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Home / Finance / Home Loan / What is the interest rate on a construction loan?
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What is the interest rate on a construction loan?

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0 2022-03-11T19:00:02+00:00
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When you mortgage property and plan to carry construction on land by availing a loan is called a construction loan. If you want to expand your house then you can also get resources by applying for construction loan. Currently, construction loans are available at the best rate of 6.50%. I will share with you home construction loan interest rates of different branches so that you can approach a bank you like for the construction of the home.

What is the interest rate on a construction loan?

Bank Interest rate

State Bank of India

6.95% p.a.

HDFC Bank

7.35% p.a.

DHFL

9.50% p.a.

Canara Bank

6.90% p.a.

PNB Housing Finance

9.25% p.a.

Aditya Birla Housing Finance

9.00% p.a.

Bank of Baroda

6.85% p.a.

Federal Bank

8.15% p.a.
Eligibility Criteria to apply for construction loan:

  • The minimum age to secure the construction loan is 18 years and the maximum age is 65 years.

  • Indian Residents or NRIs can apply for construction loan in India.

  • If you are an employee, you should be a salaried person and you should work under the current employer for 1 year.

  • A minimum of 750 CIBIL scores is required.

Documents required to secure a construction :

  • Identity Proof

  • Residential Proof

  • Income Proof

  • Documents of property such as Encumbrance Certificate, Title Deeds of the Plot, Estimate for construction assessed by a Civil Engineer/ an Architect, Photocopy of the plan sanctioned by Local Authorities. 

  • Other documents may be required as per banks or financial institutions.

This was all about construction loan financing rates.

I hope you have an idea about home construction loan interest rates.

Get home loans at the lowest interest rate of 6% from NoBroker. Check out now!

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