गृहनिर्माण कर्ज / होम कंस्ट्रक्शन लोन

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.