Home Construction loans are the loans which are used to finance for the newly construction home or for the home which are planning to construct a home. In India there are many home construction loans are available now and we have to decide which loan is most suitable for us. There is some difference between the normal home loan and construction home loan. That is in normal home loan generally total loan amount will available as lump sum whereas for construction home loan the loan amount will available in different stages as payments from the initial purchase of the land followed by a number of construction stages.
Normally Home construction loans are divided into two types such as Construction-only loans and Construction-to-permanent loans.Construction-only loans: you have to follow this loan will be provided only for 1 year duration. During the construction period borrower has to pay the loan interest amount. This loan will be provided in installments. At the end of the construction period the borrower has to take search another lender for a loan to repay the home construction loan for real estate India. On the other hand borrower is forced to incur closing expenditure with the both construction loan and a general loan.
Construction permanent loan: This will convert from construction loan to standard home loan by the same lender
If you want to build your home with the home construction loan the further process will be based on the construction planning and the required documents submission. At first you have submit application form and the required documents along with the application.
• Construction Planning:
If you decide to take a home construction loan to construct a home according to your desires then first you have contact a builder, who will help you in making of building plan and the cost estimation of the construction. Also builder will help you in the further loan proceedings.
The required Documents to submit while taking a loan for real estate India:
• Your income proof
• construction plans and specifications details
• construction estimated cost
• Settlement statement
• Builder Contact Details
• Copies of their assets & savings which include account statement of last 30 days, mutual funds, stock accounts etc.
If bank is satisfied with all the documents given by the borrower the loan will be given by evaluating all the details according to construction and personal. Bank will want to know about each and every phase of construction during the home construction loan to allow the borrower to draw the money from the construction fund account. If the construction is completed the borrower have to obtain a certificate of occupancy. get details about New projects in noida.
Normally Home construction loans are divided into two types such as Construction-only loans and Construction-to-permanent loans.Construction-only loans: you have to follow this loan will be provided only for 1 year duration. During the construction period borrower has to pay the loan interest amount. This loan will be provided in installments. At the end of the construction period the borrower has to take search another lender for a loan to repay the home construction loan for real estate India. On the other hand borrower is forced to incur closing expenditure with the both construction loan and a general loan.
Construction permanent loan: This will convert from construction loan to standard home loan by the same lender
If you want to build your home with the home construction loan the further process will be based on the construction planning and the required documents submission. At first you have submit application form and the required documents along with the application.
• Construction Planning:
If you decide to take a home construction loan to construct a home according to your desires then first you have contact a builder, who will help you in making of building plan and the cost estimation of the construction. Also builder will help you in the further loan proceedings.
The required Documents to submit while taking a loan for real estate India:
• Your income proof
• construction plans and specifications details
• construction estimated cost
• Settlement statement
• Builder Contact Details
• Copies of their assets & savings which include account statement of last 30 days, mutual funds, stock accounts etc.
If bank is satisfied with all the documents given by the borrower the loan will be given by evaluating all the details according to construction and personal. Bank will want to know about each and every phase of construction during the home construction loan to allow the borrower to draw the money from the construction fund account. If the construction is completed the borrower have to obtain a certificate of occupancy. get details about New projects in noida.
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