Home Construction Loan Definition?
A home loan is provided for the construction of the house. Home construction is a unique offering for customers who have their land and want to construct a house on the land. You can get a Home Loan for Construction for different purposes. A good credits core will help you to get home construction loan. Your Home Loan for Under Construction Property amount depends on your annual income and ability to repay the loan.
Also Read:-Home Loan Process
Eligibility Criteria for home Construction Loan
Age: - Applicant should be minimum age is 18 years and maximum age is 65 years.
Resident: -Applicant must be Resident Indian or Non-Resident Indian (NRI).
Credit Score: - Applicant credit history should be good and cibil score should be more than 750.
Types of Home Construction Loans
There are 3 types of home construction loan given below: -
1. Self Construction Loan
If you have a Home Loan for Plot and Construction in your name, and you want to get a loan for constructing construct a home then you can choose for a self-construction loan.
2.Plot and Construction Loan
If you don’t have a plot or land and you require funds to purchase the land as well as for constructing a home on it then a Plot and Construction loan will help you in this.
Please note that if you need a loan only for purchasing a plot of land, then you would have to apply for a Loan Against Property or you can apply for a Personal Loan not for a Home Construction Loan.
3.Home Extension or Renovation Loan
You can apply for a home extension loan if you need funds to build an extra floor or add a new room to your home. Similarly, a home renovation loan you can get if you want to repair your house and want to do another works in your home like repaint your home, or want to give a new look and decorate your house.
Features of Home Construction Loan
Affordable rate of interest
Available for non-income proof customers
Flexible Home Loan scheme
Easy and minimal documentation
No hidden or other charges
Choice of tenure
Free and safe document storage
Easily available in rural India.
List of Documents
1.Identity, age, and address proof:- Valid Passport, Voter ID Card, Aadhar Card, PAN card & Valid Driving License etc.
2.Income proof:- Salary Slips, Bank Statements, of last 6 month.
3.Property related documents and other documents.
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