Lower Tenure: ? A land loans has reasonably a shorter tenure of up to? ?15? ?years, ? ?which isn’t the situation in mortgage loans, ? ?which is combined with a lengthier tenure of? ?30? ?years. ? ?Therefore, ? ?the EMI within the full situation of that loan for plot purchase is more than compared to regular mortgages. ? ?The tenure for the land loan additionally depends upon the chronilogical age of the debtor, ? ?repayment capacity, ? ?etc.
Tax Benefits: mortgage loans qualify for an income tax deduction on re payment of this major quantity under Section? ?80C of the tax behave as well due to the fact interest component under area? ?24?(?b?) ?of the Income Tax Act. ? ?On one other hand, ? ?tax benefits on a land loans are not available. ? ?However, ? ?borrowers could claim an income tax deduction on in the event that household is built on a plot bought by the debtor. ? Continue reading “Land Loans Benefit What is a Land Loan??”