Purchase of Plot and Construct (Composite Loans).
- Here the customer can avail a loan to purchase a plot and construction thereafter, the maximum funding is up-to 70% of agreed value of plot between seller and buyer OR 70% of value as assessed by the panel valuer of bank., (whichever is lesser).
- Loan will be disbursed to the seller during property registration.
- After the property is registered, customer has to get the Khata transferred to his name, pay the latest property tax, apply for sanction plan and get an estimate from his engineer/architect.
- The maximum funding is up-to 80% of estimate OR 80% of value of construction as assessed by the panel valuer of bank, (whichever is lesser).
- Customer needs to invest 20% margin on construction post which bank will release the construction loan to customer directly in stages as per progress
- Customer is entitled to get income tax benefits as per IT act.
** Customer needs to start the construction within the maximum time stipulated as per bank; else will attract additional interest rate.