Can we buy plots or land through EMI?

The purchase of land has been the age-old forms of investment. Potential buyers can buy plots or lands using EMI also. Many banks provide EMI to the investors or the potential buyers to purchase a land and then making a house over it.

As it is a cheap alternative as compared to buying a built house and also one can ask for tax reduction at the time of construction of the house.

The purchase of land has been one of the age-old forms of investment. Potential buyers can buy plots or lands using EMI also. Many banks provide EMI to the investors or the potential buyers to purchase a land and then making a house over it.

As it is a cheap alternative as compared to buying a built house and also one can ask for tax reduction at the time of construction of the house.

Here the investors purchase a property using bank loan either as an investment of the future resale or for building a home. Plot or land loans are not that very easy to get as it concerns not only purchase of lands but also the subsequent development of property on the land.

Buying something on EMI reduce one-time money payment as it divides the actual payment into many installmentsincluding interests and at the end, the total payment is more than the actual amount.

EMI should not be the first option because it contains many hidden costs and more paperwork for the bank.

If the buyers don’t have full money at the time of purchase then they can opt for EMI schemes, otherwise, they can make a one-time full payment which will be more beneficial for the buyers. It is nothing but just a choice of payment.

Land loans are given to the individuals who are aged above 21 years and are residents of India. Some of the banks also provide loans to the NRIs and the interest rates are also slightly higher than the individuals who are the residents of India.

The down payment of the land loans is always higher as compared to the other loans. Like the other types of loans, the interest rates of land loans can also be floating or fixed, depending on the land and current market conditions.

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