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You can get a construction loan to build house. If you are builder you too can get construction loan for constructing house, floors and flats.
You can only get construction loan above ground level. If you want to construct a house below ground level, bank will give loan considering you will demolish it. Sometime bank can allow you to keeps walls of old house and demolishing only roof. Through sand filling (Bharai) you will have to bring floor up to or above ground level and start constructing.
Loan for construction of basements are also not given. It is because; banks give construction loan above ground level. If you want to make basement in your plot, you will have to build at your cost. Bank will give construction loan for cost above ground level only.
Apart from construction of new house, your can get construction loan for following purposes
If you have already built up house, you can take loan for extension of your house. In extension you can do more coverage in your house. This includes building more floors on existing house.
You cannot get extension loan for property built on stone slab roof (Kadi Pathar / Gatar Pathar). It is because of NHB guidelines which do not consider Kadi Pathar houses safe for living. If you want to extend your house, you will have to get your roof redone with cement casting (Lanter roof). For doing this too you can get construction loan along with extension loan.
Renovation loan also comes under construction loan. Yet for small renovation, it may not available. It is because, housing finance companies generally do not takes up cases below 5 Lakhs value. But if you have running home loan, you can sure get top up on your home loan for renovation purpose.
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For a construction loan in Lal Dora your title deed along with legal chain of 13-20 years is required. A title deed means a registered document with sub- registrar of revenue department. Whenever a property is purchased or sold, local revenue office will register it in their records after charging relevant stamp duty.
If you have purchased your plot from land owner, then your sale deed becomes your title deed. Apart from this we require chain of previous ownership. This is to ascertain that seller was law full owner of property and there is not possibility of arising any legal dispute. In case, advocate sees some issue in legal chain of property, they can suggest bank to disburse case with registered mortgage. It is because by registered mortgage bank becomes entitled for its loan amount even if property goes in dispute.
If you want to get construction loan for ancestral property, it becomes tricky. It is because in most cases, there is no title deed in Lal Dora. Bank’s advocate need to verify that legal chain is correct and title deed is available.
In Lal Dora of Delhi NCR, Old Lal Dora certificate or Fard / Khatoni / Khasra Girdawari can be considered as legal chain. Let’s see what and how these documents should be provided for valid chain
In many villages of NCR e.g. Faridabad, Gurgaon, Ghaziabad Palwal, Fard / Khatoni is also issued in Lal Dora area. Where Khatoni / Fard is available, you can ask Patwari to provide copy of record of 15-20 years. You can easily get certified copy of these records at nominal fees. This way, you can have complete chain of ownership for your piece of land.
In many villages only Lal Dora certificate is issued as proof of occupancy and possession of property. If you have any Lal Dora certificate issued in your name or in name of other family member, it can be considered as proof of ownership. But this certificate should be more than 15 years old. By this advocate can ascertain, that this property is in your possession for more than 15 years. If you have Lal Dora less than 15 year old, advocate may not give positive legal report.
Yet we can put extra efforts with bank to give positive legal report with less than 15 year old Lal Dora certificate. But this claim should justify with other utility payments for same address as electricity bill, house tax etc. In some cases on approval basis, bank may give approval for Lal Dora certificate less than 15 years old.
After getting your ownership chain, you require title document in your name. There are many ways by which a title deed can be created. It can be a gift deed to a family member from owner of property. There can also be transfer deed, relinquishment deed, sale deed or partition deed. I will suggest you to contact us before you create any title deed in your name. It is because different housing finance companies considers different deed as title deed. Many of these deeds require paying stamp duty, so it is important to check your profile, eligibility etc. before you proceed any further.
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Other than general documents as identity, address proofs you require 3 type of documents
I have already discussed legal chain and title deed in details. Still if you have some quarry regarding this, you can contact us to discuss in more details.
Different income documents are required based on your profile e.g. salaried, self-employed, NRI / PIO and merchant navy. Construction loan and all other loans are subject to your eligibility and repayment capacity. Bank must be able to ascertain your income and repayment capacity by documents or otherwise. You can get construction loan in Lal Dora on liquid income or without income proof as well. You can get in touch with us to know about income documents.
Third and last document is map and estimate of construction. You can contact an architect for map of construction. Architect can provide map on their letter head or on plain paper with their stamp. You don’t need a blueprint map that is required for map approval from municipal authority.
Banks gives loan up to 80% - 85% of estimate of construction. To ascertain genuine spending, they have their own technical department. They ensure that you don’t increase estimate than actual expense. Few banks have their preset rates on which they gives construction loan e.g. 1200/- per square feet or 1300 per square feet etc.
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As bank gives loan of 80% - 85% of construction estimate, you have to invest remaining amount. Once you gets sanction of loan, you have to invest your portion of money before bank gives its installment. Generally bank gives its loan when you have reached at DPC level.
For construction loan banks gives it’s disbursement in 3 to 5 installments. Number of installments depends on number of floor you are making on plot. More number of floor, means you will receive full loan in more number of installments.
For construction of up to first floor, bank can give loan in 3 installments. Banks disburse loan in preset percentage on each stage. It can be 40: 30: 30 / 35: 35: 30 or. 30: 30: 40. It depends on disbursement policy and your construction requirement.
I always suggest to make next disbursement request 2-3 days before you are about to run out of money. It is due to once you make request, bank’s person will visit on your property in 1-2 day. After his visit on your property, they will take 2-3 days more to make payment to you.
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