Building a house takes years of handwork, dedication, savings, and research.You need to pick a house building loan according to factors like your needs, requirements, property type, the interest rate being offered. To help you make an informed decision, I have compiled information about the same in this answer.
How to get a home construction loan?You can get home loan for construction of house from the following :
Private banks
Public banks
Private lenders
Money sharks
Relatives etc.
The most common choice is availing a property loan from a bank. Each and every bank has its own eligibility criteria for the same. There is a difference in a home loan provided on ready to move houses, plots, under-construction houses, or resale houses.
Most banks require the applicant to fulfil the criteria given below for home loan:The age of the applicant should be 18 years to 65 years
The residential status of the applicant should be Indian or NRI.
The applicant must be a self-employed and salaried individuals
Their credit/CIBIL score should be above 750.
The Minimum income of the applicant must be more than Rs 25,000 per month.
This is all from my end on a house building loan. Hope it was helpful.
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Authors Of The Question
How to get a home construction loan ?
Namrata
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2 Year
2022-03-17T09:26:05+00:00 2022-03-17T09:26:07+00:00Comment
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