Home Construction Loan

ABM Financial Services offers Home Loans for the purpose of self-construction of a residential house property. This is for customers who already have land owned by them and need funds for construction of the residential house property on the land.

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Features of Home Construction Loan

All loans are not created equal, home loan has become a great option for people to use.

Loan Term

The maximum term of your home loan can be up to 30 years and it cannot extend beyond your retirement age or 60 years (whichever is earlier).

Loan Amount

You can get a home construction loan up to 90% of the cost of a property market value.

Interest Rate & charges

Up to and including Rs. 30 lacs 90% of the property cost, Rs.30.01 lacs to Rs. 75 lacs 80% of the property cost, Above Rs. 75 lacs 75% of the property cost.

Home Construction Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies is eligible for a Home Construction Loan.

Age

Age: (Min-Max) 24 – 60 years

Co-applicant

Co-applicant: Not mandatory – but should be family members

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant.A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner.Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Market value is the fair value of the property that you propose to mortgage with us as security against the home loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.

An under construction property is one which is in the process of being built up. When you book a property in such ‘under construction’ property, you will gain possession at a future date.

Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Your home loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • PAN card (Mandatory, if income is considered for loan eligibility calculation)
  • Valid Passport
  • Voter ID card
  • Driving license
  • Aadhar Card
  • Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
  • Ration card
  • Letter from employer
  • Bank statement /copy of Pass book reflecting address
  • Valid Rent Agreement
  • Sale Deed
  • LAST 3 MONTHS SALARY SLIPS
  • 2 YEARS FORM 16.
  • 6 MONTHS BANK STATEMENT WITH SALARY CREDIT
  • LAST 2 YEARS ITR WITH COMPUTATION
  • CA AUDITED FINANCIALS WHERE EVER APPLICABLE
  • 6 MONTHS PRIMARY BANK STATEMENT

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