I want to buy a plot for Rs8 lakh. What percent of the property value will I get as loan? In that case, will there be any tax benefit if I do not start construction immediately?

Normally, lenders do not finance more than 60 to 65% of the total cost of the plot; hence the balance 35 to 40% has to come from your own sources.

Banks are normally much more preventive for plot loans and it is accessible only to non-agricultural plots bought from statutory authorities or approved developers. Also, these are more expensive and available for shorter tenure.

I am planning to renovate the flat that is in my father’s name. Can I apply for a home loan along with him as co-borrower and get tax benefit for it?

You can get a overhaul loan based on your income, but your father will have to join you as a borrower as he is the owner of the property. You will not be able to get tax benefit on the loan, as you are not a co-owner to the said property.