Hello there. I saw you asking a plot loan be converted to home loan or not. The answer is yes, it is possible to convert your plot loan into a home loan in India. I did so a couple of years ago and know how it can be done. The best part is that you will be able to avail tax benefits under the IT act. I will share the details with you below.
Plot Loan to Home Loan Conversion
I took a plot loan and converted it into a home loan to avail the tax benefits under Section 24. If you wish to convert the plot loan into a home loan and get benefits under the IT Act, here is what you need to do:
Submit a completion certification.
Submit the occupation certificate.
You need to submit both of these documents to your bank or lender. The maximum deduction under Section 24 is INR 2,00,000 in case of you and your family residing in the newly built home. But, if the property is placed on rent, the interest will be given up. This is all I have to share with you. I hope you find the information useful.
Get the Lowest Interest on Home Loan Via NoBroker!
Some related information:
Which Bank is Best for Plot Loan?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Can Plot Loan be Converted to Home Loan?
bala
43 Views
1 Answers
2 days
2025-01-01T18:50:06+00:00 2025-01-01T18:50:07+00:00Comment
Share