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Tips To Get Home Construction Loans Without Income Proof!
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There are a lot of banks and different types of home loans available which you can avail to buy the ready-to-move home. But there are also many such people who already own a plot or land and want to construct house according to their needs. You can get the home construction loans from the banks or the finance companies. With such loans, you can construct your own house. However, eligibility criteria to avail such type of loans is different.
You will have to first get pre-qualified for it to get best deals. When you apply for the construction loans with a bank you will need a proper documentation with several documents such as the income proof, bank statements, and many others. Once you submit all the required paperwork the bank will run a check on your credit history. If you fulfill their eligibility criteria, then only they can approve the loan.
You might also need to pay a processing fee as many banks charge it. Several banks do not charge this processing fee as a part to get more customers. But getting new home construction loans from the banks is a complex process. There are people with the eligible income but lack the paperwork. Such people are unable to get the loans from banks. In such cases, there are many private finance companies which can still give you the loan.
Such financial companies have a minimum eligibility and can offer you the construction loans without or minimum documentation. For this, they charge you an interest rate which is a bit higher than the banks as such type of loans fall under high-risk loans. They normally charge around 5 percent higher interest than the standard one. But if you do not have proper paperwork this can be the right place you can get home construction loans in India.
Anil Patel: 32 years Old. Writer and financial consultant. Music Lover and foodie.
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