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Housing.com
I own a plot of land. Will I get a loan to construct a house on it?

Yes, it is possible to get a loan for the construction of a house if you possess a plot of land.

Most of the top lenders in the country provide this variant of a home loan. However, before you apply for such a loan, you must check out details such as the time that will be needed to complete the project, the estimated increase in the rate of building materials over this tenure and the other cost factors.

Once your homework is complete, you can approach the various lenders and find out who is offering the best rates for such a loan. The tenure and the credit appraisal process, however remain the same as in the case of regular home loans.

The documentation process will also include the submission of property related documents in addition to the usual documents such as income statements and the likes.