Q:hi, I am looking for loan for residential loan purchase in Bangalore, but all the bank have the clause of starting the construction within 18 months. I will not be able to construct the house for at lease 3-4 years. Are there banks which give land loan and don't have such stringent conditions? if yes can you please suggest the names of such banks?
Latest Answer: Hi Sonu, If the project is in gated community then will will get loan form the bank but if is an individual land then banks are not proving loan for such kind of project
Q:I am planning to take loan from a bank to buy a plot. I m buying this plot to construct a house, will I be able to show my loan amount and the construction amount for the tax benefits?
Latest Answer: No. You will not get any tax breaks if you take a loan to buy a plot. But, if you take a loan for construction, that means a loan to build a house on that plot of land, then you can get a tax break. In this case, the tax benefits are available on both portions of the loan the one to purchase the plot and the one taken to construct the house thereon. If u take a loan of 10 lakh for plot and 5 lakh for construction, then you can get tax benefit for the entire 15 lakh. But too many processes are involved in this case.
