A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 45 Home Construction Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 8.7% Floating
    Up to 0.5% (min. ₹5750) 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) + S.T.
    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% (min. ₹11,500) 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. ₹11,500) 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
    8.70% - 9.25% Floating
    0.50% (min. ₹10,000) + S.T.
    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
    8.5% - 8.55% Floating
    10,000 + S.T. 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
    12.5% - 17% Fixed/Floating
    2% One time fee
    2L - 1Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + S.T. 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
    8.65% - 8.85% 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

    Home Construction Loans is Rated as "Great!" by 22605 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Building a house, especially your own home, is a very special experience. Right from planning its architecture to laying the first foundation and designing its interiors, the joy, satisfaction and fun is inexplicable. The flipside being that it can be a very long drawn, tedious and expensive process. The more practical aspects of constructing a house involves a lot of responsibility, thorough research and in-depth planning. For most of us, paying home construction expenses up front can be a mammoth task, or absolutely impossible. Getting a mortgage might not be the most ideal thing to do, and can also be very tricky. In this scenario, the best thing to opt for is a construction loan.

    A construction loan is offered by most leading banks for the purpose of construction of a house/residential property. With this loan you can get the financial assistance to construct your dream home on a plot owned by you. Banks insist that the land on which the house is being constructed must be owned by you.

    Home Construction Loan

    Eligibility:

    The standard eligibility criteria for availing a home construction loan are as follows–

    • You can apply for a home construction loan either individually or jointly. All the proposed owners of the property have to be co-applicants.
    • All the co-applicants need not be co-owners of the property.
    • Both salaried and self-employed individuals are eligible for this loan.
    • Not only citizens of India residing in the country are eligible, but some banks also offer home construction loans to NRIs. The documents required for the latter may vary from that of the former.

    Usually, most banks also have eligibility criteria based on the following factors -

    • Age
    • Educational Qualifications
    • Number of dependants
    • Stability and volume of income
    • Repayment capacity
    • Income of co-applicant
    • Volume of assets and liabilities

    Documentation:

    The standard documents required for Home Construction Loan have been listed below. Please note, that some additional documents required may differ from one bank to another.

    • Proof of identity. This needs to be government issued identity proof like PAN card, Aadhar card, valid passport, Voter ID card
    • Proof of income – latest form 16 and IT returns, salary slip of last 3 months, bank statement of last 6 months
    • Proof of residence - Rental agreement, electricity bill, PAN card, passport.

    Interest Rates:

    Leading banks offer home construction loan at affordable and competitive rates of interest. Usually, the Interest rate applicable is based on the respective bank’s Retail Prime Lending Rate (RPLR). This fluctuates from time to time and is primarily dependent on the money market conditions.

    The standard tenure of this type of loan usually ranges from 1 to 30 years, though it may vary from each bank.

    Home Construction Loan Tax Benefits:

    You can enjoy maximum tax benefit under the Home Construction Loan scheme. Though it may vary from one bank to another yet in a standard scenario, as per the current IT Rules, an exemption u/s 24 is Rs. 1.5 lakhs (this is for the interest amount paid in a financial year) and up to Rs. 1 lakh if the principal amount is also repaid in the same year. So, an amount of up to Rs. 2.5 lakhs is eligible to enjoy tax exemption. This can help you save approximately up to Rs. 70,000 of taxes, annually.

    Banks Offering Home Construction Loan:

    There are multiple leading banks in India which offer home construction loans. Some of them are HDFC, HSBC, SBI, PNB, UBI, Bank of India and DHFL. Each of these banks offer tailor-made home construction loan schemes to suit your needs and help you with financial assistance to construct your dream home.

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  • Home Construction Loans Reviews

