In simple terms, the Construction Loan is a loan provided for the construction purpose. There are no hidden charges involved in it and there is a high interest rate involved, which makes the Construction Loan home loan affordable and the customized repayment options help a lot. The security interest is charged on the property, which has to be financed. The borrower can apply individually or jointly for taking the home loan. The co-applicants who are applying for the home construction loan are close family members.
For the repayment of the loan, the maximum period is up to 30 years. The tenure of loan is dependent on the profile of customers. The Construction Loan Interest Reserve for any loan amount is 9.55 to 10.55% p.a. The documents needed for submission by all the applicants or co-applicants in Construction Loan are as follows:
As a Proof of Income
• PAN Card
• Last 6 months Bank Statements
• Last 3 months Salary Slips
• Form 16
• Income Tax Returns
As a Proof of Identity & Residence
• Voter ID Card
• Aadhaar Card
• Valid Passport
• Valid Driving License
• Passport size Photograph
• Last 6 months Bank Statements showing the repayment of ongoing loans.
Property Related Documents
• Document of Plot Deeds
All the documents are to be self-attested.
The Construction Loan Broker can be easily searched through the directory of certified agents in Construction Loan or brokers and must be an insurance professional, who are committed to the construction industry. The final amount is decided by the lenders and may vary. The lenders do the thorough investigation of all the documents and it is advised that the rough estimate is needed for the construction, home loan must be found out.
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