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Construction Loans
Mansa Mata Finance offers loans 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 the residential house property on the land.
The approved loan amount will be disbursed anywhere between 2-5 instalments, depending on the progress of construction, loan size and loan to value ratio (LTV). So, borrowers will have to ensure that they have adequate funds to purchase raw materials and to start the construction work.
Features
- Excellent post disbursement services
- Fixed rate of interest
- Facility of enhancement in loan amount in the event of escalations in cost
- Various repayment options
Benefits
- Attractive and competitive rate of interest
- Hassle-free documentation process
- Quick turn-around time
- Professional and transparent approach
- You must be an Indian Resident
- Loan To Value ratio upto 50% of the valuation report given by designated value.
- Clear Marketable Title over property.
- Above 18 years of age at the time of commencement of the loan
- Both for salaried and self-employed individuals
- Income / cash flows to establish source of repayment
- Application Form
- Basic KYC Documents
- Income documents & Bank statement
- Sales deed and Approved plan
- NOC from the municipal / corporation authorities
- FATCA Declaration
- Passport Size Photograph
- What is Construction Loan?
People can avail of loans to get their house constructed either by themselves, or by employing a contractor to construct the house on a plot that they own. Such loans are commonly termed as "construction loans". - Do I have to pay pre-EMIs before final loan disbursement ?
Yes, you have to pay Pre-Emi until final disbursal. This means, you are obligated to pay interest for the amount getting disbursed under each installment and this amount will not go into repaying the principal loan amount. If you are suspending the construction activity for some time due to any reason, you will continue paying interest as per the schedule. - Are variations from the approved plan included under construction loan?
The same shall be decided on a case to case basis. - Is interior work included under construction loan?
No, Loan for home construction will be provided only for immovable works conducted for a house. This means that interior works like painting, furniture, cupboards, kitchen cabinets, partition works, plumbing, lighting etc will not be covered under the loan.