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you can get a home loan to get a land. however check that that the land may be a residential land. Before applying browse fastidiously all the house loan documents and necessities of the bank or NBFC with whom you're signing up.

After you apply for a home equity credit to get a residential plot, you've got to begin your construction among half-dozen months when taking the loan. Generally, lenders conjointly keep a condition of finishing the house construction among two years from the date of application.

Within this five years, an person gets the ability of not obtaining deduction on the interest quantity of the loan. however if the development isn't complete among the stipulated amount fundamental quantity then this point period, you've got to pay the whole interest at the tip of this tenure.

There are different facilities just like the interest amount paid before the year of completion is accumulated and 1/5th of this quantity is allowed as deduction every year for five years from the year of completion. Simply put, the interest paid on the house loan throughout the pre-construction section will be availed for deduction in these 5 equal installments. just in case the property is occupied before the completion of these 5 years, then the deduction is restricted to authority two lakhs. this is often one in all the key tax benefits for under construction property.