Banks design different products for different needs of customers which are based on specific needs of ones requirement. It is believed that Construction loan is the product that suits best to the customers who are looking to avail loan on the property or vacant land to start construction. The property can be a constructed house on which developments are proposed or can be an open land. To avail the loan the customer’s needs to undergo a very simple process which will give the loan required by the customer?
The customer needs to avail all the required permissions from the concerned departments before applying a home loan. The required permissions are Plan of Construction from the municipal authorities and land regularization approvals if the land is not regularized or falls under Gram Panchayats. Once the approvals are availed a construction agreements is to be executed in favor of the Builder if the construction has been given on contract, if it’s a self construction then there is no need of any agreements just the property documents will suffice the requirements.
The customers need to submit all his Personal documents which proves his/her identity and provides information about the residential address and income documents which authenticate the monthly salary received from the employer and the form-16 which gives the details of the tax deducted by the employer from the customer’s salary.
All the personal documents along with property documents on which the construction being done need to be submitted in the bank of which verifications are done and post satisfactory verification the loan will be disbursed. The property on which the construction is being done can be a registered property on customer’s name or his/her parents name. Customer by making his/her parents as co-applicant in the home loans application can avail the construction loan. Tax exemptions US 80© of Income Tax are applicable on the principal and interest components of the loan.
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If you are looking for home loans then you need to confirm that you are the right candidate to get the construction loans and can meet the remodeling cost. Furthermore, a lot of companies require that you are the owner of your home and you need to give evidences to proof your statement. These are some of the recommendations that you need to follow Mortgage companies in Houston
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