Banks are providing loan for constraction not for land!?

Bank should provide loan for purchageing land also.

yes banks are providing loan for purchase of residential land also. approach State Bank Of India. they have scheme.

just three days back there was an advertisement in "The New Indian Express" chennai edition front page itself by given SBI in this regard.

HDFC and IDBI banks will give loans on plots 100%+, but there are lot of litigations, Need higher amount then you need to register your plot with a higher value more that what governamet decides. % of that registered value will be given as loan amount. You cant avail tax benenefit on the loan amount http://answers.yahoo.com/question/accuse_write?qid=20090113041258AAqpVW7&kid=FptEEzbbLFP89eYTNlne&s=comm&date=2009-03-21+00%3A26%3A08&.crumb=

bank do provide loans for land also. you need to contact them they will provide in spite all the documents should be legal

Construction and land loans are harder to qualify for than a loan on a built home.

There is allot more risk involved. Another issue with construction is home values are falling. It can take 6-months to a year to finish a home. You purposed home my be worth 300K today and 250k when complete. Banks need to take this into account.

When it comes to financing, both your land and construction, the problem is if you default which loan gets satisfied first. Like I said above the value of the home can go down at this point and time.

Money wise you are better of looking for a home that is already built. If you want to build you will probably need $$$$$$$$$$$$$$$$$$ down and EXCELLENT credit esp if you want to finance the land and construction and get a good deal on that financing.

They typically do not, unless you are talking farm land. But not for land for investments. The reason being that too many people under estimate construction costs and leave land partially done, and worthless. This is nothing new, it has always been that way.

Usually you pay cash for the land and then use the land as collateral for the construction loan. THis is how I have always done it anyway.

You might try a bank you use already and offer up some other property as collateral on the land loan. They might go for it, if your credit shows that you are trustworthy and you have something to lose.