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Construction Finance objectives
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- Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority.
- Attractive interest rates that make your Loan affordable and easier on your pocket.
- Customised repayment options to suit your needs.
- Integrated branch network for availing and servicing the loan anywhere in India.
- Home Loans for construction of a bunglow the property can be in a cooperative housing society or privately owned.
- Multiple options: lending from leading financial institutes.
- Expert advisory & counseling for your loan, Innovative schemes, Doorstep assistance, Competitive & attractive interest rates.
- Repayment options to suit your requirement.The term/tenure of the loan will depend on age, retirement age & profile of the applicants & co-applicants.
- The tenure of the loan is also dependent on the customer's profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms.
- No hidden charges, No Foreclosure charges and No Pre part payment charges.
- Loan amount up to 80% of the cost of construction. As per the estimated cost of construction provided by architect.
- Option of Pre-EMI or a full EMI in case of under construction property.
- Type Of Rates Available Rate : Fixed, Semi Fixed, Variable/adjustable.
Construction Finance is a unique offering under which the Bank finances real estate developers for projects they are developing. This product comes with customized offerings built around real estate developer’s project acquisition and construction cost basis a detailed evaluation of the project by the Bank.
Features- Construction finance to developers who are developing affordable housing projects.
- Loans up to Rs 3 Crores depending upon Builder's Profile.
- Loans for up to 50% of the current land value.
- Flexible loan tenure to a max of 5 years.
- Customized loan options.
- Expert financial advisory based on detailed evaluation of the project.
Security & Title: Mortgage of the land over which the building is proposed along with super structure. Personal Guarantee of the Partners / Promoters Corporate Guarantee (if required).
- Minimum 3 years of business vintage.
- Minimum experience of completion of 2 projects in the past.
- Minimum booking of 15% out of the total units in the project.
- Minimum 15% of the construction should have been completed at the time of application.
- All the plans & permissions should be approved from Competent Authorities.
- Original registered title deed in your favour.
- Encumbrance certificate for the last 15 years.
- Legal opinion.
- Copy of approved plan.
- Tax receipts.
- Personal guarantee as recommended by Bank.
If the prior deed covers the same extent as bought subsequently by the customer, then such original prior deed will also be required
Purchasing a Flat from Builder
- Original registered sale deed for undivided share in favour of the customer.
- Original sale and construction agreement in favour of the customer.
- Original stamped receipt for the payments made to the builder.
- Encumbrance certificate for the past 15 years.
- Parent document copies for the past 15 years or reference of existing customer in the same project.
- Legal opinion.
- Copy of approved plan and floor plan.
- Personal guarantee as recommended by Bank.
- Buying a house on a resale basis.
Buying a flat on a resale basis
- Original sale agreement on a non-judicial stamp paper between the seller & the customer.
- Original title deed in favour of the seller.
- Original construction agreement in favour of the seller.
- Original stamped receipts given by the builder favouring the seller.
- Parent document copies for the last 15 years or reference of existing customer in the same project.
- Encumbrance Certificate for the last 15 years.
- Latest house tax receipt favouring seller.
- Original stamped receipt from the seller.
- Legal opinion.
- Copy of approved plan and floor plan.
- Evidence of handing over of possession by the builder to the seller.
- Personal guarantee as recommended by Bank.
- If the prior deed covers the same extent as bought subsequently by the customer, then such original prior deed will also be required.
Purchasing a property from Statutory Authorities
- Original allotment letter in favour of the customer.
- Copy of lease cum sale agreement.
- Original receipts for the balance amount.
- Handing over certificate.
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What People Say
Thank you very much Asset team for all your help! It was fast and convenient – as I could get everything online! You kept me in the loop and always provided a prompt response. I will have no doubt in using your services again, if I ever feel the need. Thank you again.
Came across AFC through my friend who suggested me AFC for my financial needs. Was very happy to see AFC website gave me a clear idea of the lone process and the representatives were help helpful too. Response time was commendable.