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| Mortgage Loan in Chennai |
Owning a
getaway property built on a land close to the mountains or the sea are stuff
dreams are made of for many. However, the brave ones find the means to bring
these dreams to life. One of the ways to own a recreation land is by applying
for recreation land loans.
However,
before you jump in glee over the very prospect of being able to take a loan and
invest in an undeveloped plot of land, you must realize that loans for such
real estate don't come easy. The interest rates are also not nearly as
attractive as for mortgage or refinancing loans. The reason is that it is quite
difficult to evaluate the value of land as compared with a house. Now
appraising land is complicated because it may suffer from soil, drainage, or
other issues.
Another
major issue in getting recreational land loans is there is no loan company that
will be able to buy these loans from loan dispensing individuals or companies
that aren't equipped to keep them anymore. However, that being said, you still
have options to get a recreational land loan if you are willing to make 10% or
20% down payment. There are some banks that will be happy to finance you, but
the catch is that they will dispense the loan only for land belonging to their
neighboring areas. In order to buy land outside the banks' neighborhoods,
you'll be required to put down at least 50%! However, if you are really
desperate and don't mind paying 12% interest on the borrowed amount, you may be
in luck as there are land finance companies who can finance your need.
Home loans & Mortgage Loan ( Land
Purchase Loan, Plot Purchase Loan, Site construction Loan, Land for Plot
Purchase & Construction, Flat Purchase Loan, Loan Against Property ). We
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