The joy of constructing your dream home on the plot of land you own is incomparable. You can plan it the way you desire and build it using the materials you want. All you need is a Home Construction loan from DHFL to make it a reality.
Purpose of Home construction Loan
You can avail of this loan if you are self-constructing the house on a plot of land that you own.
Home Construction Loan Eligibility:
The actual Home Construction loan amount is determined taking into various account factors such as:
- Repayment capacity
- Age of the applicant and co-applicant
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits, and more
To calculate your eligibility please use our DHFL Home loan Eligibility Calculator.
Work out your EMI using our DHFL Home loan EMI Calculator.
You can also find more information from our Product brochure which can be downloaded here ( click to view/download)
Tenure of Home Construction Loan:
The tenure of your Home Loan ranges from 1 to 20 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals).
DHFL understands the value of your hard earned money. With tenure of 20 years, you can reduce the EMI amount, so that your outgoings every month do not come in the way of your lifestyle and living standards.
Home construction Loans Interest Loans
DHFL offers one of the most competitive rates in the market. The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.
Processing Fees for Home Construction Loans
This is charged as the fee towards processing your home loan application. In case of salaried individuals (SAL) it is 1% of the loan amount, whereas for Self – employed Professionals / Non Professionals (SEP / SENP) it is charged at 1.5% of the loan amount, plus Service Tax and Cess as applicable.
You have 2 options for repayment of the loan based on the EMIs payable:
a) Through ECS (Electronic Clearing Service) based on standing instructions to your bank
b) PDCs (Post Dated Cheques) drawn on your Savings/Salary account
For processing your home loan application, we’re required to adhere to certain documentation procedures. To enable us to speedily process your home loan application, we will require the following:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
- Property related documents.
Stamp Duty: Also covered in your Home construction Loan
Stamp duty on the loan documents to be executed shall be paid by the Applicant.
Tax Benefits for your Home Construction Loan
As per IT Rules, the current applicable exemption u/s 24 is ` 1.5 lacs for the interest amount paid in a financial year and up to ` 1 lac for the Principal amount repaid in the same year. Thus up to ` 2.5 lacs is tax exempt, helping you save up to ` 70,000 tax annually.
So don’t think twice about building your dream home.
Fill in the Enquiry Form alongside. Our Representative will get in touch with you to help you through the entire home loan process. Your dream home is within reach. Get ready to build it!