Question: Is a bank loan available to buy a Site House ? My answer: 📚📚✍️✍️

 Question: Is a bank loan available to buy a Site House ?

My answer: 📚📚✍️✍️

A bank loan is available to buy a  site house. There are several features in it.

It must be a house.

It must not be agricultural land.

It must come under the control of any municipality, corporation, etc.

Generally, a loan is given only up to 70% of the value of the land.

There is no government tax exemption.

Must be a citizen of India.

This is not the case for overseas Indians.

Unlike a home loan, a long term is not given. It can be up to a maximum of 15 years. In contrast, a home loan can be up to 30 years.

When taking a loan to build a house with a house, the house must be completed within a certain number of years, for example 2 years. If the construction is not completed, it will not be considered a home loan and the interest rate will be increased.

Since the term of a home loan is short, the monthly installment will be higher.

The interest rate for a home loan is slightly higher than a home loan.

Note: The value of the land never depreciates...its value is useful for the long term..it cannot be converted into cash immediately..

Thank you..🏠

Sivakumar.V.K

(Home Loans,Home Loans To NRIs)