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    We found 46 Composite Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.6% - 8.95% Floating
    Up to 0.5% (min. ₹5900) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.75% Floating
    0.35% (max. 10,000) + applicable tax
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 9.25% Floating
    0.50% (min. ₹10,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.35% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.4% - 8.45% Floating
    10,000 + applicable tax One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.5% - 13% Floating
    2% One time fee
    25L - 3Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.65% Floating
    0.5%
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria

    Composite Loan is Rated as "Great!" by 22744 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    For some of us, investing in real estate is often realized not necessarily by means of buying a ready to move in house. Due to multiple reasons such as restriction in budget, we prefer buying a plot of land usually in an upcoming locality with a purpose of constructing a house at a later time. Such situations can be challenging from a loan point of view. Since most of us rely upon a home loan to fulfill the purchase, it can be tricky if there is a substantial time gap between owning a plot and construction of a structure. In such situations, getting a housing loan can be a “Big Deal”.

    Well, there is a loan to your rescue known as the Composite Loan which offers to fund both aspects of your housing dream. Though not as popular and easily accessible in India, this type of loan offers financing upfront for buying a plot of land followed by a loan in a phased manner for construction of the house.

    How Does Composite Loan Work?

    It works akin to a standard home loan where financing is provided for plot plus construction. Here, the loan amount is not disbursed at one go but instead handed out in batches as and when the need arises. The first installment is disbursed to avail the plot as per the quantum of financing agreed upon followed by rest of the installments which are disbursed during various phases of construction.

    The best time to avail this loan is just after you choose a piece of land after which you can immediately approach the bank for a Composite Loan. For practical reasons, you can discuss the specifics such as the requirement for the loan with the bank at the earliest. The bank should also be aware of the real time costs involved in construction of the house. Generally, the construction should begin within a year of availing the loan since the clause mandates that the building should be completed within 2 years from the start date.

    Some banks may also offer financing for construction and land purchase as two separate products which may lead to unwanted hassles of paying two different loans. Instead, ask them for availability of a composite loan where you pay just one EMI under a single window. To ensure smooth and timely disbursals, the bank will monitor the construction by means of obtaining certificates attested by an architect/engineer.

    Loan Quantum:

    The loan quantum is dependent on multiple factors such as the eligibility and creditworthiness of the applicant and also the limitations in terms of product itself. The location of the property and reputation of the project will also have a say. Generally, the funding varies anywhere between 70-85% of the project costs.

    Tax Benefits:

    For availing tax benefits under prevailing sections of the Income Tax Act, the construction of the house should be completed within 3 years from the time of availing the loan for plot purchase and construction. The loan taken for building a structure should be for self-occupation.

    General Note:

    • The loan repayment tenure varies anywhere between 1 to 20 years depending on the lender in question. The retirement age of the borrower is also considered with a cap of around 60-65 years before which the loan should be realized.
    • The plot + construction loan is only available for purchase of land within the municipal limits. The plot should not be an agricultural land.
    • The interest rates are linked to the MCLR (Marginal Cost Based Lending Rate) and is mapped to the interest rate slabs for housing loan.
    • The rate of interest varies on the basis of the loan amount and/or tenure availed.
    • Processing fee varies between 1-2% of the disbursed loan amount where the fee is deducted from the loan proceeds.
    • The repayment mode offered is either via ECS (Electronic Clearing Service) or via PDC (Post-dated Cheques).
    • Prepayments are allowed during the repayment tenure for up to a certain extent during a specific period.
    • Documentation is in the form of providing KYC (Know Your Customer) documents, income proof documents, bank statements and paperwork relating to the plot and construction plan.

    Now that you’ve understood the benefits of a plot + construction loan or Composite Loan, make sure to explore this option to ensure the financing is done under one roof. Before choosing a specific lender, understand the terms and rates and choose the most feasible offer. You can look up for resources on this website for home loan products offered by banks and HFCs in India under the Home Loan section.

    Also use tools such as the Home Loan EMI Calculator to get a first hand view of the financials involved in the loan. 

