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.
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Can Plot Loan be Converted to Home Loan?
bala
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7 months
2025-01-01T18:50:06+00:00 2025-01-01T18:50:07+00:00Comment
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