just How is land loan not the same as house loan?

just How is land loan not the same as house loan?

Indian investors are typically inclined towards buying land either purely as a good investment and for building a residence. Therefore, if you should be looking to purchase a plot, may very well not qualify for a mortgage, however for a land loan. Mortgages can be obtained limited to the home currently built, under construction or very likely to go through construction quickly. For funding the acquisition of the vacant plot, you are going to need to go for a land loan instead. Even though terms, rates and operations pertaining to land loans are much like that of a mortgage, there are many intrinsic differences when considering the 2 as outlined below:

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The distinctions between land loan and house loan

Property venue and Type: Unlike mortgages that are available on all properties aside from their location or kind, you might get a land loan just for a plot that is residential. Continue reading “just How is land loan not the same as house loan?”