Self House Construction Loan Provider in Bangalore, India
Begin Building Now – Your Dream, Your Home!
Overview of Product
Self House Construction Loan Consultant in Bangalore, india
Thinking of building your dream home from the ground up? Self-construction loans, a type of home construction loan, can help you finance this exciting project. Unlike traditional home loans for pre-built houses, self-construction loans provide funding specifically for the construction process.
Grab Capital acts as your facilitator, connecting you with various lenders offering self-construction loans in bangalore, india. This allows you to compare rates and terms to find the perfect fit for your needs. With a self-construction loan, you can finance the materials, labor, and other expenses involved in bringing your vision to life.
Benefits of Self House Construction Loan in Bangalore, india
Finance the entire project: Cover construction costs, potentially up to 90% of the appraised value.
More control: Make design choices and manage the building process yourself.
Variety of lenders: Grab Capital helps you find a competitive loan option.
Start building your dream home today! Explore self-construction loans with Grab Capital.
Self House Construction Loan Interest Rate in Bangalore, India
| Name of Lender | Interest Rate | |
|---|---|---|
|
SBI
|
8.75% onwards |
|
|
HDFC Bank |
8.75% onwards |
|
|
LIC Housing Finance |
8.75% onwards |
|
|
Kotak Mahindra Bank |
8.75% onwards |
|
|
ICICI Bank |
8.75% onwards |
|
|
Punjab National Bank |
8.75% onwards |
|
|
Bank of Baroda |
8.75% onwards |
|
|
IDFC First Bank |
8.75% onwards |
|
|
Axis Bank |
8.75% onwards |
|
|
Godrej Housing Finance |
8.75% onwards |
|
|
Canara Bank |
8.75% onwards |
Loan-To-Value Ratio
It’s a percentage that shows how much of the estimated value of your future home the bank is willing to lend you.
There are limits set by the RBI (Reserve Bank of India) on how high this percentage can go.
Here’s a breakdown of how much you can borrow based on the estimated cost of construction:
Loan amount under Rs. 30 Lakhs: You can borrow up to 90% of the estimated cost.
Loan amount between Rs. 30 Lakhs to Rs. 75 Lakhs: You can borrow up to 80% of the estimated cost.
Loan amount above Rs. 75 Lakhs: You can borrow up to 75% of the estimated cost.
Important things to remember:
The final LTV ratio you get might be lower than these limits. The bank will consider your credit score, income, and ability to repay the loan before deciding the exact amount.
Sometimes, putting more money upfront (increasing your down payment) can get you a lower interest rate on the loan.
Why Choose Grab Capital ?
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Self House Construction Loan EMI Calculator
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Eligibility Criteria for Self House Construction Loan in Bangalore, India
Our Self Construction eligibility criteria at Grab Capital are thoughtfully crafted to simplify the financing application process, ensuring a hassle-free experience for you.
- You should be aged between 24 to 65 years
- You should be owner of the property on which you want to construct a home
- You should be Indian Citizen
- You should be Salaried or Self Employed
Documents required for Self House Construction Loan in Bangalore, India
At Grab Capital, we prioritize your convenience. Our Self-construction application process is streamlined, requiring minimal documentation.
- Identity proof
- Address proof
- Age proof
- Income proof
- Proof of employment / business
- Property related documents
- Estimated cost quotation for home construction
- Duly filled application form
Note: Please be aware that the list of eligibility and documents mentioned above for the fund is not exhaustive. Additional documentation may be necessary as part of the application and processing requirements.
Ready to Secure Your Funds?
Your Eligibility Is Confirmed, It’s Time to Apply for the Funds You Need to Achieve Your Financial Goals!
FAQ's
Frequently Asked Questions
A Self House Construction Loan is a type of financing that helps you build your own home on a plot of land you already own or are planning to purchase. Unlike a regular home loan for a pre-built house, this loan disburses funds based on construction milestones.
A home construction financing is specifically intended for building residential properties and cannot be used for purchasing or constructing commercial properties. However, it can be utilized for constructing residential properties, even for investment purposes.
- Build your dream home with the design and features you desire.
- Potentially borrow a higher amount compared to a traditional home loan (up to 90% of the property value in some cases).
- Possible tax benefits (depending on your location, check with a tax advisor).
We provide our customers with flexible options for self-construction financing tenures, which span from 3 to 20 years. It’s important to note that longer tenures result in smaller EMIs, enhancing the affordability and ease of financing repayment.
Certainly, you have the option to make a full prepayment on the financing taken for property construction. Please contact our customer care team to learn more about the process.
Lenders typically offer loans covering 70-90% of the estimated construction cost.
Repayment tenures can extend up to 30 years, depending on the lender.
Funds are typically disbursed in stages based on the completion of pre-defined construction milestones. This ensures the funds are used for the intended purpose and protects the lender.
The loan process might involve the lender appointing a valuer to monitor progress and verify completion of milestones before disbursing the next tranche of funds.