How To Get Hassle Free Loan For House Construction
- There is a difference between house loan and construction loan.
- We would like to explain few nuances to get hassle free loan and construct your dream home within a desired budget.
- Home loan is meant to buy a flat or home and cost of flat/home has been decided mutually between the builder and client. In this case,Bankers will fund.
- 85% 0f the value of the property (Includes land and building) and remaining portion has to be arranged by the client apart from registration charges, taxes, interiors involved if any.
- Construction loan is different from the above.In some cases,Bank shall fund 100%if the land is located in a prominent area or location based on the guideline value of the land property.
- Client has to submit construction estimation, interior estimation (if any) to get the loan along with necessary documents. Payments will be released to the respective Builder in stage wise completion of construction.
- In both the cases knowing the loan eligibility of the client/owner is must to
avoid unnecessary tension at the later stage.