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 followed by a lengthier tenure of? ?30? ?years. ? ?Therefore, ? ?the EMI within the full instance of that loan for plot purchase is greater than compared to regular mortgage loans. ? ?The tenure for the land loan additionally will depend on the chronilogical age of the debtor, ? ?repayment capacity, ? ?etc.
Tax Benefits: mortgage loans be eligible for an income tax deduction on re re payment for the major amount under Section? ?80C of the tax behave as well whilst the interest component under area? ?24?(?b?) ?of the tax Act. ? ?On one other hand, ? ?tax benefits on a land loans are not available. ? ?However, ? ?borrowers could claim a tax deduction on in the event that household is built on a plot bought because of the debtor. ? متابعة قراءة “Land Loans Benefit What is a Land Loan??”