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. 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

  2. Credexpert says:

    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.

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