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Plot purchase

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 December 2012 Dear Sir,

I need to purchase Plot, I think on that bank has not give us loan,

please let me know whether bank is giving loan for purchase plot, because on that plot i need make house. and repayment of interest and principal amount can we claim u/s 24 towards interest on loan.
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CA Hiren Thakkar

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CA Hiren Thakkar (Expert)
14 December 2012 Hi,

Generally, housing loan covers Cost of Construction as well as cost of Land, because banks grants loan based on estimated cost of house (incl cost of land). Also for availing loan you need to mortgage whole house incl land. So i believe you may contact any reputed bank for availing loan towards purchase of plot as well as construction cost.

@ Repayment of Housing Loan :-
Interest amount - you can claim deduction u/s 24.
Principal Amount - Deduction available u/s 80C subject max limit of Rs. 1,00,000/-/

Hope this will suffice your purpose.
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