CONSTRUCTION FINANCE
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CONSTRUCTION FINANCE
Construction Finance is a unique offering under which the Bank finances real estate developers for projects they are developing. This product comes with customized offerings built around real estate developer’s project acquisition and construction cost basis a detailed evaluation of the project by the Bank.
Who can take a Construction Finance
- Minimum 3 years of business vintage.
- Minimum experience of completion of 2 projects in the past.
- Minimum booking of 15% out of the total units in the project.
- All the plans & permissions should be approved from Competent Authorities.
Silent Features
- Customised repayment options to suit your needs.
- Multiple options: lending from leading financial institutes.
- Type Of Rates Available Rate : Fixed, Semi Fixed, Variable/adjustable.
- Option of Pre-EMI or a full EMI in case of under construction property.
Required Documents
- Constructing your house on your plot of land
- Original registered title deed in your favour.
- Encumbrance certificate for the last 15 years.
- Legal opinion.
- Copy of approved plan.
- Tax receipts.
- Personal guarantee as recommended by Bank.
If the prior deed covers the same extent as bought subsequently by the customer, then such original prior deed will also be required
Purchasing a Flat from Builder- Original registered sale deed for undivided share in favour of the customer.
- Original sale and construction agreement in favour of the customer.
- Original stamped receipt for the payments made to the builder.
- Encumbrance certificate for the past 15 years.
- Parent document copies for the past 15 years or reference of existing customer in the same project.
- Legal opinion.
- Copy of approved plan and floor plan.
- Personal guarantee as recommended by Bank.
- Buying a house on a resale basis.
Buying a flat on a resale basis- Original sale agreement on a non-judicial stamp paper between the seller & the customer.
- Original title deed in favour of the seller.
- Original construction agreement in favour of the seller.
- Original stamped receipts given by the builder favouring the seller.
- Parent document copies for the last 15 years or reference of existing customer in the same project.
- Encumbrance Certificate for the last 15 years.
- Latest house tax receipt favouring seller.
- Original stamped receipt from the seller.
- Legal opinion.
- Copy of approved plan and floor plan.
- Evidence of handing over of possession by the builder to the seller.
- Personal guarantee as recommended by Bank.
- If the prior deed covers the same extent as bought subsequently by the customer, then such original prior deed will also be required.
Purchasing a property from Statutory Authorities- Original allotment letter in favour of the customer.
- Copy of lease cum sale agreement.
- Original receipts for the balance amount.
- Handing over certificate.
Testimonials
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