Plot and Home Construction Loan

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About Plot and Home Construction Loan

A plot plus home construction loan is primarily meant for those who want to purchase a plot and build a house on that piece of land within the next few years. This kind of loan is disbursed in various installments.​​

Features & Benefits

  • Attractive interest rates

  • Quick & transparent processing

  • Loan tenure up to 20 years*

  • Nil prepayment charges for floating rate home loans given to individuals

  • Attractive balance transfer option available

  • ​​Door step services

  • Tax Benefits under Section 24(b) & Section 80 (CCE)

  • Attractive interest rates

  • Quick & transparent processing

  • Loan tenure up to 20 years*

  • Nil prepayment charges for floating rate home loans given to individuals

  • Attractive balance transfer option available

  • ​​Door step services

  • Tax Benefits under Section 24(b) & Section 80 (CCE)

* Disclaimer - All loans will be at the sole discretion of ABHFL

Home Improvement Loan Eligibility

Minimum age of applicant

21 yrs

Maximum age of applicant at loan maturity

Salaried - 60 years, Self employed - 70 years

  • Upto 30 Lakhs

    90%

  • 30 Lakhs to 75 Lakhs

    80%

  • More than 75 Lakhs

    75%

Plot and Home Construction Loan Fees and Other Charges

Transactions & Charges

  • Home Loans : Up-to 1% of the loan amount
  • Other Loans : Up-to 2% of the loan amount
Any part pre-payments made in the last 12 months prior to closure will be counted towards the pre-closure charges (applicable for non individuals/ individuals with other than floating rate)
Floating rate loans given to indivi​duals, where all applicants and co-applicants are individuals: Nil​

Home Loans (other than floating rate Home Lo​ans to individuals): 2% of principal outstanding

Loan against Property & Lease Rental Discounting: 4% of principal outstanding

Loan against Property or Lease Rental discounting (other than floating rate loans to individuals): 4% of principal outstanding
Default Penal Interest Rate / Non Conformance with any covenants / stipulated conditions
24% p.a. i.e. 2% per month
₹750/- per instance
As applicable based on actual delayed status or as communicated by the lender from time to time
CERSAI charges (You may visit the website of CERSAI for all such charges at www.cersai.org.in)
When facility amount is equal to ₹.5 lacs or lesser – ₹.50 per property

When facility amount is greater than ₹5 lacs – ₹100 per property
₹1,000/- per instance
₹750/- per instance
₹200/- per instance
₹750/- per instance
₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL
0.50%
₹500
4.00% of loan amount disbursed
2% of the loan outstanding
As per actual, where applicable
Fees and Other charges (applicable GST @ 18% will be levied on these charges)
Disclaimer:Above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and would be subject to changes from time to time.​​

Documentation

  • 1. Proof of Identity and Address
    Salaried / Self Employed / Professional / Partnership / Company

    Click here to view the list of documents required.

    2. Proof of Income
    Salaried
    Latest 3 months salary slip showing all deductions & Form 16
    Self Employed or Professional
    IT Returns or financial documents for last 2 years and computation of income certified by a CA for last 2 years
    3. Bank statement where salary or income is credited
    Salaried
    Latest 6 months
    Self Employed or Professional
    Latest 6 months
    4. Proof Other Income
    Salaried / Self Employed / Professional / Partnership / Company
    Rental receipts or documents showing receipt of income
    5. Property Documents
    Salaried / Self Employed / Professional / Partnership / Company
    Copy of Title documents and approved sanction plan ​​​​​
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