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Indian investors are typically inclined towards buying land either purely as a good investment or even for building a residence.
Therefore, you may not be eligible for a home loan, but for a land loan if you are looking to buy a plot. Mortgages can be obtained just for the home currently built, under construction or more likely to go through construction quickly. For funding the acquisition of a vacant plot, you will need to aim for a land loan rather. Even though the terms, prices and operations linked to land loans are much like compared to a mortgage, there are several intrinsic differences when considering the 2 as outlined below:
Property venue and Type: Unlike mortgage loans that are available on all properties regardless of their location or kind, you can find a land loan limited to a plot that is residential.