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  • Home Construction Loans

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  • Banks/financial institutions offer affordable loans at attractive interest rates to assist you in constructing a house/residential property with simple documentation and flexible repayment schemes. 
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    Bank Interest rate Best for
    DHFL Starts at 9.75% p.a. Easy Mode of Repayment
    HDFC Bank Starts at 8.70% p.a. Long-term Requirements
    State Bank of India Starts at 8.60% p.a. Low Interest Rates
    PNB Housing Finance Ltd. Starts at 10.10% p.a. Non-Resident Indians (NRIs)
    Canara Bank Starts at 8.70% p.a. Low Processing Fees

    DHFL Home Construction Loan – Best for Easy Repayment Options

    Key Highlights
    • Suitable for those looking to construct a house on an already owned plot/property.
    • Flexible repayment schemes
    • Attractive rate of interest
    Interest rates Loan tenure EMI Processing fees
    Starts at 9.75% p.a. Up to 30 years Rs.859 per lakh Up to Rs.20,000 + document charges

    *Plus applicable taxes

    SBI Regular Home Loan – Best for Low Interest Rates

    Key Highlights
    • Interest rate concession for women applicants
    • Zero charges on prepayment
    • Extended loan repayment tenures
    Interest rates Loan tenure EMI Processing fees
    Starts at 8.60% p.a. Up to 30 years Rs.776 per lakh 0.35% of the loan amount (Min. Rs.2,000; Max. Rs.10,000)

    *Plus applicable taxes

    *Full waiver of processing fee until 31 May 2019

    HDFC Home Loan – Best for Long-term Requirements

    Key Highlights
    • Can be availed by individuals looking to construct a house on a residential plot/or a Development Authority allotted plot
    • Longer loan tenures
    • Competitive interest rates
    Interest rates Loan tenure EMI Processing fees
    Starts at 8.70% p.a. Up to 30 years Rs.783 per lakh For Salaried: Up to 0.50% of the loan amount or Rs.3,000 For Self-employed: Up to Rs.1.50% of the loan amount or Rs.4,500

    *(whichever is higher) + applicable taxes

    Canara Bank Home Loan – Best for Low Processing Fees

    Key Highlights
    Interest rates Loan tenure EMI Processing fees
    Starts at 8.70% p.a. Up to 30 years Rs.783 per lakh Up to 0.50% of the loan amount (Min. Rs.1,500; Max. Rs.10,000)

    *Plus applicable taxes

    PNB HFL NRI Home Loan – Best for NRIs

    Key Highlights
    • Extended loan tenures for a comfortable repayment period
    • Simple documentation and quick processing
    • Nominal processing fee
    Interest rates Loan tenure EMI Processing fees
    Starts at 10.10% p.a. Up to 15 years Rs.1,081 per lakh 2% of the loan amount

    *Plus applicable taxes

    Eligibility Criteria for Salaried

    Eligibility Criteria Requirement
    Age
    • Minimum Age: 18 years
    • Maximum Age: 65 years
    Resident Type The applicant must be (any one):
    • Resident Indian
    • Non-Resident Indian (NRI)
    Employment The applicant must be salaried and be working under the current employer for at least 1 year
    Residence The applicant must have (any one):
    • A permanent residence
    • Or a rented residence where he/she has resided for at least 1 year before applying for loan
    Credit score A good credit score of at least 700 or more obtained from a recognised credit bureau

    Eligibility Criteria for Self-Employed

    Eligibility Criteria Requirement
    Age
    • Minimum Age: 18 years
    • Maximum Age: 65 years
    Resident Type The applicant must be (any one):
    • Resident Indian
    • Non-Resident Indian (NRI)
    Employment The applicant must be (any one):
    • Self-Employed Professional (SEP)
    • Self-Employed Non-Professional (SENP)
    Residence The applicant must have (any one):
    • A permanent residence
    • Or a rented residence where the individual has resided for at least 12 months before applying for loan
    Credit score A good credit report with a score of at least 750 or more obtained from a recognised credit bureau

    Documents Required for Salaried

    Proof of Identity (any one)
    • Aadhaar Card
    • Valid Passport
    • Voter ID Card
    • Valid Driving License
    • PAN Card
    Proof of Residence (any one)
    • Valid Passport
    • Voter ID Card
    • Aadhar Card
    • Employer ID Card
    • Utility Bills
    Proof of Income
    • Income Tax Returns and latest Form 16
    • Salary account statements showing salary credits for the last 6 months
    • Salary slips or certificated for the last 3 months
    Property Related Documents
    • Encumbrance Certificate
    • Title Deeds of the Plot
    • Estimate for construction assessed by a Civil Engineer/ an Architect
    • Photocopy of the plan sanctioned by Local Authorities
    Other Documents
    • Own Contribution Proof
    • Appointment letter/employment contract If the current employment period is less than 12 months
    • Bank account statements indicating repayments made towards other ongoing loans if any
    • Processing fee cheque in favour of the lending institution
    • Duly filled loan application form affixed with passport size photographs of all the applicants/co-applicants.

