Everyone aspires to purchase a home at some time in their lives. To meet this desire, banks and other financial institutions provide home loans and home construction loans. But how to get a home construction loan? It involves a structured process offered by several banks.
How Do You Get a Construction Loan?
Use online calculators provided by banks to assess loan eligibility.
Visit the official website of your bank.
Fill out an online application for a house construction loan.
Submit the required documents online or at the bank branch.
The bank will verify the documents and conduct a site visit.
Upon approval, the loan is sanctioned, and disbursement is made in stages as per construction progress.
To qualify for a home construction loan, applicants must meet certain criteria:
Age: Typically, the applicant should be between 21 and 70 years of age at the time of loan maturity.
Income: A minimum monthly income is required. For example, ICICI Bank specifies a minimum of Rs 25,000 for salaried individuals.
Citizenship: Applicants must be Indian citizens.
Land Ownership: The land on which construction is to take place must be owned by the applicant.
I hope this answers your questions, how can I get a construction loan.
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Building a house takes years of handwork, dedication, savings, and research.You need to pick a house building loan according to factors like your needs, requirements, property type, the interest rate being offered. To help you make an informed decision, I have compiled information about the same in this answer.
How to get a home construction loan?You can get home loan for construction of house from the following :
Private banks
Public banks
Private lenders
Money sharks
Relatives etc.
The most common choice is availing a property loan from a bank. Each and every bank has its own eligibility criteria for the same. There is a difference in a home loan provided on ready to move houses, plots, under-construction houses, or resale houses.
Most banks require the applicant to fulfil the criteria given below for home loan:The age of the applicant should be 18 years to 65 years
The residential status of the applicant should be Indian or NRI.
The applicant must be a self-employed and salaried individuals
Their credit/CIBIL score should be above 750.
The Minimum income of the applicant must be more than Rs 25,000 per month.
This is all from my end on a house building loan. Hope it was helpful.
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Namrata
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2022-03-17T09:26:05+00:00 2022-03-17T09:26:07+00:00Comment
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