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For many people, owning a home is one of the most significant achievements. Purchasing a plot of land is often the first and most expensive step to building your own home. Due to high land prices, many people require a plot loan to buy land. In India, the land appreciation rate is higher than the interest rates of the plot loans. That’s why purchasing land with a loan is an economically viable decision. Financial institutions provide monetary assistance to buyers to purchase land plots and parcels. Note that the plot loans are exclusively meant to construct homes. If you want to construct a commercial unit or want to use the land for agricultural purposes, you’re ineligible to apply. There are certain intricacies associated with loans for plots. So before applying for loans for plots, you should be aware of certain complications.    Types of Plot Loans Loans for plots, also known as land loans, are of two types. They are: ü   Loans to purchase a residentia...

Everyone faces a challenging financial situation at times, and a personal loan can ease the financial woes in such scenarios. Sudden hospitalisation of a family member can be the reason for immediate financial requirements. Sometimes, people want to start a new business. Therefore, they need some capital for the initial investment in the business. Besides the reasons discussed above, people need a loan due to many reasons. When you need a loan, you have many options as a borrower. If you have a salaried job, you can find a loan according to your monthly income. If you need a higher amount as a personal loan, a LAP loan is the best option. What is LAP? LAP stands for Loan Against Property, which means you can get a personal loan against your property. Before applying for a loan against a property, you need to know a few things about such loans. In the following section, you can find the details of the loan against the property. 1. Floating Rate of Interest Is Applicable In a lo...