Plot Purchase and House Construction Loan

An easy loan from a financial institution to purchase a plot or to construct a home is one of the most popular ways to make your dream home a reality. However, it is recommended to check your land purchase eligibility with the help of this loan eligibility calculator and also check the EMI amount with this EMI calculator. These two calculators will tell you how much loan you can get under the house construction loan and how much will be your monthly EMI.

Moreover, application processing through our smartphone application ensure faster processing of your home loan.

Features of Aavas Home Construction Loan

● We provide finance for self-construction of residential house.
● The land may be free-hold or a plot allotted by Development Authority
● Tranch-wise disbursement as per the stage of construction
● Attractive interest rates
● Tenure of up to
- o 30 years for salaried customers (from government/ PSU/ Private sector) with more than ₹ 35,000/Month
- o 25 years for other salaried customers
- o 20 years for self-employed customers.
● We are a perfect partner for your preferred property, which may be:
- o Development Authority
- o Freehold
- o RERA Approved Flats
- o Nagar Palika
- o Gram Panchayat
● Integrated branch network that facilitates loan servicing at a branch convenient to you.

To Get more details about the Documents Required for Salaried or Self employed person to take Land purchase and home construction loan Click Here

Some interesting facts on Home Construction Loan

Nearly 25.48 % applications of the total applications were for a construction loan.

In the last 30 days, the most active age group who were looking for a construction loan have an average of 41 years.

23.12 % of construction loan applicants were women, who wanted to construct their home.

Jaipur has witnessed a notable hike in the number of people looking for a Home construction loan

Plot Purchase plus Home Construction Loan FAQs

Can I get a home loan for land purchase?

No. Home Loans are strictly meant for buying homes that are already built. For the purchase of land and for constructing plot + construction composite loan from Aavas.

What is a plot and home construction loan?

A plot plus construction loan is the amount borrowed to purchase a plot and build a house on the same plot. The loan amount is repaid in monthly installments.

How to apply for plot Purchase and construction loan?

The applicant must follow the following steps to apply for the land purchase loan.

Step 1 The borrower must fill the application form

Step 2- The borrower must submit the necessary documents, property documents of land, Age proof v Id proof, Residence proof, Income statement, Bank statement, Form 16

Step 3- After successful submission of the documents, the loan amount is transferred to the borrower's bank account

How does a home construction loan work when buying a plot?

The construction loan borrowed from the institution can be used to purchase land, build a property on the land owned, or can be used to renovate the existing property.

Are there any tax benefits on the land purchase and home construction loan?

There is no tax benefits on the loan borrowed for land purchase. The tax benefit can only be availed when the borrower is going to construct a house on that particular land.

What are the minimum and maximum tenure of loan for land purchase?

The minimum tenure for a loan minimum 5 years which can exceed up to 30 years.