Getting A Home Loan To Construct Your Own House

Generally, a home loan is taken for

•    Purchase of a ready to occupy apartment or flat

•    Booking for an under construction property

•    Building your own house

A home loan when it is availed for constructing your own house, then it is called a construction loan. This type of home loan can be availed for either constructing the house by yourself or by employing a contractor provided the plot where the house is about to get constructed should be owned by the borrower. The applicant can get a loan on a leasehold property if the period of lease is considerably long.  A construction loan is quite different from a regular home loan in many ways.

To get the loan sanctioned the loan applicant should submit all relevant documents related to the title and ownership of the property along with the KYC documents to the proposed buyer. Along with the mentioned documents, the applicant should also submit

•    Plan and layout of the proposed house approved by the concerned authority

•    The estimated cost of construction certified by an architect or a civil engineer.

Heather Ferns, apartments in Trivandrum, is a flagship residential project by Heather Homes, the most trusted builders in Trivandrum Kerala. The project is located near Technopark in the capital city and it, flats in Trivandrum, facilitates an impeccable urban lifestyle in premium quality living spaces.

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