Home Construction Loan in Hyderabad

By: lo@nzzone0 comments

A home construction loan is a loan taken if you own a plot and plan to carry a new construction or renovation on the existing house. if you plan to expand your house and build one additional floor on your house; you can go for the construction of the house by taking a home construction loan.

The Home Construction Loan disbursement depends on the stages of construction of the house. Process of home construction loans is slightly different from other common Home loans provided for housing.

Loanzzones is the best home loan service provider in Hyderabad, we help you construct your dream home, on your owned plot.

Home Construction Loan – Features & Benefits

Tax benefit

Home Construction Loan borrower can claim tax benefit on the principal loan amount and interest paid on the home construction loans under Sec 80C and Sec 24B. Under the Sections, the borrower can claim tax benefits up to Rs. 2 Lakhs on the interest and Rs. 1.5 Lakhs on the principal loan amount.

Longer tenures

Home Construction Loan is available for long tenures and that can be between 5 to 30 years which makes the EMI of Home Construction Loan on the borrower is less and the loan is affordable.

Top-up Loan

Borrower can opt to take a top-up loan as a home construction loan on your existing home loan.

Balance transfer

Most of the banks & NBFCs provide balance transfer on home construction loans as they do BT for home loans. The borrower can opt Balance Transfer outstanding balance of loan to other banks or NBFCs as if he feels the current Bank is charging a higher rate of interest.

Home Construction Loan Eligibility

Eligibility CriteriaRequirement
AgeMinimum Age: 18 years and Maximum Age: 70 years
Resident TypeThe applicant must be (any one):
> Resident Indian
> Non-Resident India (NRI)
> Person of Indian Origin (PIO)
EmploymentThe applicant can be (any one):
> Salaried
> Self-employed
Net Annual IncomeAt least Rs.5-6 lakh depending on the type of employment
ResidenceThe applicant must have (any one):
A permanent residence
A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit scoreA good credit score of at least 750 or more obtained from a recognised credit bureau

Documents Required

DocumentSalaried IndividualsSelf-Employed Individuals/Professionals
Identity ProofValid Passport copy/Valid driving license copy/Andhra CardValid Passport copy/Valid driving license copy/Andhra Card
Residence ProofRation card copy/ electricity bill/passport copyRation card copy/ electricity bill/passport copy
Signature ProofPan card copyPan card copy
Date for birth proofValid Passport copyValid Passport copy
Proof of office addressElectricity bill/ telephone bill
Proof of BusinessShop & establishment Act (as applicable in your state)

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