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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