LAND LOANS

Land loans:

It is said that when you baked a cake from scratch, is more satisfactory than to buy an oven-baked. If you would rather, I want to build your own home, land loans are intended for you. In a nutshell, land loan finance your purchase of a field, where you can start building immediately or wait a while before you start. This loan will typically make use of if you do not want to incur an immediate cash. Since there are difficulties with the documentation and the possibility of this junk, offer not all HFIs loans of land.
What is the additional documents required for a loan of land?


Apart from the usual papers necessary for home loans, you also have to submit the following documents.

• Original documents with regard to ownership of land.

• Certificate of ' no setbacks.

• Design/drawing of the location of the plot, approved by the authority in workforce planning.

• Revenue receipts and records for the plot of land on Earth.

• Tax receipts for the tax paid by the owner of part of the area.

What are the tax advantages which I win?

Now there are no tax advantages for the loan of the Earth, but when his loan from land turns to a private loan for the construction of the House, shall apply as of in all the tax advantages.

What are the general terms and conditions that are a part of the land of loans?
General terms and conditions apply to loans of the Earth are as described below:


Most 1) HFIs insist that the purchase of land was a development authority or society, and some also allow the purchase of developers. Purchase of land from an individual is generally not funded by HFIs owner.

2) land to be developed and must be clearly demarcated borders. The location of Earth is also very important and only fund parcels majority HFIs within the framework of the Municipal Corporation said.

3) maximum loan tenure offered a ULTRASONE HFI for the purchase of land is 10 years old and either free of charge about 1% of loan amount as the fee is a flat fee.

4) limit values for the maximum and minimum amount of loan borrowed for the purchase of land is demarcated by HFIs and differs from ULTRASONE HFI to ULTRASONE HFI depending on the combinations of the offers.

5) rules, eligibility and loan amortization calculations of soil is similar to those of normal housing loans.

6) maximum LTV ratio financed the purchase of land varies from ULTRASONE HFI to ULTRASONE HFI from anywhere between 70% and 80%.

7) depending on the type of soil, some insist on further security/guarantee HFIs, while for most, security lending occurs in the form of an equitable mortgage by strong action from the original title of the part of the area.

8) as always, unless you pay an amount to buy the land, the payout is in favour of the seller of the plot. Normally, offer no loans to HFIs plot land purchased for six months.

9) interest on a loan of land is generally equivalent to the interest rate on loans.