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Plot Purchase and House Construction Loan

An easy loan from a financial institution to purchase a plot to construct a home is one of the most popular ways to make your dream home a reality. However, it is recommended to check your construction loan eligibility with the help of this loan eligibility calculator and also check the EMI amount with this EMI calculator. These two calculators will tell you how much loan you can get under the house construction loan and how much will be your monthly EMI.

Moreover, you can apply through our Aavas Loan App to ensure faster processing of your home loan application.

Features of Aavas Home Construction Loan

  • We provide finance for self-construction of residential house.
  • The land may be free-hold or a plot allotted by Development Authority
  • Tranche-wise disbursement as per the stage of construction
  • Attractive interest rates
  • Tenure of up to
    • 30 years for salaried customers (from government/ PSU/ Private sector)
    • 25 years for other salaried customers
    • 20 years for self-employed customers.
  • We are a perfect partner for your preferred property, which may be:
    • Development Authority
    • Freehold
    • RERA Approved Flats
    • Nagar Palika
    • Gram Panchayat
  • Integrated branch network that facilitates loan servicing at a branch convenient to you.

To Get more details about the Documents Required for Salaried or Self employed person to take Land purchase and home construction loan Click Here

Some Interesting Facts on Construction Loan

  • Nearly 9 % applications of the total applications were for a construction loan.
  • In the last 30 days, the most active age group who were looking for a construction loan have an average of 41 years.
  • 25% of construction loan applicants were women, who wanted to construct their home.
  • Mumbai has witnessed a notable hike in the number of people looking for a Home construction loan.
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Loan Amount, i.e=1000000

Plot Purchase plus Home Construction Loan FAQs

Home construction Loan is meant only for construction or plot purchase + construction.

A plot plus construction loan is the amount borrowed to purchase a plot and build a house on the same plot. The loan amount is repaid in monthly installments.

The applicant must follow the following steps to apply for the land purchase and construction loan.

  • Fill up the application form
  • Submit the required documents such as land documents, age and residence proof and income details.
  • On successful submission of the application, deposit the processing fee
  • After loan approval, you will get the required home loan.

The construction loan borrowed from the institution can be used to purchase a land and construct on the same.

There is no tax benefits on the loan borrowed for land purchase. The tax benefit can only be availed when the borrower is going to construct a house on that particular land.

The minimum tenure for a loan for land purchase and home construction is 2 years and the maximum tenure is 15 years which can exceed up to 30 years in some cases.

There is no lower limit as to how long you have to keep the land before beginning the construction. However, it is important that you finish construction within 3 years of getting the land purchase and construction loan approved. You have to give a written undertaking to Aavas for the same.

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