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BEST FOR

Constructing your dream Home with ease

  • Flexible tenure

  • Track your loan status online anytime

  • Minimal documentation for quick processing

  • Overdraft facility for flexible loan usage.

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Things you should know

  • Overdraft facility 

    The loan can be availed in the form of an Overdraft, allowing flexibility of funds

  • Minimum monthly income

    ₹ 25,000 for salaried individuals and ₹ <30,000> for self-employed individuals

  • Age criteria for applicants

    The minimum age to apply is 21 years and the maximum age limit is 70 years at loan maturity

  • Loan disbursement in stages

    Funds are disbursed in phases as per the progress of construction

About Home Construction Loan

Understanding home construction loan 

A Home Construction Loan is a financing option that provides funds for building a house from the ground up. It can be used to purchase land and construct a property or to build a home on a piece of land that you already own. The loan is disbursed in stages based on the construction progress.

Benefits of a home construction loan

A Home Construction Loan offers several advantages, including a ​​repayment tenure of up to 30 years, making EMIs more affordable. It requires minimal documentation, making the process hassle-free. You can easily track your loan status online and the loan is available as an Overdraft facility, providing flexibility in fund utilisation.  

Eligibility for a home construction loan

  • To qualify for a Home Construction Loan, you must be an Indian citizen with a minimum age of 21 years and maximum age of 70 years at loan maturity.

  • A salaried applicant must have a minimum monthly income of ₹ 25,000. 

  • The loan amount is determined based on your creditworthiness, financial profile and repayment capacity assessed by the Bank. 

Home Construction Loan FAQs

What is the difference between a Home Loan and a Home Construction Loan?

A Home Loan is for purchasing an already built property while a Home Construction Loan helps you fund the construction of a property on your own land.

How much loan amount can I borrow through a Home Construction Loan?

There is no specific limit. The loan amount is based on your eligibility, income, CIBIL score and other factors.

Can I apply for a Home Construction Loan if I don’t own land?

Please clarify. This statement contradicts another part of the page which says the loan can be used to purchase land. If you don’t own land, you may need to look for other loan options.

What is the maximum tenure for a Home Construction Loan?

The maximum tenure is of up to 30 years depending on your eligibility and repayment capacity.

Is there a lot of paperwork involved to apply for a Home Construction Loan?

No, the documentation is minimal. You will need to provide proofs of income, identity and land ownership documents.

Can I use a Home Construction Loan for renovation?  

Yes, a Home Construction Loan can also be used for renovating or expanding an existing property as long as the land is owned by you. 

Disclaimer

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