Home Construction Loan – Hello friends welcome to today’s new articles friends today we are going to tell you about how to get a loan to build a house friends we all have big dreams but friends we don’t have enough money for that so friends now we are going to give you a loan to fulfill your dream If so Friends let’s know in today’s articles how you can get that loan and what are the qualifications and what are the terms and conditions, then friends for that you have to read this article till the end and join the below Friends you will find complete information about it in detail and if you don’t understand anything about it then definitely let us know by commenting. Let’s find out how to fulfill your dream.
Friends apart from taking a loan to book a house or under construction property you can also take a loan to build a house on your plot this loan is called a construction loan and this type of loan will be given to you by all major financial institutions in India Home construction loan is a home loan and plot It is different from loan Not only is there a difference in the cost of the loan, but there is also a big difference in their service terms and repayment period, the approval process and disbursement of construction loans are different from home loans. Friends also need to be Indian or NRI and self employed and salaried person can take it Credit score should be above 750 Friends your income should be at least 25 thousand rupees per month only then you can get home construction loan.
What documents are required?
Friends apart from regular know your customer KYC and income documents if you want to get a loan for building a house on your plot you have to submit all the documents of your plot which prove that the plot is legal one is yours or your plot is free hold or given by the development authority. Development authority like CIDCO DDA etc. you can also take loan on leased land but the lease must be for a long period only for which you have to submit the encumbrance certificate related to the property. Apart from the plot documents the house you want to build Its plan and layout also has to be submitted Dual approval of local municipal authority and gram panchayat is mandatory.
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Friends you have to provide an estimate of how much the construction will cost to be certified First these documents After that if the lender is satisfied with your overall eligibility and estimated cost, he will give you the terms and conditions. will approve home loan based on Friends if you want to know complete information about this then join below whatsapp group and if you have any question about this then just comment us.