Loans for construction of Individual Home from Mohan Finserv
Are you ready to build your dream home on your own plot of land in Chennai but need financial assistance to get started? Mohan Finserv provides comprehensive home construction loan solutions tailored to your needs. Our expert team guides you through each step, ensuring a transparent and hassle-free loan process from application to disbursement.
Loan Process and Procedure for Construction of Individual Home
Initial Consultation and Loan Assessment:
The process begins with a consultation where we assess your financial profile, discuss your construction budget, and explore loan options suitable for your project. This involves an initial check of your credit score, existing liabilities, and income level to determine your eligibility.
Application Submission:
Submit the completed loan application along with necessary documents, including proof of identity, address, income (salary slips or income tax returns), recent bank statements, property ownership documents, and a detailed construction plan approved by the local municipal authority.
Technical and Legal Verification:
Our team at Mohan Finserv conducts a thorough verification of the property documents and construction plan. This step includes a legal assessment to confirm property ownership and a technical appraisal to evaluate the construction plan’s feasibility and cost estimation.
Loan Approval and Sanction Letter:
Once all checks are complete, the loan application is approved, and a sanction letter is issued. This letter will outline the loan amount, interest rate, repayment tenure, and any specific conditions associated with the loan.
Stage-Wise Disbursement:
Home construction loans differ from standard home loans in that they are disbursed in stages, aligned with the progress of the construction. Each phase of disbursement follows an inspection to ensure that the funds are used as intended and construction milestones are met.
Loan Agreement and Signing:
After reviewing and agreeing to the terms of the loan, you’ll sign the loan agreement. This legally binding document finalizes your loan, outlining repayment schedules and conditions.
Construction Monitoring and Disbursement Continuation:
As construction progresses, Mohan Finserv conducts periodic checks to monitor the project and release subsequent funds. This ensures that your project stays on track financially and structurally until its completion.
Why Choose Mohan Finserv?
Dedicated Construction Loan Expertise:
Our specialized team provides step-by-step guidance through the loan process, helping you manage the unique requirements of a construction loan.
Flexible Disbursement Plans:
We offer stage-wise fund releases tailored to the needs of your construction project, ensuring smooth cash flow during the building process.
Comprehensive Support:
From document verification to monitoring the progress of your project, we’re with you every step of the way.
Competitive Interest Rates and Custom Repayment Options:
Enjoy attractive interest rates and the ability to choose repayment plans that suit your financial situation.
Build your dream home in Chennai with confidence and financial backing from Mohan Finserv.
With our reliable and transparent process, you can focus on creating a space that meets all your needs, knowing that your financing is in expert hands