How to plan for Construction Home loan?
Hy folks, I need to get a home loan for construction of house soon so wanted to ask for thoughts and experience from you guys in order to better and sound decision.
Background: I just recently paid off my relatives for complete possession of family property. So now I have the a old house over land in city and we are planning on construction of house on it.
I have few questions regarding this, pls share your thoughts
- How much loan should I take for construction of decent modern 4bhk house?
- What needs to be done before getting this loan? Do I need to save some amount?
- Is it a right time to go for house loan? I think PNB is giving loan at 7.5 %
I am thinking around 50-60 lakhs will required for construction but not sure.
Other details: 24, M 3L pm Have a car loan: remaining 6L @ 7.85% Have some saving in MF/Stocks/ FDs : 27L
Thanks!
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Before reaching out to the bank, you need to get a plan sanctioned by an architect. Identify a contractor and take estimated cost.
The bank will ask these two things before sanctioning a loan.