Nowadays people take loans from the bank for their various needs. Home loans for buying a house, car loans for a car, and personal loans for personal needs such as buying land are popular options. These loans help people to fulfill their needs.

Buying land is not an easy task nowadays. Lakhs of rupees are required for this. In such a situation, many people buy land by taking a personal loan from the bank, but can people buy land by taking a personal loan from the bank?

Can land be bought by taking a personal loan-

You can use the personal loan received from the bank for any personal work, such as buying land.

Benefits of buying land by taking a personal loan-

- You can easily arrange money by buying land with a personal loan. For this, you will not need to mortgage your property.

- The bank gives personal loans with very little paperwork. In such a situation, this loan is very easy to get.

Disadvantages of buying land by taking a personal loan-

A personal loan is one of the most expensive loans, whose interest rates are 12% to 24% higher than other loans like home or car loans.

- There are no tax benefits in personal loans.

- Personal loans are often available for a short period only. In such a situation, the monthly EMI of this loan is high, which can spoil your budget.

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