As of now Housing loan can be taken for purchase of plot provided house construction is started within 2 years of purchase.
Many people prefer construction of Independet house v/s apartments. Indpendent house would come handy once the person retires. Value of the apartment would deteriorated drastically by the time the person retires (time gap of approximately 20-25 years between purchase and the person retires). But value of an independent house would be intact. Also, it is easire to get Reverse Mortgage loan against an independent house vis-a-vis an apartment of 20-25 years old.
But in present days plot rates have sky rocketed, particularly in cities. 2 years are too short a period to mobilies money for both plot and construction. Either the person won't be eligible for loans for both or EMI would be unoffordable.
Keeping this in view the time gap betwen buying the plot and construction of house needs to be increase to 5-6 years.
This would enable the person to clear the loan burden due to purchase of plot and then go for construction (both the loan at housing loan rate of interst).
Also, exempts on account of housing loan should needs to be extended from the day of purchase of the plot in this case.
This facility can be extended only once in the life time of the person.
Also this would kick start the interest on plots in this recession period.
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