest on borrowed on money to have paid land purchase fund is not entitled to deduct, but if the borrower converts to the land loan into a mortgage for the construction of the house, it is possible to put the tax benefits of the IT Act is available. Once you receive a completion certificate from the competent authority, the interest on the loan is paid is entitled to receive it.
The refinancing of the country not normally allowed to be purchased by the banks. Most of the banks to finance the purchase of a property if it is at a location within the community. Most banks will give an upper limit on the loan to value (LTV) they will finance land purchases. It could be about 70 percent of the value recorded. In addition, the loan is not available to the market value of the property. Any premium paid by the buyer must offer. The buyer must contribute the balance of intake and the premium part of its own.
The interest rate on a loan is usually lower than the world rate of interest charged on a regular home loan. Most banks have a minimum and maximum amounts they lend for the purchase of a property. The collateral for the loan is an equitable mortgage of the property. It is made by deposit of original title. The Bank may also depend on additional security or collateral consists of the type of terrain.
The disbursement of the loan is still in favor of the seller of the parcel, unless the buyer has already paid the amount on the land purchase. Normally, banks do not offer a loan for a package bought a year ago.
Required documents:
• The original documents of the property.
• Scheme (approved by the Building Authority), where the land lies.
• The tax revenues paid by the owner.
• No-load certificate of the country not already pledged by the Deputy Registrar's Office
• The revenue receipts of payment of the contributions of land to the government
• No objection certificate from the Company for the sale and transfer of land (if land owned by a company)
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