    Documents Required for Self-Employed

    Proof of Identity (any one)
    • Voter ID Card
    • Valid Driving License
    • PAN Card
    • Valid Passport
    • Aadhaar Card
    Proof of Residence (any one)
    • Aadhar Card
    • Utility Bills
    • Valid Passport
    • Voter ID Card
    • Employer ID Card
    Proof of Income
    • Income Tax Returns coupled with the computation of income of both the applicant and the business entity (attested by a certified CA) for the last 3 assessment years
    • Balance Sheet and P & L account statements with Annexures/Schedules of both the business entity and the applicant (attest by a certified CA) the last 3 years
    • Savings account statements of the applicant and the current account statements of the business entity for the last 6 months
    Property Related Documents
    • Title Deeds of the Plot
    • Estimate for construction assessed by a Civil Engineer/ an Architect
    • Encumbrance Certificate
    • Photocopy of the plan sanctioned by Local Authorities
    Other Documents
    • Own Contribution Proof
    • Latest Form 26 AS
    • Business Profile
    • Memorandum and Articles of Association of the Company
    • Partnership deeds if the business entity is established as a partnership firm
    • List of Shareholders and Directors with their respective shareholdings if the business entity is established as a company (certified by a CA)
    • Bank account statements of both the individual and the business entity indicating details of ongoing loans if any
    • Processing fee cheque favouring the bank/financial institution
    • Duly filled application form affixed with passport size photographs of all the applicants/co-applicants and signed across.

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    Home Construction Loans Reviews

    • IIFL Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      From IIFL, i have taken the home loan and the process was not lengthy and the follow up was good. IIFL people approach was prompt and they offered me a low interest rate of 8.35% and the loan amount also they have increased what I'm looking for. Earlier they offered me only Rs. 15 lakhs after that they have sanctioned more than 16 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2019
    • HDFC Limited
      HDFC Limited Home Loan
      "Hassle Free Loan"
      0.5 5.0/5 "Blown Away!"
      HDFC is a hassle free and quick loan services. Everything was done through online so no paper work required. I had applied the loan amount of Rs. 30 lakhs. They have sanctioned the loan in 5 days. Its floating interest rates and there was no hidden charges. I have chosen the tenure period of 15 years. If the RBI is reducing the interest rate but they decreased the same after 1 year but increment is happening immediately.
      Was this review helpful? 1
      , thane
      Reviewed on Oct 17, 2019
    • LIC Housing Home Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      I got the good interest rate of 8.5% from the LIC housing with minimal documents. Overall process also very fast and good so i have chosen this bank. I had applied the loan amount of Rs. 17 lakhs and i have chosen the tenure period of 10 years. Totally, i'm satisfied with the loan service provided by LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2019
    • SBI Home Loan
      "It's okay"
      0.5 4.0/5 "Great!"
      I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Oct 17, 2019
    • Corporation Bank Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2019
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 15, 2019
    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 15, 2019
    • Punjab National Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have availed Home loan directly through Punjab National Bank .The rate of interest and the processing fee was very high ,I have got the loan amount on delay basis and i have applied for 26 lakhs for the tenure of 15 years.I have not faced any difficulties until i have received the loan .
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
      SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
      Was this review helpful? 1
      , agra
      Reviewed on Oct 11, 2019
    • Central Bank of India Home Loan
      "Highly recommendable bank"
      0.5 5.0/5 "Blown Away!"
      My home loan was purchased from Central bank of India. The branch offer was approved the loan immediately and they had a good behavior with the customer. I got the better clarity about the loan process as well as the rate of interest in central bank of India is less than compared to others so i have chosen this bank and the Branch Manager helped me in a better way.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Oct 05, 2019
    • DHFL Home Loan
      "Need to decrease interest charges"
      0.5 5.0/5 "Blown Away!"
      From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.
      Was this review helpful? 4
      , vijayawada
      Reviewed on Oct 05, 2019
    • ICICI Bank Home Loan
      "Average Loan service"
      0.5 3.0/5 "Satisfactory"
      ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 05, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.
      Was this review helpful? 1
      , goa
      Reviewed on Oct 04, 2019
    • review Home Loan
      "Need to decrease charges & improve customer service "
      0.5 1.0/5 "Really Bad"
      I have taken a home loan with SUNDARAM FINANCE on 10 years before which was processed through them directly. The amount which was given for 13 lakhs for the tenure period of 20 years. There was lot of issues I faced with them customer service is not good response. The rate of interest was high of 14% compare to other.
      Was this review helpful? 1
      , goa
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
      Was this review helpful? 5
      , vizianagaram
      Reviewed on Oct 04, 2019
    • Central Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken Home loan directly through Central Bank OF India ,I have got the loan on exact time ,The rate of interest and the processing fee was nominal ,I have got all the details about this loan very clearly through bank agent.The process was very easy and still this loan is active .
      Was this review helpful? 1
      , ramanathapuram
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
      Was this review helpful? 2
      , itanagar
      Reviewed on Oct 04, 2019
    • Central Bank of India Home Loan
      "Easily accessible bank"
      0.5 4.0/5 "Great!"
      I have just applied the home loan from Central bank of India. I had a reference over there hence i applied the home loan from Central Bank of India. Documentation process was hassle free. They have offered me a interest rate of 10.1% and the processing fee was 1% of the interest amount +18% GST charges. They have dispatched the loan 20 days. The staffs are so friendly
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 01, 2019
    • HDFC Limited Home Loan
      "Customer friendly loan service"
      0.5 4.5/5 "Excellent!"
      HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.
      Was this review helpful? 2
      , ambala
      Reviewed on Oct 01, 2019
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