A Home Construction Loan is used to construct or build one’s own house over an empty plot of land. It’s important that the land on which the house is being constructed must be owned by the applicant.
Home construction loans are a bit different from general home loans and many of us are not aware of it. A Home Construction Loan can help by providing financial assistance to construct your own house. Owning a house is everybody’s dream.
Building a home on own requires a lot of planning; from designing its architecture to laying the first foundation, constructing from the ground up and designing its interiors. Apart from the planning, another important thing which is required for the construction of a house is money.
Home construction loans are different from any other loan as the entire loan amount is not disbursed at once. The borrowers have to pay interest only on the amount they use and not on the total loan amount. We are very happy to part of Build Your Dream Home.
- The Applicant should be an Indian resident
- The Applicant should either be salaried or Self Employed
- Minimum age at the time of application – 21 Years
- The maximum age at the time of maturity should be 65 Years
- The title of the land you have bought should be clear and in your favour
- The co-owner of the property should be the co-applicant for the loan
If you wish to get more information on Home Loan for Self Construction visit here