Home loans for under-construction properties can help you complete the construction of your residential property without any hassles or delays. You can avail a housing loan for your property whether it is being constructed independently by a contractor hired by you or by a reputed builder. It is usually disbursed in multiple tranches according to the stage of construction. Some financial institutions only charge interest on the amount already disbursed, which results in lower Equated Monthly Instalments (EMIs).
There are several benefits and features of home loans for properties that are being constructed from scratch. These are as given below:
|Home Loans for Under Construction Properties||Best for|
|Bank of Baroda Home Loan||Home Buyers in Rural Areas|
|SBI Regular Home Loan||Special Rates for Women|
|PNB Housing Loan||Approved Projects|
|Canara bank home loan||Longer Repayment|
|LIC Home Loan||Late Possession|
Bank of Baroda home loan schemes for construction of a house can be availed for up to Rs.1 crore in rural and semi-urban areas and up to Rs.10 crore in metros. The highlights of the scheme are:
Explore: Bank of Baroda Home Loan
State Bank of India’s Regular Home Loan can be used to purchase property under construction. It is widely available across India and has transparent processes. The highlights of the scheme are:
Explore: SBI home Loan
Punjab National Bank Housing Loan for Public can be used to purchase houses or flats that are under construction by approved builders and developers. The highlights of the housing loan are:
Explore: PNB Housing Finance
Canara Bank Housing Loan is convenient both for purchasing an under-construction property and to take over an existing loan from other financial institutions. The highlights of this home loan are as follows:
Explore: Canarabank Home Loan
LIC Housing Finance Pay When You Stay loan scheme offers a special feature where repayment of the principal amount of the loan starts only when you have possession of the property. Other highlights of the scheme are:
Explore: LIC Home Loan
The home loans for under-construction properties offered by banks and other financial institutions make it possible to construct your dream home the way you wish. The affordable interest rates and long repayment tenures help to make it easier and more convenient than ever to own your own home.
Check for Home Construction Loan
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.