Can one get a loan from bank for purchasing land?

I want to know if one can get a loan from a nationalized bank solely for purchasing land (building house excluded from immediate plan)? In this case can one get income tax benefit while paying back the amount?

3 Replies to “Can one get a loan from bank for purchasing land?”

  1. You can get a loan for the sole purpose of buying land. You still have to have backing for the loan. Right now banks are weary about giving loans, so it will likely have to be well secured. You should be able to claim any loan on taxes as you will be paying interest.

  2. Loan can be borrowed from nationalised or other private banks for purchasing both agricultural land and vacant plot with a plan of constructing a house in future. As per present Income tax provisions no tax benefit can be availed for repaying the loan.

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