- KYC Documents
- Income Documents
- Property Documents
Home Construction Loan
• Faster loan disbursement
• Longer loan tenure
Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
What you mean by home construction loan Eligibility Criteria?
This facility is specially designed to those borrowers who need fund to construct home at convenient interest rates, even there are several benefits included like low processing fee, maximum loan amount, flexible tenure & easy to apply. You are only required to ensure that you meet mandatory criteria.
Home construction loan Eligibility Criteria
Eligibility Criteria depends on several factors like repayment history, business sales/turnover& Creditworthiness …etc.
- • Applicant age should be in-between 18 – 60 years of age
- • Applicant can be salaried or self-employed
- • Minimum 3 years of work experience & current 1 year in one organization
- • Applicant must have credit score above 750
- • Resident of Indian
Note: – You can get up to 90% of property value as a maximum loan amount.
What are the factors generally affecting home construction loan Eligibility Criteria?
There are top factors that generally affects eligibility criteria as given below: –
Low credit score: – Credit score plays a critical role in determining your past financial creditworthiness, credit score ranging below 650 known as low which means you were unable to pay bill or EMI on time & this type of financial behavior not acceptable by lenders.
Lack of work experience: – Lender will look forward to checking your work experience as to measure the stability to pay monthly EMI & payback principal amount, due to lack of work experience your chances of getting loan become lower.
What are the ways to increase home construction loan eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level: –
Clear existing debts: – If you are paying EMI for existing loan & planning to avail new loan, then make sure you clear existing debts as it will rebalance your financial stability & increase your eligibility as well.
Show additional income: –Apart from your fixed monthly salary or business income, additionally you can add up other sources of income like rental income, part- time income, interest generating through fixed deposit & other incentives, consider these point it will boost your eligibility.
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTH
- PAN CARD CLEAR COPY PROPRIETOR
- ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
- OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
- FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
- IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS WITH CHAIN SANCTION MAP
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions
Once your submitted documents & profile match the required eligibility criteria your loan application is processed to further level, after that bank will initiate a evaluation process upon the evaluation your loan get sanctioned & shortly disbursement will take place.
- For Home Construction Loan below mentioned bank provide loan at low Interest Rates-
- State Bank of India
- Bank of Baroda
- Canara Bank
The processing fee for Home Construction Loan vary from 0.5% – 2% depending on loan amount.
Home Construction Loan Interest Rates 6.95% onwards which are much affordable as compared to other loans.
Firstly, search, compare & choose your preferred lender thereafter contact their customer representatives via visiting their official website & raise a enquiry or visit your nearest bank branch to request for loan application.
Several banks are offering online application which help you to save time even additional tax benefits are offered.
Home Construction Loan eligibility enables you to do easy calculations by entering required loan amount, Interest Rate & tenure period . It provide a scheduled chart of each month EMI to be paid & help to build stronger financial planning.
Yes, it’s one of the best way to make your dream come true, get loan at attractive rates with flexible tenure facility.
The process of getting a construction loan is easy, just visit your chosen bank official site & fill the enquiry form shortly their customer representative will contact you to explain further details of products & services.