Property

You have to first own the land on which you will construct the home. The loan is not given in full and is instead given as per requirements.

Employment

Indian citizens, both salaried or self-employed, can apply for a loan to buy a plot and then build their dream home

Age

You need to be at least 21 years of age when applying for a home loan for self-construction. You should be 65 years or less at the time of loan maturity.

Location of Property

The plot you purchase should be in a city with an MHFL office and lie within the branch’s geo-limits.

Others

You should have a bank account. All owners of the property being financed and all individuals whose income has been considered for the loan have to be co-applicants to the loan.

Provide the Documents

When taking a plot plus construction loan, you have to provide documents for proof of identification and address. You will also have to provide ownership of the plot after purchase. Other requisite documents are KYC and bank/ITR statements.

Complete the Loan Application Process

You can take the loan as an individual or as a joint loan with a spouse, adult child or parent. If there is a co-owner of your first home, they should be co-applicants to the loan. Our customer care executives are always happy to help you correctly complete the loan application process.