New Delhi, March 26 -- Land is an asset that most people want to own. But with land costs soaring across the country, buying residential plots has become a tough task, especially in the metros and tier-1 cities. With land purchase loans, you can buy residential plots without stretching your finances too much. A land purchase loan has a lot of similarities with home loans but comes with its own set of conditions. Here is a quick guide on land purchase loans, interest rates, eligibility criteria and other important information.

A land or plot purchase loan, like home loans, is a secured loan. The loan is specifically offered by banks and NBFCs (Non-banking Finance Companies) for land or plot purchase that can be used to construct a house i...