Loan for home construction

POSTED BY Sonal R Patel ON April 4, 2013 8:54 pm COMMENTS (2)

Currently our home cnstruction is going on. The ground floor construction is about to complete. And for first floor, my father is planning to take a loan of around 15 lakhs. Which bank would be best for taking this loan? What should be the loan repay tenure? The construction site is in Jharsuguda (Odisha).

2 replies on this article “Loan for home construction”

  1. Ashal Jauhari says:
    April 5, 2013 at 12:50 pm

    Dear Sonal, the repayment term ‘ll depend on the age of the borrower. As your father is going to take the loan, maximum term for him ‘ll be 70-current age. My personal choice is SBI but I’ not sure, that your father can fulfill the paper work requiremrnt of SBI or not?

    thanks

    Ashal

    Reply
  2. Credexpert says:
    April 5, 2013 at 11:54 am

    Dear Sonal,

    You should probably look at the loan terms of 3 – 4 banks, say like SBI, ICICI Bank, HDFC. Information will be available on their respective website.

    Each of these lenders will have their terms and conditions – make sure you review these clauses, specially prepayment charges, if any.

    Also, depending on your location and location of the bank branch should be a factor – from a convenience perspective.

    You will have clear options thereafter and you should then decide.

    Warm Regards,
    Credexpert.

    Reply

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