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Overview of Product

Self House Construction Loan 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
8.5% onwards
HDFC Bank
8.5% onwards
LIC Housing Finance
8.5% onwards
Kotak Mahindra Bank
8.5% onwards
ICICI Bank
8.5% onwards
Punjab National Bank
8.5% onwards
Bank of Baroda
8.5% onwards
IDFC First Bank
8.5% onwards
Axis Bank
8.5% onwards
Godrej Housing Finance
8.5% onwards
Canara Bank
8.5% 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.

Features and Benefits

Why Chose 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.

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.

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

What is a Self House Construction Loan?

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.

Can I get a home construction financing on a commercial property?

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.

What are the benefits of a Self House Construction Loan in Bangalore, India?
  • 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).
What is the average term for self-construction financing?

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.

Can I pay entire self-construction financing amount?

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.

What loan amount can I expect?

Lenders typically offer loans covering 70-90% of the estimated construction cost.

What is the repayment tenure for these loans?

Repayment tenures can extend up to 30 years, depending on the lender.

How does the loan disbursement work?

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.

How do I manage the construction project with a Self House Construction Loan in Bangalore, India?

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.

Contact information

Feel free to get in touch with us anytime – we’re here to assist you!

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