Which Documents are Required for Availing a Home Construction Loan?

For those of you who do not wish to drain your entire savings in purchasing a house, loans are not less than a boon. With home construction loans, you can easily construct a house your way and make your dream come true. Home construction loan, like any other home loan, comes with flexible tenures. One can choose different tenure according to her/his financial comfort and repay it through manageable EMIs.

However, to get your loan application accepted, accurate documentation is imperative. If you have been planning to avail a home construction loan, we suggest you go through a list of documents that you would need to submit during the application process.

Home Construction Loan

If you have a piece of land you want to construct a house on, and want to fund that purchase, a home construction loan can be helpful. With the help of this loan, you can manage all the expenditure related to the construction of your house, be it raw materials or fixtures and fittings. This loan helps you get the kind of house you wish to live in without creating a hole in your pocket. In a home construction loan, the loan amount is disbursed in instalments based on the construction progress.

Documents Required for a Home Construction Loan

You need to submit the following documents for a home construction loan

  1. Passport size photograph
  2. Duly filled application form
  3. KYC documents
  4. Identity proof –  Any one from the following –
  1. Address proof – Any one of the following
  1. Property documents –

      You might also be asked to submit details of your existing loans or credit card bills.

  1. Income documents –

      If you are self-employed, you would need the following income documents:

  1. Processing fee cheque
  2. Documents required for salaried individuals:

If you are a self-employed professional, the lender might also ask you to submit a certificate of qualification such as a practising certificate (for doctors, CA) along with a copy of the bank statement and audited financial accounts.

Submitting all the requisite documents is crucial for the fast approval of your application. However, it is equally important that your documents are accurate and handy. Before you start the process of home construction loan application, collect all the recent documents to make the process smooth. 

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