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:
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
- 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:
You can call our toll-free number 1800 102 1616 and talk to our customer care executive for details to get started
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!
Blue Soch Stories
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 +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.