| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Bank of Baroda
|
8% | 1% | 1000 | 360 |
|
|
Bank of India
|
9% | 1% | 1500 | 360 |
|
|
Bank of Maharashtra
|
10 | 1% | 1500 | 240 |
|
|
Canara Bank
|
8% | 1% | 1000 | 360 |
|
|
Central Bank of India
|
9% | 1% | 1000 | 360 |
|
|
Indian Bank
|
10% | 1% | 1500 | 360 |
|
|
Indian Overseas Bank
|
8% | 1% | 1000 | 360 |
|
|
Punjab & Sind Bank
|
9% | 1% | 1500 | 360 |
|
|
Punjab National Bank
|
10% | 1% | 1000 | 360 |
|
|
State Bank of India
|
8% | 1% | 1000 | 360 |
|
|
UCO Bank
|
8% | 1% | 1000 | 240 |
|
|
.png)
Union Bank of India
|
9% | 1% | 1000 | 360 |
|
|
United Bank of India
|
10% | 1% | 1000 | 240 |
|
|
Axis Bank Ltd.
|
8% | 1% | 1000 | 240 |
|
|
Bandhan Bank Ltd.
|
9% | 1% | 1000 | 240 |
|
|
City Union Bank Ltd.
|
10% | 1% | 1000 | 360 |
|
|
DCB Bank Ltd.
|
8% | 1% | 1500 | 360 |
|
|
Digibank (DBS)
|
9% | 1% | 1500 | 360 |
|
|
Federal Bank Ltd.
|
10% | 1% | 1500 | 360 |
|
|
HDFC Bank Ltd
|
8% | 1% | 1000 | 360 |
|
|
.png)
ICICI Bank Ltd.
|
8% | 1% | 1000 | 240 |
|
|
IDFC First Bank
|
9% | 1% | 1000 | 240 |
|
|
IndusInd Bank
|
10% | 1% | 1000 | 360 |
|
|
Kotak Mahindra Bank
|
8% | 1% | 1000 | 360 |
|
|
RBL Bank Ltd.
|
9% | 1% | 1000 | 240 |
|
|
South Indian Bank Ltd.
|
10% | 1% | 1000 | 240 |
|
|
YES Bank Ltd.
|
8% | 1% | 1000 | 240 |
|
|
Axis Finance Limited
|
10% | 1% | 1000 | 240 |
|
|
Bajaj Finance Limited
|
8% | 1% | 1000 | 240 |
|
|
.png)
Capri Global Capital Limited
|
8% | 1% | 1000 | 240 |
|
|
DHFL
|
9% | 1% | 1000 | 360 |
|
|
Edelweiss Finance
|
10% | 1% | 1000 | 240 |
|
|
Hero FinCorp Limited
|
9% | 1% | 1000 | 240 |
|
|
Hinduja Leyland Finance Limited
|
10% | 1% | 1000 | 240 |
|
|
LIC Housing Finance
|
10% | 1% | 1000 | 240 |
|
|
Magma Housing Finance Limited
|
10% | 1% | 1000 | 240 |
|
|
Piramal Capital and Housing Finance
|
8% | 1% | 1000 | 240 |
|
|
.jpg)
Shriram Housing Finance Limited
|
8% | 1% | 1000 | 240 |
|
|
Tata Housing Finance Limited
|
8% | 1% | 1000 | 240 |
|
|
Indiabulls
|
9% | 1% | 1000 | 360 |
|
|
.jpg)
Aditya Birla Housing Finance Ltd.
|
10% | 1% | 1000 | 360 |
|
|
This facility is specially designed to those borrowers who need fund to construct home at convenient interest rates, even there are several benefits included like low processing fee, maximum loan amount, flexible tenure & easy to apply. You are only required to ensure that you meet mandatory criteria.
Home construction loan Eligibility CriteriaEligibility Criteria depends on several factors like repayment history, business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
Note: - You can get up to 90% of property value as a maximum loan amount.
What are the factors generally affecting home construction loan Eligibility Criteria?There are top factors that generally affects eligibility criteria as given below: -
Low credit score: - Credit score plays a critical role in determining your past financial creditworthiness, credit score ranging below 650 known as low which means you were unable to pay bill or EMI on time & this type of financial behavior not acceptable by lenders.
Lack of work experience: - Lender will look forward to checking your work experience as to measure the stability to pay monthly EMI & payback principal amount, due to lack of work experience your chances of getting loan become lower.
What are the ways to increase home construction loan eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level: -
Clear existing debts: - If you are paying EMI for existing loan & planning to avail new loan, then make sure you clear existing debts as it will rebalance your financial stability & increase your eligibility as well.
Show additional income: -Apart from your fixed monthly salary or business income, additionally you can add up other sources of income like rental income, part- time income, interest generating through fixed deposit & other incentives, consider these point it will boost your eligibility.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
+
Once your submitted documents & profile match the required eligibility criteria your loan application is processed to further level, after that bank will initiate a evaluation process upon the evaluation your loan get sanctioned & shortly disbursement will take place.
+
+
+
The processing fee for Home Construction Loan vary from 0.5% - 2% depending on loan amount.
+
Home Construction Loan Interest Rates 6.95% onwards which are much affordable as compared to other loans.
+
Firstly, search, compare & choose your preferred lender thereafter contact their customer representatives via visiting their official website & raise a enquiry or visit your nearest bank branch to request for loan application.
+
Several banks are offering online application which help you to save time even additional tax benefits are offered.
+
Home Construction Loan eligibility enables you to do easy calculations by entering required loan amount, Interest Rate & tenure period . It provide a scheduled chart of each month EMI to be paid & help to build stronger financial planning.
+
Yes, it's one of the best way to make your dream come true, get loan at attractive rates with flexible tenure facility.
+
The process of getting a construction loan is easy, just visit your chosen bank official site & fill the enquiry form shortly their customer representative will contact you to explain further details of products & services.
CA Vikas Jain - Our Mentor
9863-02-02-02