Home Loan Builder Project
Building a home for many is a long term goal and it took almost years of hard work and efforts to fulfill this dream. In such instances construction loan or home loan to building project has become a specialized product. It is accumulated with various factors like longer repayment, lower interest rates, higher loan amount. These are the hallmark features of construction loan. Talking about who can take advantage of this home loan building project – then it is applicable for individual consumer looking to build a home and for builders looking for construction project for sale. Let’s find out find out some of the home loan building projects offered by financial institutes:-
Bajaj Finserv Home Construction Loan:
- This loan give borrower a freedom to build a building on empty plot and based on construction level borrower can request for loan. This will get disbursed accordingly.
- In such case the interest is charged only on the money utilized and not on the entire credit amount.
- There are other highlighted features like disbursal within 72 working hours, instant approval and low IR
- The processing fee of availed loan is 0.9% and is levies a plenty of Rs. 1,000 for every EMI bounce
HDFC Construction Loan
- This loan is applicable for both individual consumers as well as for builders.
- Based on loan type, repayment tenure varies. For loan availed under telescopic option, maximum tenure can go up to 30 years.
- On the basis on loan amount availed, maximum funding of project varies
- There are two main stream segments under HDFC construction loan. One is an adjustable rates loan where the loan rates linked to HDFC retail prime lending rate. Other variant is a trufixed home loan rates. Here for initial 2 3 years rates will be fixed and then will automatically convert into adjustable rates for the remaining tenure.
- These home loan building projects comes in variety of repayment options also.
- The processing fee of construction loan is 1.25% and a minimum fee of Rs. 3,000
Aditya Birla Finance Construction Loan:
- The loan is tailored especially for real estate builders and developers. It offers builders a good finance cost to meet project costing against the return from the project sale. It offers loan with maximum tenure of up to 60 years.
- The loans require collateral. Collateral can be provided in the form of hypothecation of the project receivables or through the mortgage of the property.
- Loan amounts can go up to Rs 100 crore. However, the amount offered at that time of availing loan will depend on construction cost. It is applicable for salaried, solo proprietorship, partnership, self employed etc.
Eligibility of loan will depend on borrower. Itr can be availed for residential as well as commercial construction. For residential properties loan cover 30% of the cost whereas for commercial construction it will be 65% of the project.