A home construction loan is different from a Home Loan. Borrowers avail of Home Loans to either buy a ready-to-move-in property or an under-construction one. Home construction loans, on the other hand, are availed of by those borrowers who wish to build their own homes. In the case of a Home Loan, the lender generally disburses the entire amount in one go. However, in the case of home construction loans, the lender releases the amount in phases. Further, availing of a home construction loan requires one to submit a construction plan along with completion timelines and budget. This article aims to apprise readers about home construction loans, the procedure involved, the home construction loan interest rates and the factors to consider while applying for one.
Also Read: 6 Point Differentiation Between Home Loan Vs Home Construction Loan
7 Things to Consider While Applying for a Home Construction Loan
The Money Will Come in Phases
As mentioned before, when it comes to home construction loans, the lender does not sanction the entire loan amount in one go. Instead, the money is released in bits and chunks based on the construction phase you have completed. The good part about this arrangement is that one does not have to deal with a large sum at any given time – money comes when you need it and therefore, borrowers feel compelled to spend it cautiously.
You Cannot Change Your Construction Loan
To be able to avail of a home construction loan, you will be required to submit a detailed construction plan along with completion timelines and the budget required. Your lender will sanction you a loan based on this plan and once the loan has been finalized, you won't be able to change the construction plan.
Therefore, before applying for a home construction loan, borrowers must sit with a designer and come up with a final plan after proper deliberation and planning.
You Won't Get a Long Tenor to Repay the Loan
Lenders give borrowers the flexibility to opt for long tenors stretching up to sometimes 40 years in the case of Home Loans. However, in the case of home construction loans, borrowers generally get a short tenor to repay the loan. In any case, you can use a home construction loan EMI calculator to understand your EMI obligation with respect to the loan amount you have availed of. This will help you plan repayment in a better way.
You Can Avail of Tax Benefits on a Home Construction Loan
Here's another good news – under the Income Tax Act, one can avail of tax benefits on home construction loans. Under Section 80C of the Income Tax Act, one can claim tax deductions up to a maximum of Rs.2 Lakh* on payments made towards interest repayment and under section 24B of the same act, one can claim tax deductions up to a maximum of Rs.1.5 Lakh on payments made towards interest repayment. Over and above this, first-time home buyers can also claim an additional deduction of up to Rs.50,000 under section 80 EE of the Act.
Home Construction Loan Balance Transfer
Most borrowers do not know this – just like lenders offer a balance transfer facility on Home Loans, they also offer a balance transfer facility for home construction loans. If you think your current lender is charging you a very high-interest rate and another lender is willing to offer you a better deal, you can transfer your home construction loan to the new lender. Please know that this would require you to pay a balance transfer processing fee, which is usually 1% of the total loan amount. Therefore, one should opt for a home construction loan transfer only when the difference in interest rate is big enough to compensate for the high home construction loan balance transfer fee.
Eligibility and Documentation Requirements
Just as in the case of Home Loans, home construction loans are also sanctioned only when a borrower meets a lender's eligibility requirements. Most lenders require borrowers to have a stable job as well as a stable source of income to be eligible for a home construction loan. Age requirements vary between 21 and 65**. Further, borrowers must have an excellent score.
Apart, to ensure a smooth home construction loan application process, keep all the required documents handy with you. You will need mandatory documents (PAN card or Form 60), KYC documents, income documents, a detailed construction plan along with budget and timelines, etc. Go to your lender's website and check their home construction loan eligibility and documents required before applying to ensure a smooth loan application process.
Higher Interest Rate
Here is the most important thing to keep in mind – home construction loans draw higher interest rates than Housing Loans. Though these loans are not very expensive, they are also not as affordable as Home Loans. As of now, home construction loan interest rates vary between 8% and 15%*. The final interest rate that you will be offered will depend on several factors, including your credit score, age, income stability, etc.
How to Apply for Home Construction Loan?
Follow these steps to apply for a home construction loan:
- Go to the website of the lender from whom you wish to avail of the home construction loan.
- Open the Home Loan construction application form on their website.
- Fill the form with personal and professional details, such as your name, age, gender, area pin code, monthly income, etc.
- Fill out the form and someone from your lender's team will connect with you and explain the remaining steps of the process.
A home construction loan is an easy way to get access to ample funds to build your own home. Home construction loan interest rates are affordable and therefore, paying off these loans is easy.
Also Read: Home Loan vs Construction Loans
**The age eligibility criteria may vary.
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?