Buying a piece of land in a residential area comes with flexible investment options. You can either build your own home or sell the land after some time. Considering these two options you can always get a loan for the land purchase. However, make sure to consider the following factors while buying land:
- Authorised Land: Before showing your interest in buying the land make sure to check if it has been authorised for construction or not. The layout of the plot should have approval from the local body and Development Corporation.
- Location: You are making an investment which means that your property should bless you with lifetime profits. You don’t want to misuse your loan for land purchase by investing in the wrong land. The area of land should have a scope of development in infrastructure facilities. This will increase the value of land with time.
- Owners and Deed: Firstly, verify whether the land has multiple owners or not. If yes then get your documents signed by each one of them. In addition to this, make sure that the deed is in name of the seller.
- Free of any legal Disputes and Dues: One should always make sure that the land is free from legal disputes and pending taxes.