Individuals generally get hold of loans, either for the purchase of the ready-to-move-in household or for reserving an under-construction property. But, people also can avail of mortgage loans to have their house constructed – either that they own by themselves, or by employing a contractor to construct the house – on a plot. Such loans can be known as ‘construction loans’. The entire process of approval and disbursement of a construction loan, is significantly diffent from compared to a housing loan that is regular.
Papers to be connected with application
Besides the regular ‘know your customer’ (KYC) and earnings papers, to avail of a mortgage for constructing a home on a block of land owned you will have to provide the prospective lender with all the relevant documents that establish your title and ownership of the plot of the land by you. The block of land may either be a plot that is freehold or it could be allotted by any development authority, like CIDCO, DDA, etc. You can even avail of that loan for a leasehold land, where in fact the rent is for a fairly any period of of time. You will also need to submit a no- encumbrance certificate pertaining to your property.
Besides the papers regarding the plot, you’ll have to submit the master plan and layout of this proposed household, cash store locations houston tx duly authorized by the neighborhood authority that is municipal gram panchayat. You’ll also need to submit an estimate of this price of construction, that has been certified by a civil engineer or an designer. 阅读更多