Owning a house in a beautiful locality is every human’s dream. However, not everyone would like to fulfil the dream the same way as others. Some people believe buying a fully-constructed builder flat is a conducive solution, but there are people who like to build their humble abode as per their taste and hence, they purchase a land and construct a home on it instead. Dreams can be same but the road people choose to realize the dream can be different, and it’s okay! It is about personal choices. Besides, the second approach is much more fruitful as it results in a house that matches your taste, your lifestyle and your choices.
After hearing this, if you wish to take the road less taken and apply for a land purchase loan instead of a flat purchase loan, below are some important tips you must remember.
The Construction Clause: A land purchase loan comes with certain terms & conditions which the lender expects the borrower to fulfill. Out of them, the construction clause is important and inevitable. The clause is there in any residential land purchase loan, making it mandatory for the loan applicant to construct a house on the property bought within the stipulated time.
Maintain a good debt-to-income ratio: Debt-to-income ratio, also known as debt-burden ratio is the ratio of your income to your obligations and it should never exceed 43 to 47 percent of your net monthly salary.
The property must be RERA verified: If the property is being purchased from a real-estate developer, you must make sure the dealer is registered in RERA list.
Read Also: Important Tips to Get a Loan for Plot Purchase
Bottom line: In the end, just make sure the loan you’re applying for is from a credible lender.
After hearing this, if you wish to take the road less taken and apply for a land purchase loan instead of a flat purchase loan, below are some important tips you must remember.
The Construction Clause: A land purchase loan comes with certain terms & conditions which the lender expects the borrower to fulfill. Out of them, the construction clause is important and inevitable. The clause is there in any residential land purchase loan, making it mandatory for the loan applicant to construct a house on the property bought within the stipulated time.
Maintain a good debt-to-income ratio: Debt-to-income ratio, also known as debt-burden ratio is the ratio of your income to your obligations and it should never exceed 43 to 47 percent of your net monthly salary.
The property must be RERA verified: If the property is being purchased from a real-estate developer, you must make sure the dealer is registered in RERA list.
Read Also: Important Tips to Get a Loan for Plot Purchase
Bottom line: In the end, just make sure the loan you’re applying for is from a credible lender.
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