How to get a Plot Loan

I plan to buy a plot and wish to construct my own house. What are the formalities required to get my home loan approved?

You will need to submit an estimate of the total cost of construction, certified by a registered architect. The cost of the plot to you or the current market value, whichever is lower, will also be taken into account to work out the total cost of the project. The bank will decide the home loan amount based on this total cost. The loan will be released in parts, based on the progress of the construction, and after you have brought in your full margin. The bank may insist on sending its own technical personnel to assess the progress of construction or may rely on certificates/photographs submitted by you. Some banks are not comfortable funding self-constructed properties and hence, you will need to take that into account while finalising your lender.

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Home Loan in Mumbai SBI Home Loan Home Loan Interest Rates
Home Loan in Bangalore HDFC Home Loan Compare Home Loan
Home Loan in Hyderabad ICICI Bank Home Loan Home Loan Eligibility
Home Loan in Delhi Bank of Baroda Home Loan Home Loan Process
DHFL Home Loan Home Loan EMI
Axis Bank Home Loan Home Loan Top Up
IndiaBulls Home Loan
LIC HF Home Loan
IDBI Bank Home Loan

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