A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 43 Home Construction Loans

    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% - 8.85% 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
    8.6% - 8.95% FIXED:3 years,FLOATING Thereafter
    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
    Value Adds

    Home Construction Loans is Rated as "Great!" by 22759 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

    • Bank Bazaar Customer Support
      "Loan approval "
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar was good and the process on the website is easy and quick. I received a proper response and the team was helpful to give me details of various banks. The offers are satisfactory and the follow up calls is also up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      The services rendered by Bankbazaar has been perfect. I am happy as the response was provided on time and they were clear in giving me the details. I received follow up calls as well. The website is good and easy to navigate as well. The overall experience was really good and there were no hassles faced.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Response is good"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has done a good job, they contacted me on time and informed me the details. I had applied for a home loan. I could not proceed ahead because I was traveling and was not in town. I postponed the the plans. Not sure on the interest rate and charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bajaj Finserv Home Loan
      "Good. Can do better"
      0.5 3.5/5 "Pretty good"
      My home loan is from Bajaj Finserv. I am happy that they offered me a loan of 31 Lakhs. But the coordination during the process was not up to the mark. I expected the documentation process and the terms and conditions to be completely done at one shot. I had to submit the paper work one after the other and due to which the loan disbursement was delayed. The rate of interest was of 8.5% and there was a processing charges totally of 25K. There is a part payment option too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have earlier taken a home loan from HDFC Ltd and even closed it as well. That process was smooth and I never had issues in getting the loan and the closure was easy too. The interest rate and charges was normal and the documentation was also easy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bank Bazaar Customer Support
      "Satisfactory services"
      0.5 4.5/5 "Excellent!"
      The services at Bankbazaar has been good and the overall experience was nice all through the process. I had no issues is accessing the website and the details on it is easily understandable. The process in getting connected to the banks is also swift.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      I did not take the home loan from HDFC LTD because they were offering me a lower loan amount. They were willing to offer me only 28 Lakhs. So I went ahead with another institution who was offering me a better deal. The customer services and response was on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • 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
    • Axis Bank Home Loan
      "very irritating"
      0.5 0.5/5 "Unacceptable"
      The agents are giving wrong commitments I was informed that i will be getting pradhan mantri awaz yojna benefits while sanctioning the loan and now at the time of disbursment in am asked to give my documents again to get the loan resanctioned to avail the PMAY benifits. This means that they want the processing fee again. Very good way of making money. Never take loan from them @axis bank. If you still have any humanity or customer service left, call on 7219609021 to resolve the issue
      Was this review helpful? 0
      , pune
      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
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