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Yes, loans are sanctioned for people who are looking forward to getting land in India. Availing for a land loan may be similar to that of getting a home loan but they have a few differences. If you are planning to get a land loan you have to make sure that it is for a residential plot. The property in question should be within municipal limits. No funding will be provided for buying land for agricultural purposes or for buying land in a village. But if you’re planning to construct a house in the piece of land, after the purchase, then you can avail for a home loan.
The quantum of loan provided by the financial institutions will only be 70% of the value of the land. Unlike the tax deduction benefits provided for home loans, availing land loans will not give you any such benefits unless you are planning to construct a house on your land. This tax deduction will only be applicable after the completion of the construction. Compared to long tenure periods for home loans, land loans get lower tenure periods.
Non Resident Indians might want to buy land in India, but most of the banks don’t provide land loans for them. Even if lenders do offer loans, they would be at high interest rates. Most of the land loans that are bought for construction of a house are more or less treated like a home loan. But banks might have a few conditions. The construction might have to be done within two years from availing the loan or other similar conditions.
Additional Reading: Can we get home loans to purchase land?