Home Construction Loan

Below is the table for home construction loan interest rates as well as processing fees for all leading banks:

Following are some of the best banks for house building loan in India:

SBI Regular Home Loan

• SBI construction loan interest rates starts at 8.50% - 10.05% p.a.
• Tenure up to 30 years.
• Concession in interest rate for women applicants.
• Zero prepayment charges.
• Processing fee is 0.35% of the loan amount, subject to a minimum of Rs. 2,000 and maximum of Rs. 10,000.

HDFC Home Construction Loan

• The loan can be availed for constructing a house on a residential plot/Development Authority allotted plot.
• Long loan tenures up to 30 years.
• Competitive interest rates starting from 8.75% - 9.65% p.a.
• Processing fee is up to 0.50% of the loan amount for salaried and up to Rs. 1.50% of the loan amount for self-employed.

PNB Home Construction Loan

• Extended loan tenure of up to 15 years.
• Simple documentation & instant processing.
• Nominal processing fee of 2% of the loan amount.
• Interest rates start at 8.50% p.a.

DHFL Home Construction Loan

• Low interest rate starting at {{DHFL_BANK_HL_INTEREST_RATE}} p.a.
• Tenure up to 30 years.
• Processing fee is Up to Rs. 20,000.

Canara Bank Home Construction Loan

• The loan is available for salaried as well as self-employed borrowers
• Zero prepayment charges.
• Affordable interest rate starting from 8.40% to 11.75%% p.a.
• Tenure of up to 30 years.
• Processing fee is up to 0.50% of the loan amount.

Bank of Baroda Home Construction Loan

• Top-up loans up to 5 times available during the loan tenure.
• Loan up to 90% of property value.
• Interest rates start from 8.40% - 10.60% p.a.
• Loan tenure available up to 30 years.
• Processing fees of up to 0.50% of the loan amount is levied by the bank.

Aditya Birla Housing Finance Home Construction Loan

• Loan up to 90% of property value available.
• Interest rates for the loan start from 8.80% to 14.75% p.a
• Loan tenure of up to 30 years is available based on eligibility.
• A processing fee of up to 1% of the loan amount is charged.

Federal Bank Home Construction Loan

• LTV of up to 85% of the property cost available.
• Loan amount of up to Rs.1,500 Lakhs available.
• Low interest rate starting from 8.80% p.a.
• Up to 30 years of tenure available.
• Processing fees of up to 0.50% of the loan amount is charged.

Additional Info: Also Check Best Banks for Home Loan in India in 2024

Below are the detailed home construction loan eligibility criteria for salaried and self-employed applicants:

Eligibility for Salaried Applicants

• Age: The applicant should be at least 21 years old when applying for the loan and bellow 65 years of age when the loan matures.
• Residential status: The applicant can be Indian resident or Non-Resident Indian.
• Employment type: The applicant should be a salaried employee working with the current employer for at least last 1 year.
• Residence: The applicant must have a permanent or a rented residence where they have resided for at least last 1 year before applying for the loan.
• Credit score: The applicant must have a good Credit Score of 750 or more as per the recognised credit bureau.

Eligibility for Self-employed Applicants

• Age: The applicant should be at least 21 years old when applying for the loan and bellow 70 years of age when the loan matures.
• Residential status: The applicant can be Indian resident or Non-Resident Indian.
• Employment type: The applicant must be either a self-employed professional (SEP) or a self-smployed non-professional (SENP).
• Residence: The applicant must have a permanent or a rented residence where they have resided for at least last 1 year before applying for the loan.
• Credit score: The applicant must have a good credit score of 750 or more as per the recognised Credit Bureau.

You can also Apply for Kotak Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

Following are the documents required for home construction loan application:

Additional Info: Looking for Plot Loan

• Duly filled in and signed loan application form
• Identity proof (any one of the following):
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • PAN Card
• Address proof (any one of the following):
  • Passport
  • Aadhar Card/Voter ID Card
  • Employer ID Card
  • Utility Bills
• Income proof:
  • Income Tax Returns & latest Form 16
  • Salary account statements with salary credits for the last 6 months.
  • Salary slips/ salary certificate for the last 3 months.
• Property-related documents:
  • Title Deeds of the Plot
  • Encumbrance Certificate
  • Estimate for the construction assessed by a Civil Engineer or an Architect
  • Copy of the approved plan sanctioned by Local Authorities
  • Estimated construction cost quotation

*This above-mentioned documentation list may vary based on the applicant’s profile and the lender’s requirement.

Also Check Pan Number for Home Loan of All the banks Online through MyMoneyMantra

You can apply for a home construction loan online through mymoneymantra.com by simply following the steps given below:

• Go to our website and click on the Home Loan tab.
• Enter the required details to fill up the form.
• Enter your personal details.
• Enter your loan-related details.
• Mention construction under the loan purpose. 
• Loan offers will be displayed on your screen as the information provide by you.
• Select the preferred option and apply online. 
• Our home loan experts will contact you to complete the process.

You can now check 35 Lakh Home Loan EMI Apply Online.