If you want to build your own home rather than buying a new house, the experience will be amazing and fun. Moreover, this would requisite you to apply for a home construction loan which involves its own set of procedures.
Here are some detailed information that elaborates about the home construction loan and the process to avail it.
Features of Home Construction Loan
- Affordable rate of interest
- Available for non-income proof customers
- Flexible Home Loan scheme
- Easy and minimal documentation
- No hidden or other charges
- Choice of tenure
- Free and safe document storage
- Easily available in rural India
Process to avail home Contruction loan
Step 1: - Visit the official website of the preferred bank and check your eligibility.
Step 2: - With the help of using the EMI calculator, you can calculate your monthly EMI.
Step 3: - You need to download an application form.
Step 4: - Enter all the required information and select the needed loan amount and repayment tenure.
Step 5: - After filling in the application form, click on the ‘submit’ button.
Step 6: - Bank representative will analyse your application to cross examine whether your profile meets the basic criteria. If your profile fulfils the requirements, you will be contacted shortly to process further formalities