Home Construction Loan – VFS Alliance

Construction Loans

Construction Loans used for the purpose of Self-Construction of a residential house property. This is a unique offering for customers who already have land owned by them and need funds for financing the construction of residential property on the land.

Features & Benefits of Construction Loans

The loan is available at very competitive rates of interest, currently available in the industry.
Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
Simplified application form/procedures for convenience of customers, and speedy approvals.
Repayment upto 70 years also allowed to salaried employees having assured post retirement income.
Prepayment of Loan permitted. No prepayment charges under floating rate option.
Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
Life Insurance Cover to borrowers for Loan Protection(optional).
Highly flexible - maximum 30 yrs. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others.

Availing a home loan may grant you to the following tax benefits -

Home Loan Calculator

Loan Amount	10 Year Loan	20 Year Loan	30 Year Loan
₹ 20 Lakh	₹ 24,372/-	₹ 16,854/-	₹ 14,815/-
₹ 30 Lakh	₹ 36,558/-	₹ 25,281/-	₹ 22,223/-
₹ 50 Lakh	₹ 60,929/-	₹ 42,134/-	₹ 37,038/-

* Terms & Conditions Apply.

Documents Required For Salaried & Self Employed -

Category	Salaried	Self Employed
Proof Of Identity (Any One)	PAN Card/ Voter ID Card / Aadhar Card / Valid Passport.	PAN Card/ Voter ID Card / Aadhar Card / Valid Passport.
Proof Of Residence (Any One)	Aadhar Card / Utility Bills/ Voter ID Card/ Valid Passport/ Driving License	Aadhar Card / Utility Bills/ Voter ID Card/ Valid Passport/ Driving License.
Proof Of Income	Latest Salary-slips/salary certificates for 3 months. Form 16 for last 3 years (if available) Latest 6 months bank statement which salary credit.	Income Tax Returns coupled with the computation of income of both the applicant and the business entity (attested by a certified CA) for the last 3 assessment years. Balance Sheet and P & L account statements with Annexures/Schedules of both the business entity and the applicant (attest by a certified CA) the last 3 years. Savings account statements of the applicant and the current account statements of the business entity for the last 1 year.
Other Documents	Employee ID card Appointment Letter The detail of ongoing loans statement (if any) Processing fee cheque favouring the bank/financial institution Duly filled application form affixed with passport size photographs of all the applicants/co-applicants and signed across.	Business Profile Memorandum and Articles of Association of the Company Partnership deeds if the business entity is established as a partnership firm List of Shareholders and Directors with their respective shareholdings if the business entity is established as a company (certified by a CA) Bank account statements of both the individual and the business entity indicating details of ongoing loans if any. Processing fee cheque favouring the bank/financial institution Duly filled application form affixed with passport size photographs of all the applicants/co-applicants and signed across.
Property Related Documents	Title Deeds of the Property Estimate for construction assessed by a Civil Engineer/ an Architect Encumbrance Certificate Photocopy of the plan sanctioned by Local Authorities	Title Deeds of the Property Estimate for construction assessed by a Civil Engineer/ an Architect Encumbrance Certificate Photocopy of the plan sanctioned by Local Authorities