Home Construction Loans
Are you planning to build your own home instead of buying a new house? The experience will surely be more wonderful and fun. However, this would require you to apply for a home construction loan which comes with its own set of procedures.
Unlock Your Dream Home with Finolon's Seamless Home Financing Solutions
Dreaming of building your perfect home? Look no further than Finolon's comprehensive home financing services. Our team of experts is dedicated to guiding you through the home construction loan process with unparalleled efficiency and support. Whether you're seeking a quick and smooth home finance experience or navigating the intricacies of home construction loans, Finolon has you covered. We understand the excitement and complexities that come with bringing your vision to life, and we're here to make it a stress-free journey.
Unlock the door to your dream home with Finolon's personalized approach. From understanding the required documents for a home construction loan to exploring the latest interest rates, our knowledgeable professionals will ensure you have the information and resources needed to make informed decisions. Embark on your home-building adventure with Finolon by your side. Together, we'll transform your dreams into a reality, one seamless step at a time.
Application Process
The application process for a home construction loan typically begins with the borrower submitting an application to a financial institution, such as a bank or a housing finance company. The lender evaluates the borrower's creditworthiness, income, construction plan, and the estimated cost of the project to determine the eligibility for the loan amount.
Loan Disbursement
Upon loan approval, the lender disburses the loan amount in installments or stages, known as 'construction draws,' as construction progresses. The borrower is required to provide periodic updates, including site inspections and progress reports, to facilitate the release of funds for each construction phase.
Interest Payments
During the construction phase, borrowers usually make interest-only payments on the disbursed loan amount, referred to as Pre-EMI. After the construction is completed, the loan shifts to a regular EMI repayment schedule that includes both principal and interest payments.
It's simple, speedy and supportive!
Our team will guide you through the process.
Home Loans Eligibility Criteria
At Finolon Housing Loan Process, we have relaxed eligibility criteria for Finolon Home Loans process. You can also check your eligibility using the home loan eligibility through us.
- A salaried employee of local and stable business entity. The employer’s company can be a sole proprietorship, partnership, private limited, limited company, trust, among other things.
- A self-employed person with informal income from a low, middle-income group, with a household earning as low as INR 10,000. This also applicable to combined income when there is a co-applicant.
- At the time of loan maturity, you should not be older than 70 years old.
Building a home is indeed a significant aspiration for many individuals and families in India. While buying an existing property is a popular choice for many, opting to construct a home from scratch presents unique benefits. One of the primary advantages is the ability to customize the design and layout according to personal preferences, needs, and lifestyle. This allows homeowners to create spaces that truly reflect their tastes and requirements, from architectural style to interior finishes. Additionally, constructing a home can be an opportunity to incorporate modern building materials and energy-efficient technologies, contributing to sustainability and potentially lowering long-term costs. This process also allows for careful selection of the location, enabling families to choose neighborhoods that align with their lifestyle and daily needs, such as proximity to schools, workplaces, and amenities. In contrast to buying an existing property, building a home can give one greater control over the construction timeline, quality of materials, and overall investment. With thoughtful planning and collaboration with architects and builders, individuals can turn their vision into reality, creating a personalized haven tailored to their specific needs.
