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Home Combo P+C

If you've found the perfect plot of land to build your home, a combined loan for land purchase and construction can help finance both the land and the building of your dream house. The plot must be non-agricultural

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Acceptance Criteria

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Age:

  • The borrower must be at least 18 years old and typically not older than 60-70 years at the time of loan maturity

Employment Status:

  • Salaried applicants usually need a stable employment history of 2-3 years.
  • Self-employed individuals need to show proof of their business and consistent income.

Loan Amount and Property Value:

  • The amount you want to borrow is also evaluated based on the market value of the property.
  • Generally, banks approve loans that cover 80-90% of the property’s value (Loan-to-Value ratio).

Property Type:

  • The type of property you want to buy matters. Eligibility may differ for residential, ready-to-move-in homes versus under-construction properties.

Down Payment:

  • You will need to make a down payment from your own savings, typically 10-20% of the property value.
Loan Amount Offer
Loan Amount Offer upto : 10 crore
Rate of Interest(%)
Minimum ROI Start From : 9.75 % P.A. Maximum ROI : 18.00 % P.A.
Tenure
Minimum Tenures : 12 Months Maximum Tenure : 240 Months
Documents Required for Loan
Individual & Salaried Employee Self & Professional Employee Company Pvt. Ltd. & Public Ltd.
Primary KYC: Aadhaar Card, PAN Card Applicant KYC: PAN Card, Aadhaar Card Director & Partners KYC: PAN Card, Aadhaar Card, Voter ID
Co-Applicant KYC: Aadhaar Card, PAN Card, Voter ID Card Co-Applicant KYC: PAN Card, Aadhaar Card, Voter ID Company Certificates: CRC Certificate, TAN Certificate, Company PAN Card, Directors DIN Certificate, Board Resolutions, Shareholding Pattern, Partnership Deed
Income Proof: Last 3 months’ salary slip Income Proof: Last 2 years financial return, GST Return (3RB) Income Proof: Last 2 years financial return,  GST return of company
Residence Proof: Aadhaar Card, Voter ID, Electricity Bill, Rent Agreement, Gas Receipt, Post Mobile Bill, Property Tax Residence Proof: Aadhaar Card, Election Commission Card, Driving License, Gas Receipt, Passport, Rent Agreement (Any One) Residence Proof: Aadhaar Card, Election Commission Card,
Driving License, Gas Receipt, Passport, Rent Agreement (Any One)
Bank Statement: Last 6 months' bank statement Banking: Last 1 year bank statement (Current/Savings Account) Banking: Last 1 year bank statement (Current Account)
Photograph: Live photo Photograph: Live photo Photograph: Live photo
Business Documents: N/A Business Proof: Trade License, Shop Act, GSTN Certificate,
Food License, Business License, MSME Certificate, etc.		 Business Proof: Trade License, Shop Act, GSTN Certificate, Food License, Business License, MSME Certificate, etc.
Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc. Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc. Property Documents: Registry Copy, Property Transfer Certificate,Link or Chain Registry, Property Tax Receipt, Map of Property, TNCP Certificate, Building Permission, etc.
Golden Features and Benifits

1. Flexibility in construction
You have complete control over the design, layout, and materials used for your home, allowing you to customize every aspect to your liking.

2. Financial assistance for construction costs
Home construction loans provide the funds required for construction, from the purchase of raw materials to labor costs, without having to pay for everything upfront.

3. Interest paid on the actual disbursed amount
In a construction loan, the amount is released in stages as the construction progresses. You pay only interest on the disbursed amount at each stage, reducing your interest burden in the initial stages.

4. Tax benefits
Interest paid: You can claim a tax deduction of up to ?2 lakh per annum on the interest paid under Section 24(b) of the Income Tax Act.
Repayment of principal: Under Section 80C, you can claim a deduction of up to Rs 1.5 lakh annually on repayment of principal after completion of construction.

5. Long repayment tenure
Most home construction loans offer a longer tenure, usually up to 30 years, resulting in lower monthly EMI payments, making the loan more affordable.

6. Lower interest rates than personal loans
Construction loans usually come with lower interest rates than unsecured loans like personal loans, as the property itself acts as collateral.

7. Increases property value
Building a home on your own land increases the property value, which can be a solid long-term investment.