How does a home loan for an apartment vary from a home loan for a plot of land?

This is a very pertinent question because the home loan is fundamentally different for an apartment and different for a plot of land.

In case of a home loan for an apartment:

- In this case, you are technically applying for a home purchase loan

- It is among the most common loan provided to individuals

- You are eligible for tax benefits under Section 24 and Section 80C

In case of a loan for the purchase of a plot:

- This loan is given to those individuals who want to purchase a plot of land for building their house at a later date

- Currently, there is not tax exemption benefit being provided for this type of a loan.