Self Home Construction Loan by Muthoot FinCorp
At Muthoot FinCorp, we know the sheer joy our customers will experience when they craft their homes brick by brick. The pleasure of watching every room take shape, just the way you imagined is now made easy and quick with our loans for home construction!
Benefits and Features of Self Construction Home Loan from Muthoot FinCorp
When you buy a piece of land with the aim to build your dream home, do not let the lack of funds stop you from crafting the home, exactly the way you want it to be! Asa trustworthy financial institution, we offer affordable and flexible self construction loan products for our customers through our sister concern Muthoot Housing Finance Company Ltd. (MHFCL)! Muthoot FinCorp’s easy & transparent application processes, low interest rates and an avowed approach & behaviour towards building lifelong relationshs, are designed to let you concentrate on designing and creating your dream home.
Quick Approvals & Simple Processes
The application process for self construction loan form is straightforward and easy to understand.... read more Approvals and disbursals of your loan is quick requiring minimum documentation, and flexible repayment schedules. Once the money is disbursed to your account, you can start the process of constructing immediately!
Differential Loan Amounts & Interest Rates
When taking a loan for constructing a home on a plot of land, we offer you tenures ranging from 3-20 years ... read more for loan amounts of Rs. 2,00,000 to Rs. 25,00,000 lakhs. Loans are available on fixed and variable interest rates - you can get in touch with our customer care representative at 1800 102 1616 for more details.
Tax benefits of home loans
An amount of up to Rs 2,00,000 towards the interest on a home loan is deductible from your gross income... read more according to Section 24(b) of the Income Tax Act 1961. The principal deductible is up to Rs 1,50,000 under Section 80CCEand 80C. You can easily get capital at a low interest rate while saving tax on repayment too.
Self Construction Home Loan Eligibility Criteria
The criteria of loans for home construction at Muthoot FinCorp are easy which allows people of all backgrounds to craft their own homes from the ground up.
Our Eligibility Criteria:
- The applicant should be an Indian resident
- Minimum age at the time of application should be 21 years
- Maximum age at the time of loan maturity should be 65 years
- The title of the land you have bought should be clear and in your favour.
- The applicant should either be salaried or self-employed
- The applicant must own a bank account
- There should be a Muthoot Blue branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the housing finance
Documents needed for Self Construction Home Loan
At Muthoot FinCorp, we follow the KYC guidelines. Please collect the following documents when applying for loans to construct your home:
Address Proof
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Identity Proof
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
For Self-employed
- Bank statement stating transactions for the previous three months
For Salaried Persons
- Three months salary slips with ITR or Form 16 for salaried applicants seeking housing loan in India
The proof of ownership
- of the land you have bought is also required secure a self-construction loan.
How to Apply for Self Construction Home Loan from Muthoot FinCorp
The process for applying for a self construction loan is quite straightforward, and is designed to ensure your loan approval and disbursal process is hassle-free. Some of the ways to get a loan to build your dream home in India with the help of Muthoot FinCorp are:
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Call
You can call our toll-free number 1800 102 1616 and talk to our customer care executive for details to get started
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Visit the nearest Muthoot FinCorp Branch
You can visit the nearest Muthoot FinCorp branch and our customer care executives will help you through the process.
All the documents you share with us will be scrutinised and your eligibility criteria will be checked quickly to for loan approval and disbursement. We are always ready to help our customers to meet their loan requirements in easy steps!
First-hand account of customer experiences
MUTHOOT BLUE SOCH STORIES
I am a silk merchant from Ramanagar and I was looking out for a home loan. One day I came across a person from Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. doing a marketing activity near my Business Premises. After that it struck my mind that I may require a home loan as my savings might not be sufficient to complete my house construction. So, I approached Muthoot for a home Loan. One thing what I liked about Muthoot ...
Same is the case with another Customer, Shantaraju. He also was working under someone and wanted to set up his own Silk Twisting machinery. Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. has helped Shantaraju set up his own business by providing home loan. Below is the picture of Shantaraju and his wife working on their Silk Twisting Machinery. Shantaraju , has set up his own business, employs 2 people, and earns a lot. Not only this, he pays his monthly ...
This is Sheshadri, who was working in a power loom. Although he had his dreams of setting up his own power loom, he didn’t have the sufficient capital to start up his own power loom. He approached Muthoot FinCorp Ltd. for a gold loan for this purpose and he was informed there about the home loan available from Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. He also got to know about the process and procedures of the housing finance ...
I am Kumar from ramanagar. I own a floor mill and I grow mulberry plants and I harvest cocoons. Everyone has their own dream of building a house. Even I had one to construct a house in my plot I own in ramanagar. I had a shortage of funds and even some relatives refused me to offer help. That time I went to Muthoot FinCorp Ltd. in search of a gold loan, and they told that Muthoot FinCorp Ltd. is ...
I run a chicken shop in Anekal. I always thought of expanding my business and wanted to open my own poultry farm. For this to come into existence, I needed some funds. My savings also was not sufficient. And one of my friend referred me to Muthoot Housing Finance Company Ltd. subsidiaries of Muthoot FinCorp Ltd. and asked me to go and enquire there for a housing loan. Thankfully, Muthoot Housing Finance Company Ltd. came to support me by offering ...
Why Choose Muthoot Blue for Self Construction Home Loan?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot FinCorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to the common man with Blue Soch. Hence, our loans for self construction are designed to help you get the loan amount easily and in the minimum time possible.
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
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