{"id":3037,"date":"2022-02-12T11:03:28","date_gmt":"2022-02-12T11:03:28","guid":{"rendered":"https:\/\/mittalbuilders.com\/?p=3037"},"modified":"2022-03-02T07:40:03","modified_gmt":"2022-03-02T07:40:03","slug":"construction-loan-for-homes-eligibility-and-documents","status":"publish","type":"post","link":"https:\/\/mittalbuilders.com\/news-media\/construction-loan-for-homes-eligibility-and-documents\/","title":{"rendered":"Construction loan for homes \u2013 eligibility and documents"},"content":{"rendered":"<p>A home construction loan is a loan for people who own a piece of land in their name and need financial aid to construct a <strong><a href=\"https:\/\/mittalbuilders.com\/sun-city-ambegaon\/\">home<\/a><\/strong> over that particular <strong><a href=\"https:\/\/mittalbuilders.com\/residential-projects\/\">property<\/a>.<\/strong> A home construction loan allows one to smoothly manage all of the expenses involved in the construction process. This loan has a repayment duration of up to 30 years.<br \/>\n<strong>Types of home construction loans:<\/strong><br \/>\n<strong>\u2981 One-time closure loan<\/strong><br \/>\nThis is one single loan that takes care of the construction part. The loan pledge in this case is a mortgage on the future completed building.<br \/>\n<strong>\u2981 Two-time closure loan<\/strong><br \/>\nThis includes two separate loans where you get a bit of a higher rate for the construction. As soon as the construction process is complete, the loan is then refinanced for a mortgage that is long-term, for the completed house.<br \/>\nOnce the eligibility criteria for taking a <strong><a href=\"https:\/\/mittalbuilders.com\/important-points-to-keep-in-mind-for-nri-home-loans\/\">home loan<\/a><\/strong> are met, you can pay the loan amount either in installments or as a lumpsum amount.<\/p>\n<p><strong>Here are the eligibility criteria for a construction home loan:<\/strong><br \/>\n\u2981 Age \u2013 21 to 70 years<br \/>\n\u2981 Work Nature \u2013 Salaried individuals\/ self-employed<br \/>\n\u2981 CIBIL score \u2013 750 or higher<br \/>\n\u2981 Nationality \u2013 Indian<br \/>\n\u2981 Income \u2013 A minimum income of INR 25,000<br \/>\nIf the individual meets the eligibility criteria as listed, here are the documents that will are mandatory for the construction home loan to be processed:<br \/>\n\u2981 Identity Proof:<br \/>\n\u2981 Aadhar Card<br \/>\n\u2981 PAN Card<br \/>\n\u2981 Passport<br \/>\n\u2981 Voter\u2019s Card<br \/>\n\u2981 Driving License<\/p>\n<p>\u2981 Address Proof:<br \/>\n\u2981 Bank statements<br \/>\n\u2981 Passport<br \/>\n\u2981 Voter\u2019s Card<br \/>\n\u2981 Utility Bills<br \/>\n\u2981 Aadhar Card<br \/>\n\u2981 Property Tax Receipt<\/p>\n<p>\u2981 Income Proof:<br \/>\n\u2981 Income Tax Returns<br \/>\n\u2981 Salary slips for the latest 3 months + salary account statements + appointment letter (for salaried persons)<br \/>\n\u2981 IT Returns<br \/>\n\u2981 Salary account statements for the latest 6 months<br \/>\n\u2981 Business commencement registration certificate<br \/>\n\u2981 Latest 3-year P&amp;L projection statement<\/p>\n<p>\u2981 Property related documents:<br \/>\n\u2981 Title deeds<br \/>\n\u2981 Estimated construction cost<\/p>\n<p><strong>Some additional documents that a lender may ask for:<\/strong><br \/>\n\u2981 License certificate of the builder<br \/>\n\u2981 Detailed house plan<br \/>\n\u2981 Value appraisal by a qualified 3rd party appraiser<br \/>\n\u2981 Ownership document of the piece of land<br \/>\n\u2981 Building permission from the concerned authorities<\/p>\n<p>To make the home loan process seamless and fool-proof, conduct a thorough background check on available lenders to ensure reliability, transparency, and a smooth process from start to end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A home construction loan is a loan for people who own a piece of land in their name and need financial aid to construct a home over that particular property. A home construction loan allows one to smoothly manage all of the expenses involved in the construction process. This loan has a repayment duration of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/mittalbuilders.com\/news-media\/construction-loan-for-homes-eligibility-and-documents\/\" class=\"more-link\">Read More <span class=\"screen-reader-text\"> &#8220;Construction loan for homes \u2013 eligibility and documents&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[194,195,37,196],"class_list":["post-3037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-home","tag-home-construction","tag-home-loan","tag-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Construction loan for homes \u2013 eligibility and 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