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  • Composite Loan Reviews

    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken the home loan from HDFC Ltd. The process went good without any challenges. Even the interest rate is good. I had received excellent customer service and response from HDFC Ltd for my home loan process. I got loan without any hassles.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has been really good in their services and process. I had taken my home loan from them and the documentation were very much normal. The disbursement of funds were done on time and the after loan services are also good. I got a good deal on the interest rate and charges.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 24, 2017
    • SBI Home Loan
      "Easy and quick process"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has offered me a home loan as well. The process to get the loan was not much. The documentation was simple and the disbursement happened on time too. The rate of interest and processing charges was also minimal for me. I had no hassles with the after loan services.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Finance on phone Just click and tensions free"
      0.5 4.5/5 "Excellent!"
      It's very easy to contact any bank for any reqirement and also the information about best schemes were also provided. It's also shown our eligiblity. I also got a credit card before 4 2month and now also applied for a home loan Thank all for your response and the Team of Bank Bazar Best Bank service provider of India.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I really appreciate bank bazaar.com, I am filling application online and we have don't face any issue we have completed form very normal and I see the result I am very glad to use the services of bankbazaar.com. Further, I would like to recommend my friend for this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Service"
      0.5 2.5/5 "Just OK"
      Good services, quick response. Hope my requirements will be completed very soon. I suggest everyone to please go through the bankbazar.com for your requirements. Your dreams also will be fullfilled. Thanks to bankbazar.com hip hip hoore!!!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Process is so easy and comfortable"
      0.5 4.0/5 "Great!"
      It was a smooth process to apply, rather visiting different bank the experience over here was wonderful.The address and ID proof works amazing also here is no other competitors for bank bazaar and also instant loan application process is amazing. Lets hope for the best service and the result were very much satisfactory.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Seemlesss application"
      0.5 3.5/5 "Pretty good"
      I have just managed to fill the application through bankbazaar.com in a span of a few minutes. The address and ID proof works amazing.. Form 16 submission was also pretty quick. Hope for the better service ahead as we move on with the other banking procedures.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Extraordinary assistance"
      0.5 5.0/5 "Blown Away!"
      I had an impressive conversation with Bank bazaar team and getting instant loan approval. Bankbazaar team is maintaining really a good and consistent workflow for getting the loan approved. I will recommend friends and family to get loans from Bank bazar.com if needed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2017
    • IDBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      IDBI is good, but interest rate is slightly high compared to government sector for the home loan. I had taken the amount of Rs. 15 lakhs for the tenure 20 years, IDBI charged 9.35% for the home loan, and they deducted around 1% as a processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly site"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good in service,which I post the online request for home loan, Bank Bazaar reach me on time and helped on the process. Whatever queries I had earlier it was rectified by Bank Bazaar executives, its a good site to compare and check the various interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have directly reached HDFC Ltd for the home loan, their executive are done a good job. Within three days of time, they have approved my housing loan. HDFC Ltd offered me the interest rate around 8.4 % for the principal of Rs.25 lakhs with the tenure of 20 years. I am very happy with HDFC ltd.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly"
      0.5 4.0/5 "Great!"
      Bank Bazaar is quite good, executive is also provided sufficient and satisfactory service. Bank Bazaar is quite good to compare offers in the market and also useful to analyze the best. The website is easy and user friendly I am very fine with that.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Response part should be improved"
      0.5 2.0/5 "Expected more"
      Hdfc Ltd response is not upto the mark, I have applied for the home loan, I submitted all my documents along with the processing fee of Rs.7800. Even I got sanction letter for the home loan. But still I am not sure about the application status, no one contacted me properly, I am the one calling them and getting the status.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Good Responsive Site"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar is good their representatives are very fast, they helped on the loan process. When I file a loan request, I got instant call, I am very much fine with them. But when I checked home interest rate for the plot it showed some interest rate, it would be great if Bank Bazaar provides exact interest rate and it should match with the rate offered by financial institutions/banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
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