Finance can be availed by Builders immediately & effortlessly .
Amount of Loan
Builder/ Developer can avail a Home Loan of up to Rs. 20, 00,000/. However the Loan to Cost Ratio (LCR) should not be more than 75% of the estimated cost of construction.
The security cover :
On the first disbursement security cover should be 1.5 times the loan amount.
The Builder will serve the Simple Interest till initial period, plus bullet repayment of principal as
per the sanction conditions.
The Builder will have to take No Objection Certificate (NOC) for Sale of each unit to be sold by
him to the prospective purchaser, by payment of principle amount as per sanction letter.
In case the units are not sold or if the loan with the interest is not served by the builder, within
the terms of the loan , we will have the right to sell the units at discounted rate as per sanction
The actual loan amount & ROI is determined taking into account factors like:
Stability and continuity of income
Number of dependents
Saving Habits etc.
Loan Tenure & EMI
The tenure of the Construction Finance to the Builder would be generally up to the project completion time. However the maximum term of loan should not exceed 36 months. The term is subject to maximum age criteria of 75 years.
Easy Repayments : You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan:
Through ECS (Electronic Clearing Service) based on standing instructions to your bank
Post Dated Cheques(PDCs) drawn on your Savings/Salary account
Applicant and Co-Applicant: loans can be applied by
Limited Liability Partnership
Private Limited Company
Societies and Trusts
. The loan amount can be further enhanced by including an earning co-applicant.
Stamp Duty : Stamp duty on the loan documents to be executed shall be paid by the Applicant.