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Ways to get mortgage loan to make your house

Wednesday, February 26th, 2020

Ways to get mortgage loan to make your house

Individuals generally collect loans, either for the purchase of a ready-to-move-in home or for scheduling an under-construction property. Nevertheless, people may also avail of mortgage loans to have their house constructed – either that they own by themselves, or by employing a contractor to construct the house – on a plot. Such loans are generally known as ‘construction loans’. The entire process of approval and disbursement of the construction loan, is significantly diffent from compared to a regular housing loan.

Papers become attached with application

Besides the regular ‘know your customer’ (KYC) and earnings papers, to avail of a mortgage for constructing a home on a block of land owned you will have to provide the prospective lender with all the relevant documents that establish your title and ownership of the plot of the land by you. The plot of land may either be a plot that is freehold or it could be allotted by any development authority, like CIDCO, DDA, etc. You can even avail of financing on a land that is leasehold where in fact the rent is for a reasonably any period of of the time. You will also need to submit a no- encumbrance certificate pertaining into the home.

As well as the papers associated with the plot, you are going to need to submit the master plan and layout of this proposed household, duly authorized by the area authority that is municipal gram panchayat. You’ll also need to submit an estimate associated with price of construction, that has been certified with a engineer that is civil an architect. (more…)