Composite Loans
Composite loan are loans which are given to an individual who plans to buy a plot on loan or to construct the home on the same within the specified time mentioned by the bank. Therefore a composite loan means that a loan that may provide you with loan to shop for a land, and additionally offer you cash for construction of a house.If you are one of those that believe in owning a place of your choice or which suits your taste, you need to buy and construct instead of an option for an apartment. Buying a home of another person’s choice must be difficult for you. If you are looking to build your own dream home then here are the required details for you with regard to your composite home loan requirements.
Types of Home Loan
These loans are offered to those borrowers who are looking for the purchase of either a house or a flat.
Home Construction Loans are specially meant for the construction of a new home. Here If, the plot on which construction is being carried out is purchased within a period of one year, then the cost of the plot is also included as the component for the valuation of total cost of the property. But in case the date of purchase exceeds one year to the date of application then the cost of plot is not included as the component for the valuation of total cost of the property.
Home Extension/Improvement Loans are offered to meet the cost incurred on extension/alteration of an existing house.
Home Conversion Loans are offered to those who want finance for the purchase of another home by swapping with the already existing home on which loan is already sanctioned.
Land Purchase Loans can be availed for purchasing new residential land/plot.
Bridge Loans are offered for selling the existing home and purchasing of another home. The bridge loan supports in the finance of new home, until a buyer is found for the old home.
Balance Transfer of the loan is shifting the balance of an existing home loan to another company may be at better rate of interest or due to some service issues
Land Purchase Loans can be availed for purchasing new residential land/plot.
NRI Home Loans are meant for Non-Resident Indians who wish to build or buy a home or property in India.
Key Features & Benefits of Composite Loans
- Rate of interest starts from 6.99% onwards for Composite Loans
- We help you acquire loans with less documentation.
- Loans can be acquired in 7 working days.
- We offer you doorstep services for your convenience.
- Customers can choose a bank of their choice to avail the loan.
- There are no hidden charges.
- We give our services very quickly.
- All types of after-sales services are also available, such as Take over, Top-up and Balance transfer, etc.
Frequently Asked Questions
Yes, subject to terms and conditions, you may have the option to switch between fixed and floating interest rates.
Maintaining a good credit score, stable income, and providing accurate documentation can enhance your chances of loan approval.
PMAY (Pradhan Mantri Awas Yojana) is a government scheme offering financial assistance for homebuyers. Eligible applicants can benefit from subsidies.
Yes, you can get pre-approved for a home loan, which helps in the home-buying process.
The required Proof of Income documents may vary, but providing comprehensive documentation strengthens your loan application.