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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

    • Corporation Bank Home Loan
      "Best bank"
      0.5 5.0/5 "Blown Away!"
      I took my home loan from Corporation bank because compared to other bank interest rate is less. The documentation is less and got the loan easily. If I have a due on 5th of every month, they will send the reminder on 3rd of every month. Whenever i visit the branch the response is prompt and they are giving respect to the customer. They are explaining about their other product as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 23, 2020
    • City Union Bank
      City Union Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from City Union Bank. My house owner pledged the property in same bank and he asked me to take the home loan from the same amount. I got the interest rate of 10.25% per annum. Bought the loan amount of Rs. 20L. I have selected the duration of 10 years. They have taken 30 days to sanctioned this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2020
    • Indiabulls Home Loan
      "Fraud & Cheater Company (MC,BC)"
      0.5 0.5/5 "Unacceptable"
      THEY ARE NOT CABALE TO HANDEL A CUSTOMER EVEN THEY ARE DOING FRAUD TO EVERY ONE Fraud & Cheater Company (MC,BC) BANDH KARDO BANK SALE LOG CHUTIYA BANATE HAI KOI KAAM KE NAI INDIABULLS SE LOAN LENE SE ACHA GHAR LENE KA PLAN CHOD DOO WHO LOG BAHOUT CHEAT KARTE HAI
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 19, 2020
    • LIC Housing Home Loan
      "Quick process"
      0.5 4.5/5 "Excellent!"
      I have taken a home loan from LIC HOUSING FINANCE on 3 years back to purchase site and for construction my friend has suggested to take this loan. I got loan the loan amount around 27L with tenure period of 20 years. The rate of interest was 8.75% and processing fee was deducted around 8K. They have sanctioned the loan within 15 days. But they have disbursed the amount in installment. EMI need to pay of 28K. Pre closure charge is applicable at any time. There are some charge for enclosure and stamping are around of 2K.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 18, 2020
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for HDFC Ltd home loan through online .I was working in Cochin and my native was Patna so need loan on Patna since residing in Cochin at that time unable to get the loan .The rate of interest was very high and the agent gave all the information about the loan process as well as got proper response .
      Was this review helpful? 0
      , kochi
      Reviewed on Feb 17, 2020
    • UCO Home Loan
      "Good Loan Services"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from UCO bank because they have offered me a interest rate of 8.4%. Chosen UCO bank because one of my relative is working over there. They took 1 month to sanctioned this loan. I got the loan amount of Rs. 10 lakhs. I pay the EMI amount of Rs. 15000 for the duration of 8 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Feb 15, 2020
    • LIC Housing Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Before 5 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 12 lakhs and i am paying the EMI amount of Rs. 17000 per month. Total duration of the loan is 10 years. I got the interest rate of 8.35%.
      Was this review helpful? 1
      , junagadh
      Reviewed on Feb 13, 2020
    • ICICI Bank Home Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken home loan directly through ICICI Bank.I have taken this loan for house construction purpose.The rate of interest and the processing fee was less .This loan was sanctioned immediately and paying the premium on EMI basis .Everything was smooth and there was continuous callback and follow up from bank end.
      Was this review helpful? 2
      , pune
      Reviewed on Feb 10, 2020
    • review Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have take home loan directly through Aadhar Housing Finance Ltd. The rate of interest and the processing fee was high .They have taken 1.5 lakhs for insurance from me and told the rate of interest was 11% and later it was 14% which am not happy .The information should be appropriate this is my suggestion.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 10, 2020
    • Indiabulls Home Loan
      "Fraudsters"
      0.5 0.5/5 "Unacceptable"
      Fraud bank. They increased the interest rate to 13% without notifying me. Even they removed that from their website. When I asked them my current interest rate, then I came to know that it's 13% So initiated BT immediately (It took long for BT in my case). They lost all my belief in them.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 09, 2020
    • DCB Bank Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken home loan directly through Development credit Bank.This loan is still active on my account .The rate of interest and the processing fee was very high that was the issue.I have submitted the required documents through the agent .I have taken this loan to buy plot.
      Was this review helpful? 1
      , kolkata
      Reviewed on Feb 09, 2020
    • ICICI Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly trough ICICI bank.The rate of interest and the processing fee was quite nominal .The loan amount got sanctioned on time without any delay .This loan is still active on my account. Banking service was much comfortable and satisfactory.
      Was this review helpful? 2
      , surat
      Reviewed on Feb 08, 2020
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through HDFC LTD .The rate of interest and the processing fee was really good .The home loan process was clearly explained by the agent .I have got this loan without any delay . Overall am really satisfied with the service so far .
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 08, 2020
    • DHFL Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through DHFL and everything was good to me so far .This loan is still active and am paying the EMI via ECS. Their rate of interest and the processing fee was medium . Even there is no extra charge for late payments.
      Was this review helpful? 2
      , thane
      Reviewed on Feb 06, 2020
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home Loan from SBI through bank directly. The loan amount was 12L and the rate interest was 8.25% normal. Total amount I am paying of 11,400 rupees. 11K is EMI and the 400 rupees is for insurance with the tenure period of 20 years and I received the amount within 30 days.
      Was this review helpful? 5
      , vizianagaram
      Reviewed on Feb 04, 2020
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .For constructing home i have taken this loan .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan and i am really satisfied with the service .
      Was this review helpful? 2
      , bellary
      Reviewed on Feb 04, 2020
    • LIC Housing Home Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      From LIC Housing Finance, i have taken a home Loan because the document submission is very less where in other bank, there are lots of documentation process. They have sanctioned the loan within 1 month . I got the loan amount of Rs. 27 lakhs. The total tenure period was 20 years and the rate of interest was 8.8% which is good.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 04, 2020
    • LIC Housing Home Loan
      "Best loan with good rate of interest "
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 5% because i am a LIC employee so they have provided me the loan quickly and it was sanctioned with in week. I had given all required documents during verification process.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 02, 2020
    • Bajaj Finserv Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Bajaj Finserv before 2 years.The rate of interest and the processing fee was nominal.I am paying the premium on ECS and the loan process was clearly shared by the agent. I am paying the premium on exact time without any delay. The process was very quick, smooth and satisfied.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 31, 2020
    • Punjab National Bank Home Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from PNB bank before 1 year and i have applied through online. The loan was processed through bank . The process was smooth and loan got sanctioned on time. The loan amount was sufficient for the tenure of 34 years and the amount was Rs. 21L. The rate of interest was nominal 8.5% .
      Was this review helpful? 7
      , coimbatore
      Reviewed on Jan 30, 2020
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