Buying a plot of land and building a house on it is a dream for many of us. So, when Prabhat told his mother that he was buying a plot of land, she was proud of him, something she did not show when he invested in the flat. Buying a plot of land has become a very tricky affair, especially when considering the blatant corruption surrounding the deals including creating fake documents, demand for half payment in cash and also issues of disputed land sales. So, if you are ready to buy a piece of land to build your first home, it is advisable to be very cautious and thorough.
Also, the steps and procedures are quite different from purchasing a flat and hence require a careful analysis before setting out on the path.
Plots are scarce in big cities, though you can still get a good piece of land in smaller towns or even the peripheries of the cities. If you are planning a loan, then a land loan can be availed that are offered by banks for the purchase of residential plots. Some banks have a clause that requires the buyer to start construction within six months of land purchase. So, it would be advisable to plan your future course beforehand. You may procure a personal loan, but that might be a little more expensive.
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