Wisdom Finservative Pvt. Ltd. offer home construction loans for consumers looking to construct their residential home property on their existing plots. Lenders provide these loans to both existing home loan borrowers and new customers.

You can apply for the loan amount as per your requirement and repayment eligibility. As a rule, you are eligible for construction loans up to 90% of the value of the property.

With home construction loan, you can easily construct a house of your choice. A home loan for self-construction can be easily availed, and with flexible tenures and affordable EMI rates. One can apply for house construction loan in Jaipur online. There are several benefits which you can avail while applying for home construction loans in Jaipur. These are attractive interest rates and generous tax benefits among others.

Interest Rates

Lenders usually provide home construction loans at floating interest rates. The housing construction loan interest rates offered to loan applicants depend on factors like their credit score, monthly income, occupation profile, employer’s profile and loan amount.

Eligibility Criteria for availing Housing Construction Loan

The eligibility criteria for availing home construction loans is more or less similar to the eligibility criteria set for regular home loans. Some of the main eligibility conditions required for loan applicants are as follows:

• Lenders usually offer housing construction loans to both Resident and Non-Resident Indians (NRIs).
• The applicant's minimum age should be 21 years. Also, the maximum age of applicant at loan maturity will have to be 60 years if you are in the category of salaried class, and 70 years for those who are self-employed.
• Both salaried and self-employed individuals can apply for a home building loan.
• Borrowers of home building loans can add earning family members as co-borrower(s) or opt for a longer loan tenure to improve their eligibility for home construction loans.
• Loan applicants having credit scores of 750 and above have higher chances of availing housing construction loans.

Documents Required for Home Construction Loan

The documentation process for home construction loans is largely similar to the documentation required for regular home loans. The main documents required to apply for a housing construction loan are as follows:

• Identity proof
• Address proof
• Age proof
• Income proof
• Proof of employment/business
• Property related documents
• Estimated cost quotation for home construction