Difference Between Home Loan And Plot Loan | Home Loan Vs Plot Loan

Today we are going to talk about the topic of financial planning, so loan is our topic today, in which you will understand the difference between home loan and plot loan,  what are the differences, you will go a little bit in the integration, okay,  investment.in  calculator and financial planning plans and the best product of that model portfolio, then definitely check the model portfolio in which you can be of great help in taking an investigation,

You understand What is the thing, what type of portfolio is made, how are it made, right and meaning a structure of portfolio, that thing will be understood very well here, you do not know what the model is, if you search its video YouTube, then you will definitely find the industrial website video upload, today we will talk about basically what is the difference in home loan short loan, plot loan basically for people go plot If you want to build a house and take a home loan,

if you are taking a ready-made house, then take a flat, if the house is built, if the bungalow is built, then you will take a home loan, now the plot loan is valid for those who want to build a house, plot loan will not be available on the agricultural plot, I am not talking about it, plot loan on valid is on the your house, have to build it today, make it later Yes, you can take that decision, on its basis, the loan also changes a bit, then I will also tell what I am discussing,

here the home loan which is already built, ok, either flat or you are bungalow or whatever it is and plot loan is plot where you want to build a home baby immediately, so on its basis we will talk further then the difference That the course of home loan is available for a long time, it is available for  up to 30 years, nowadays the home loan is not available for this much time only,

it is available only for years, ok, the plot home loan, which is there, you get a loan up to 90%,  your property is 1 tax, do 1 if your credit growth status is all very good, everything is good then you   Up to 90% can get a home loan up to 90 lakhs, but plot loan will not be available up to  6070%, you will not get more than the loan you get, ok, it depends on variable factor, how much area is it Everything is plot loan interest rates are mostly high, risk associated is high,

banks to interest rate both your but means you mother’s let’s go that point 42.5%  what percent If it is going on there, then here 8.42, 8.5% interest 8.4 2.5%  you will give more, if you are giving loan for plot, it is okay only for vacant plots because the risk is more for the associated bank because in selling them, it is more difficult to sell the plot it’s more difficult, it is more easy for the bank to sell the house, because completion certificate is right,

if you are starting to build, you can apply for a loan, you will also get money for plot loan plus construction, ok then 20 25 lakhs you can get extra if your construction cost means composite loan You can also apply, if you have a vacant plot and you will make a composite loan to build a house, then the bank will tell you that you have to do within two years, if you do not do it, then it will increase the interest back and convert the plot into a loan.

Now there are some things from tax benefit from someone interest, area  24 is right benefits have first time Mumbai also if you have Only took plot loan, did not take composite loan, only took plot loan, then there is no tax benefit, neither area  80C nor area  24, there is no tax benefit, so whatever construction loan you will disparage, when you start construction, you will get tax benefit on it, then like I said that your plot is 1.1 crore support, 20  lakh construction cost, then you will get 20 lakh benefit on  20 lakh rupees.

If the loan you have given will get what they call you, you will get tax benefit ok area 24 ATC people but the situation on the plot if your house becomes complete, the plot is taken, the house has been completed, the plot loan has been completed, when your completion certificate has all arrived, everything is done, formality loan has been taken, that complete home loan.

Like you will get tax benefit and hopefully interest rates will also work, the bank will convert it, so you took your plot loan, took a composite loan, the house is completed, the completion certificate idle should be less, what else do you say, you will not get the tax benefit also, the entire loan, plot loan and separately, it can get a plot loan, yes exactly the analysis can be got it for residential use.

Now I looked like an example that when I looked on the website of SBI, they had given the plot loan that if the CIBIL score of more than 800  is or equal then  9.45%  on home loan is  9.15%, the difference of percentage is what the have given for person who has a more than 800 Civil score fear, you need to understand, okay, if you are applying for a plot loan or you are planning to build a house by taking a plot, then you should understand this thing very well, according to you shoulder apply the loan and according to you shoulder decide that I will build the house first then set it later.

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