Often regarded as one of the most fulfilling things to accomplish, building your dream home from scratch is a delightful thought for us all. With your bought land beneath your feet, there’s nothing stopping you from seeing your dream project being complete, brick by brick. With a Home Construction Loan, you can pave the way to ensure your home gets constructed just the way you want it to. A home loan for self-construction can be easily availed, with flexible tenures and affordable EMI rates, you can truly build your dream home from the ground up.
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What is a Construction Loan?
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Features of a Construction Loan:
- A key feature of construction loans is that they are not disbursed in one go, like home loans or plot loans. The bank disburses the construction in tranches, depending upon the progress of work.
- A construction loan only covers the structural makeup of the property building. This means your loan will not cover the cost involved in improving the interiors of the property.
- Borrowers must also bear in mind that banks typically fund a certain percentage of the construction cost as construction loan. Private lender Axis bank, for example, offers 80% of the estimated construction amount as the loan.
- Just like home loans, borrowers can avail of tax deductions on payment of interest and principal on the construction loan, under Section 80C and Section 24. However, even if the loan is taken to build your first home, you will not be able to claim benefits under Section 80EE and Section 80 EEA, as these apply only in case of ‘acquisition of a residential property’. This means that you cannot claim deduction if you have bought a plot and plan to build your first home on it with the help of housing finance.
Personal Loan is an unsecured credit provided by financial institutions
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Why is it important to get a Construction Loan?
There’s a lot to consider when choosing a construction loan lender, and it’s easy to get overwhelmed. For that reason, it can be tempting to settle for the first lender you find. You shouldn’t make this decision in haste. Make sure you choose a lender that fits your unique needs. Before you can get the financing necessary to start your construction project, you’ll need to get approved for a loan. This process is typically more rigorous than for mortgages and other loans because the loan won’t be secured—or collateralized—by a home. In addition to imposing traditional borrower standards, lenders also will need to review and approve architectural plans, an estimated construction timeline and a proposed budget.
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