1 / 6

How to get a Home Loan to construct your own House

Home loan emi calculator - HDFC presents House loan emi calculator to make your EMI calculation easy. Visit us for House Loan EMI Calculator, EMI Calculator Home Loan etc.<br>

RobbinKendy
Download Presentation

How to get a Home Loan to construct your own House

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. House Loan

  2. How to get a Home Loan to construct your own House

  3. Documents to be attached with application In addition to the regular ‘know your customer’ (KYC) and income documents, • to avail of a house loan for constructing a house on a plot of land owned by you, you will have to provide the prospective lender with all the relevant documents that establish your title and ownership of the plot of the land. • In addition to the documents of the plot, you will have to submit the plan and layout of the proposed house, duly approved by the local municipal authority or gram panchayat. • You will also have to submit an estimate of the cost of construction, which has been certified by a civil engineer or an architect. 

  4. Margin money As with any other home loan, the borrower will have to contribute the margin money towards construction of the house, depending on the amount of home loan that is requested. • While calculating your contribution, the cost of the plot is also taken into account, in case the same has been purchased recently. • However, the value/cost of the plot is not taken into account while computing your contribution. • in case the same has been inherited by your or is received as a gift or if it was purchased long back.

  5. Disbursement of the loan The disbursement of the construction loan is done in parts, and the money is released, based on the progress of the construction, similar to the process followed when an under-construction flat is booked with a developer. • However, the lender will not disburse any money till you bring in your own contribution as agreed and provide proof of the same. • For availing disbursements from the bank, you will have to submit photographs of the house and certificates from an architect or civil engineer about the stage of completion of the house. • The lender may rely on the certificate and photographs submitted by you, or it may decide to depute its own technical person to verify the same. So, if the construction is completed quickly, the disbursement of money by the lender will also be faster. • Source: https://housing.com/news/get-home-loan-construct-house/

  6. Click to know more on House Loan: https://www.hdfc.com/emi-calculator Thank You…

More Related