We all know that the loan industry is a dynamic industry. Lenders provide many types of loans to fulfill the needs of an individual. One of the trending loans nowadays is home construction loans.
Let's discuss home construction loans: First of all, it falls under the short term loan category. You can avail of this loan when you want to construct a new home on a vacant plot of a piece of land. Most of the lenders ask for the guarantee before approving this loan.
How is Home Construction Loan different from others?
- Loan disbursal process: The home construction loan disbursement process is really very unique and different from other loans. The loan amount will depend on the various construction phases and if you are buying the home on resale then the whole amount will be transferred at the same time.
- Long Repayment Tenure: Home construction loans have long repayment tenure and the next part is you can post pay the amount by cheque or another source within years without any hassle.
- Higher Loan Amount: The home construction loan always provides the 90% estimated value of the construction.
- Fast approval: The home construction loan needs collateral for the guarantee the process is easy. You have to submit the document and the lender will approve your loan.
Comments
Post a Comment