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Constraction Loan
About the Constraction Loan
A Home Construction Loan is more than just a financing option; it is a tool to support individuals looking to build their dream home from the ground up. Unlike regular home loans for buying ready-made homes, Pn Loan Solutions Home Construction Loan is designed to fund each step of building your house. With funds released at different construction stages, this loan ensures you have what you need as your home takes shape. From the first brick to the final touches, it’s a simple and steady way to bring your dream home to life. The loan amount ranges from ₹2 lakh to ₹75 lakh, with a flexible repayment tenure of up to 30 years and starting interest rates of 8%. A co-applicant is necessary to apply.
Features and Benefits of Loan Against Property
• Lower interest rate: When compared to unsecured loans, secured loans typically have a lower interest rate. Furthermore, if you have a good credit score and credit history, your chances of getting a loan at a low interest rate increase.
• Simple documentation and approval process: When it comes to a loan against a property, the documentation and approval process is generally simple. In this case, the property used to secure the loan serves as collateral. This enables lenders to proceed with a simple documentation process.
• Flexibility in loan repayment: Most loans secured by real estate have a flexible loan repayment term. Depending on the lender you choose, you may be able to obtain a loan repayment term of up to 20 years.
• Continuous ownership of the property: In the case of a loan against property, the borrower retains ownership of the property. The ownership of your property does not change when you offer it as collateral for a loan. This also gives you the option of selling the property if you are unable to repay the loan.
• Pre-closure option: You have the option of pre-closing your loan against the property if you wish to do so. If the loan you obtained has a variable interest rate, you will not be required to pay any penalties for pre-closing the loan. If your loan has a fixed interest rate, you will be required to pay a small amount.
| Particular | Proof of Identity | Proof of address | Income proof |
|---|---|---|---|
| For Salaried Borrowers | • Pan card | • Aadhaar card | • Salary slip (Last 3 months) |
| • Aadhaar card | • Election card | • Bank account statement | |
| • Election card | • Passport | • Company Id proof | |
| • Passport | • Reshion Card | ||
| • Driving Licences | •Driving Licences | ||
| • Rent agreement | |||
| • Electricity billss | |||
| • Bank Passbook | |||
| • Utility bills |
| Particular | Proof of Identity | Proof of address | Income proof |
|---|---|---|---|
| • For Salaried Borrowers | • Pan card | • Aadhaar card | • ITR (Last 2 years) |
| • Aadhaar card | • Election card | • Bank statement | |
| • Election card | • Passport | • Business proof | |
| • Passport | • Reshion Card | • Business Address proof | |
| • Driving Licences | • Driving Licences | ||
| • Rent agreement | |||
| • Electricity billss | |||
| •Bank Passbook | |||
| • Utility bills |