Availing a home loan is a very good option to consider if you wish to book a ready-to-move-in house or buy an under-construction property. The home loan help you pay the booking and registering charges, and also provide various tax benefits if you are looking to construct a house of your own on a plot of self-owned land.
Before you avail a home loan in order to construct a house of your own, you must make sure whether you meet the eligibility criteria or not. Generally, the lenders are less willing to offer a loan for a self-constructed property due to difficulties pertaining to monitoring and evaluating the cost of the land.
Hence, it is extremely important to make sure you meet the eligibility criteria before applying for a home loan for a self-constructed house. The eligibility criteria are given below:
Given below is the list of documents you will have to provide if you wish to apply for a home loan for a self-constructed property:
|Proof of address||Passport, Aadhaar Card, Voter ID, etc.|
|Proof of identity||PAN Card, Aadhaar Card, Passport, etc.|
|Proof of income||
|Other documents||Documents proving that you are the rightful owner of the land on which you plan to construct a property.|
It is important you thoroughly compare the various home loan schemes available and check the tax benefits that come with it. Make sure you meet all the eligibility criteria before deciding to apply for a home loan scheme which you feel will be suitable for you.
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