Home Construction Loan

This facility is specifically developed for borrowers who require funds to construct a home at reasonable interest rates. There are various benefits included, such as a cheap processing charge, a maximum loan amount, a flexible repayment schedule, and an uncomplicated application process. You are just required to meet the mandatory criteria.

Low Initial Payment

Enticing EMI

Instant Acceptance

No guarantor

Used Vehicle Loans

Refinance Existing Loans

Eligibility Criteria

Eligibility criteria are based on a variety of characteristics such as payback history, business sales/turnover, and creditworthiness, among others.

  • Applicants must be between the ages of 18 and 60.
  • The applicant may be employed or self-employed.
  • At least three years of work experience, with at least one year spent in the same organization.
  • The applicant must have a credit score of at least 750.
  • Must be an Indian national.

Documents Required

Individual

  • Two Photographs
  • Pan Card Copy
  • Aadhar Card + Passport
  • Address Proof – If Rented, Also Required Permanent Address Proof
  • Last 3 Years Form-16, ITR With Computation Of Income If Filed
  • Last 1 Year Bank Statement - Salary Account
  • Loan Schedule & Sanction Letter (If Running)
  • Complete Property Papers With Chain & Map + ATS
  • Processing Fee Cheque In Favour Of the Bank
  • Last 3 Months Salary Slip + Appointment Letter

Proprietorship Firm

  • Photograph of Proprietor
  • Pan Card Clear Copy – Proprietor
  • Address Proof (Passport, Voter ID Card) – Proprietor
  • Office Address Proof Latest (Electricity Bill, Telephone Bill)
  • Firm Registration Certificates & GST Registration Copy
  • Last 1 Year GST Return Copy
  • Firm 3 Years ITR Computation, Profit & Loss A/C, Balance Sheet, Tax Audit Report, All Schedules & Annexures
  • Provisional Financial AY 2023-24
  • Bank Accounts (Current, CC, OD) – Last 1 Year Updated
  • 6 Months Saving Account Statement Updated – Proprietor
  • If Running Any Loan – Provide Sanction Letter & Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers With Chain & Sanction Map

Partnership Firm / LLP

  • Partnership Deed Copy
  • GST Certificate
  • GST Return Last 1 Year
  • 3 Years Company ITR, COI, P&L A/C, Balance Sheet + Audit Report (3CB, 3CD), All Annexures, Schedules with CA Certified
  • Provisional Financial AY 2023-24
  • 3 Years All Partner Individuals ITR + Computation
  • Firm All Bank Account Statements – 1 Year Updated
  • All Partner Saving Account Statements – 6 Months
  • If Running Any Loan – Latest Sanction Letter + Track Records or Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain With Map

Private Limited (PVT LTD)

  • All Directors’ Photographs
  • Clear Pan Card – Company and All Directors
  • Address Proof – Company and Directors
  • List of Directors & Shareholders – CA Certified as on Date
  • Memorandum Order in Hand and Complete Copy (If Applicable)
  • GST, Sale, VAT, and SSI Registration Certificate
  • 1 Year GST Returns
  • All Directors’ Individual ITR & Computation – Last 3 Years
  • Last 3 Years Complete Financials with Tax Audit Report and Annexures
  • Provisional Financial FY Last Year or Month-Wise Sale Figure – Last 1 Year
  • Company Bank Account Statements – 1 Year Updated

FAQs

Got questions? Our FAQs have answers and a sprinkle of humor. Dive in and discover more!

1. How does a Home Improvement Loan work?

Once your submitted documents and profile meet the required eligibility criteria, your loan application is moved to the next step. The bank will then commence an evaluation procedure, after which your loan will be sanctioned and disbursed.

2. How much is the processing fee?

The processing charge for a home construction loan is between 0.5% and 2%, depending on the loan amount.

3. How Do I Get a Home Improvement Loan?

To begin, search, compare, and select your chosen lender. Next, contact their customer representatives by visiting their official website and raising an inquiry, or by visiting your nearest bank branch to request a loan application.

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