Home Constructions Loan Eligibility

Home Construction Loan Eligibility

Home construction loan are offered by various banks and financial institutions. This type of loan are availed by those who own a piece of land and looking for financial assistance to construct their home. A home construction loan eligibility allows easy access to funds for a diverse range of expenditures involved in construction and has a flexible repayment period of up to 30 years.

Home Construction Loan Eligibility Criteria

In order to qualify for a home construction loan, the applicant must meet the basic eligibility requirements set by lenders. However, from bank to bank the criteria are varied, and some of the common eligibilities are given below:

Age Criteria-  Applicant age must fall under 21 years –65 years

Residence Type – The applicant must be a resident of India

Nature of Work – The applicant must be a salaried or self-employed person with a stable income.

Employment – Salaried applicant must be working under the same organization for at least 1 year.

Income – If you are a salaried person your net monthly income should be above Rs.25,000/- or if you are a self-employed person your net profit after tax should be above 1 lakh/-.

Credit Score – It is essential to have a score of 750 or above to qualify for construction loans.

Document Required for Home Construction Loan

If your profile meets the basic eligibility requirement, you must keep the essential documents ready for what is home construction loan applications. The following are the certain documents asked by lenders to verify your profile.

Proof of Identity (Any one of the following)

Proof of Residence (Any one of the following)

Income Proof -