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Home Construction Loan

Home Loan for Construction is a type of loan specifically designed for individuals who wish to build their own house on a plot of land they already own. Unlike a regular home loan, which is used for buying an already constructed property, this loan helps finance the construction of a new home from scratch

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Acceptance Criteria

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  • You must own a plot of land that is legally clear and suitable for construction.
  • Your age, income, credit score, and employment status will be evaluated, just like with any other home loan.
  • The loan amount is typically based on the value of the plot and the estimated cost of construction.
  • You must submit an estimate of construction costs, which may include material, labor, and other expenses.
  • Before starting construction, you must obtain necessary building approvals and permits from local authorities.
  • Lenders require these documents to ensure that the construction is legal and compliant with regulations.
Loan Amount Offer
Loan Amount Offer upto : 10 crore
Rate of Interest(%)
Minimum ROI Start From : 9.75 % P.A.
Maximum ROI : 18.00 % P.A.
Tenure
Minimum Tenures : 12 Months
Maximum Tenure : 240 Months
Documents Required for Loan
Individual & Salaried Employee Self & Professional Employee Company Pvt. Ltd. & Public Ltd.
Primary KYC: Aadhaar Card, PAN Card Applicant KYC: PAN Card, Aadhaar Card Director & Partners KYC: PAN Card, Aadhaar Card, Voter ID
Co-Applicant KYC: Aadhaar Card, PAN Card, Voter ID Card Co-Applicant KYC: PAN Card, Aadhaar Card, Voter ID Company Certificates: CRC Certificate, TAN Certificate, Company PAN Card, Directors DIN Certificate, Board Resolutions, Shareholding Pattern, Partnership Deed
Income Proof: Last 3 months’ salary slip Income Proof: Last 2 years financial return, GST Return (3RB) Income Proof: Last 2 years financial return,  GST return of company
Residence Proof: Aadhaar Card, Voter ID, Electricity Bill, Rent Agreement, Gas Receipt, Post Mobile Bill, Property Tax Residence Proof: Aadhaar Card, Election Commission Card, Driving License, Gas Receipt, Passport, Rent Agreement (Any One) Residence Proof: Aadhaar Card, Election Commission Card,
Driving License, Gas Receipt, Passport, Rent Agreement (Any One)
Bank Statement: Last 6 months' bank statement Banking: Last 1 year bank statement (Current/Savings Account) Banking: Last 1 year bank statement (Current Account)
Photograph: Live photo Photograph: Live photo Photograph: Live photo
Business Documents: N/A Business Proof: Trade License, Shop Act, GSTN Certificate,
Food License, Business License, MSME Certificate, etc.		 Business Proof: Trade License, Shop Act, GSTN Certificate, Food License, Business License, MSME Certificate, etc.
Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc. Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc. Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc.
Golden Features and Benifits
  • Lower Interest Rates: Home loan for construction typically offers lower interest rates compared to personal loans.
  • Flexible Repayment Options: Some lenders allow you to make interest-only payments during the construction phase, with regular EMI payments starting once construction is complete.
  • Higher Loan Amount: You can avail a higher loan amount that can cover both the cost of the plot and construction.
  • Tax Savings: You can save on taxes due to deductions on both principal and interest under sections 80C and 24(b).