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Self-Construction Home Loan is a short-term loan used to finance the construction of a home.

Self Construction Home Loan

Self Construction Home Loan is generally opted when you wish to construct a residential house for personal use or investment purposes. You can get a loan of up to 100 % of the construction value, with a maximum of 90 % of market value using Home Construction Loans. Generally, this loan is a part of a Home Loan.

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Self Construction Home Loan-

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Occupation
Nature of Loan
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Following are the procedure steps:

1. Research and Planning:

Begin by researching various banks, financial institutions, and housing finance companies that offer self-construction home loans. Compare interest rates, loan terms, eligibility criteria, and other features to choose the most suitable option.

2. Check Eligibility:

Check the eligibility criteria set by the lending institutions. This usually includes factors such as age, income, employment stability, credit score, and property location.

3. Documentation:

Gather all the necessary documents required for the loan application. This may include:

  • Identity proof (such as Aadhar Card, Passport, PAN Card)
  • Address proof (such as Aadhar Card, Passport, Utility bills)
  • Income proof (salary slips, Income Tax Returns, bank statements)
  • Property documents (land ownership documents, construction permits, building plans)
  • Any other documents specified by the lender.

    • 4. Loan Application:

    Visit the chosen lender's branch or apply online through their website. Fill out the loan application form accurately and submit it along with the required documents.

5. Verification and Processing:

The lender will verify the documents and assess your eligibility for the loan. This may involve a site visit to evaluate the property and its feasibility for construction.

6. Loan Approval:

If your application meets the lender's criteria, they will approve the loan amount based on factors like your income, creditworthiness, and the estimated cost of construction.

7. Disbursement:

Once the loan is approved, the lender will disburse the loan amount in stages or installments as per the construction progress. This ensures that the funds are released in line with the completion of various stages of construction.

8. Construction:

Begin the construction of your home as per the approved building plans. Ensure compliance with local building regulations and obtain necessary clearances at each stage of construction.

9. Repayment:

Repay the loan in EMIs (Equated Monthly Installments) as per the repayment schedule provided by the lender. The EMI includes both the principal amount and the interest.

10. Completion and Handover:

Once the construction is complete, inform the lender for the final inspection. After satisfactory verification, the lender will update their records accordingly.

Why choose Livanity for Self-Construction Home Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Self-Construction Home Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Self-Construction Home Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Self Construction Home Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding Self Construction Home Loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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