Home loan for constructing home

POSTED BY Amit ON July 25, 2012 5:36 pm COMMENTS (4)

Is it possible to get loan for constructing home? When I check with SBI, they told that it is possible. But, the adviser told me that the process of getting loan is complicated & require many documents. Also, every time you have to submit the bills for home construction expenses to clear the loan amount.

Can anyone share their experience of getting home loan for construction?

4 replies on this article “Home loan for constructing home”

  1. Amit says:

    My main concern is… how the disbursement of loan will happen?
    will I get the approved loan in my account?
    or
    do I have submit bill of expenses to get the loan disbursement?

  2. Amit says:

    Yes the land is on my name…

    1. Then go ahead, you should not face much issues !

  3. As far as I understand the land where you are going to construct it should be on your name first . Only then you will get the loan on your name . But you should get it .

    Yes the documentation might be more because the land related documents are additional other than other usual one’s , but still its not take much complicated that you are fearing . Wait for more people to comment .

    Manish

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