    • Avaas Housing Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I never faced any challenges with Au housing finance ltd during the home loan process. They had done with the process in a good manner. But the interest rate is 14% which is on higher side so I have decided to do balance transfer. In all the service is good.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Awesome experience, very fast"
      0.5 5.0/5 "Blown Away!"
      I love the way that bankbazaar handled my query.I thought for a home loan and my explorer directed me to bankvazaar site. I applied for a home loan from bankbazzar and I am very much sure the service in future will also be remarkable. Just with a basic information the bank require, and here it is the list of all bank offers. Its totally up to you which bank to choose.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 21, 2017
    • SBI Home Loan
      "Happy banking"
      0.5 5.0/5 "Blown Away!"
      I approached State bank of India for the housing loan. When I approached them I got good response and they done with the process in a good way. The interest rate is around 9.5%. I am quite happy with the bank for the housing loan services. And the customer service is good.
      Was this review helpful? 1
      , mysore
      Reviewed on Jun 20, 2017
    • ICICI Bank Home Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      During the year of 2014, I availed housing loan from ICICI bank. Interest rate is 10.30% now they had reduced it to 9.35%. They disbursed the loan according to my convenience. ICICI is a recommendable bank for the housing loan because they used to send executive and on behalf of the customer they will complete all the formalities. Really they are helpful but the drawback is the interest rate will be 1% higher than the government sector banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • IDBI Home Loan
      "About IDBI"
      0.5 0.5/5 "Unacceptable"
      I had taken home loan from IDBI in 2007 latest interest was 10.8% which is i dont know.(Bank will not inform to us. if changes as per RBI But bank will change of interest of % if hiked by RBI) so i loss more than 12 to 14 month EMI. immediately i have changed to SBI interest low, Update every change and tension free.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • HDFC Limited Home Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      There was no issues with HDFC ltd for the housing loan. I had taken this loan for the interest rate of 9.30%. The loan process went good and there was no hassles with HDFC ltd. Customer service is quite good and they supported well throughout the loan process.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • Lakshmi Vilas Bank Home Loan
      "Good Bank and Good Service"
      0.5 5.0/5 "Blown Away!"
      Couple of years back, I had taken the housing loan from Lakshmi Vilas Bank. The interest rate was 8.2% which is very nominal. Since I am a staff of the same bank, the process was very simple. I had not faced any issues with the bank during the loan process. I am completely happy with this bank.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 20, 2017
    • ICICI Bank Home Loan
      "Good bank has flexible loan process"
      0.5 5.0/5 "Blown Away!"
      ICICI loan process is very much flexible. I felt ICICI is much better than HDFC Ltd. I could check the loan transaction through netbanking, Interest rate is also quite normal, and it is quite similar to other banks. I had taken the loan amount of Rs.32 lakhs this is for a tenure of 20 years. I am completely fine with the loan process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2017
    • HDFC Limited Home Loan
      "Its Average"
      0.5 3.0/5 "Satisfactory"
      My first home loan was taken from HDFC Ltd, second loan with ICICI. But I felt ICICI is better than HDFC ltd, because HDFC ltd is not clear when it comes to loan transaction, I cant see the pending principle amount through netbanking properly. I took the amount of 11 lakhs and this is for a tenure of 15 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "User friendly to capture the data with pictorial or animated"
      0.5 5.0/5 "Blown Away!"
      Just i typed in google whether will get loan to purchase vacant land cum construction, immediately bank bazar link came and applied for loan, i impressed on comparing quotes between banks page very much. Hope bank lending team will see this data and provide loan to us.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • SBI Home Loan
      "Low interest rate"
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the State bank of India and the interest rate is around 8.75%. The loan amount got disbursed to my account within fifteen days of time. Services are very good one with them. Documentation process is very nominal , also I got it through one of the agent.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2017
    • LIC Housing Home Loan
      "Horrible after sale service"
      0.5 0.5/5 "Unacceptable"
      Worst organization to deal with. Doesn't provide information at one go to the customer inspite of asking again and again. Gives half information and makes customer take multiple rounds to their office. I will never recommend LICHFL to anyone else.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Bank Bazaar Customer Support
      "SERVICE"
      0.5 4.5/5 "Excellent!"
      VERY GOOD SERVICE AND IMMEDIATE RESPONSE..KEEP IMPROVING AND MAKE THE CUSTOMER TO FEEL HAPPY AND I WILL REFER MY FRIENDS TO PROCEED WITH THIS SERVICE. THANK A LOT FOR YOUR SUPPORT AND MAKE MY DREAM COME TRUE. Also bank bazaar's customer care is very polite, very respectful and all my responsibilities are done here,Thanks!!!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 5.0/5 "Blown Away!"
      DEAR SIR, REALLY A VERY NICE APPLICATION ,because whatever the product I choose they are giving immediate response. The bank bazaar web site is easy to use and customer friendly. The bank bazaar customer support is good and very supportive, they helped to get in touch with the bank partner. I am satisfied with the bank bazar
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 19, 2017
    • Corporation Bank Home Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      Corporation bank is not even worth for single rating. The bank does not have customer support at all,They are not supportive to their customers also not giving proper response to the customer as well. this bank is one you could better keep away , they are showing signs of mistrust. I had taken a home loan in 2006 end at a FIXED rate of interest 9.75% with in thee months it has jumped to 10.25% without any information anything then contacted bank manager he said it will be revised. I have closed this account in 2013 by pre closing and I have paid extra 50k for it.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 19, 2017
    • Bank Bazaar Customer Support
      "Helpfull"
      0.5 5.0/5 "Blown Away!"
      Easy to apply home loan & good followup by bankbazar. Thanks to representative. I have a great experience to applying home loan online it is very easy way to apply & I have got a good response from bank bazaar. & Thanks to PM Modi for these plans.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 19, 2017
    • HDFC Limited Home Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      Twelve years back I had taken the housing loan from HDFC finance limited. And the current interest rate is 9.25% and I am asking them to reduce it to 8.5%. Customer service and responsiveness are good with HDFC Ltd. They done with the process without any hassles.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2017
    • LIC Housing Home Loan
      "Overall Satisfactory"
      0.5 5.0/5 "Blown Away!"
      LIC Housing offer is absolutely competitive as per market, I liked their customer service, the day I applied for the housing loan, they completely taken care. They gave me transparent information on time. I took the loan of Rs. 20 lakhs for the tenure of 20 years. They charged the interest rate 8.6% of interest its good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2017
    • Bank Bazaar Customer Support
      "Awesome technic "
      0.5 5.0/5 "Blown Away!"
      Bank bazaar has made financial things very easy, this site helped all Indians who want to apply any loan or in getting financial assistance, great going bank bazaar team. God bless him who created this site and we are also getting lots of benefits too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2017
    • Bank Bazaar Customer Support
      "Quick service "
      0.5 5.0/5 "Blown Away!"
      Bank bazar is very fast service provider. The customer services are good and overall a smooth process to get connected to the banks,The website is very useful to find a bank. The customer service is good and overall a smooth process to get connected to the banks. I'm happy with the Bankbazaar.com
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2017
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