Tips For Home Loan Under-Construction Projects
If you want to take a home loan for under-construction projects, there are several things you should be aware of before you apply for a home loan at low-interest rates with the concerned lender. As having the knowledge of these factors will benefit you in the long run as well as the future prospect of your property when you resale it.
Usually, lenders sanctions home loan to the builder directly after assessing their creditworthiness and checking whether they have the commencement certificate with them or not. Not having this certificate will allow the lender to not give the loan to your builder. Before making any investment in property, you should be very well aware of certain things like what is the real worth of your property in your location and what price the builder is quoting to you. Also, analyze its resale value when you plan to sell off your property and buy a new one. Make sure that the property should be easily accessible for the buyer who buys it.
Always try to keep a regular check on the builder with whom you have signed an agreement for your ongoing under-construction project and also make a good contact with them to quote the best property price to you while negotiating for the property’s price.
Additional Reading:- Home Loan for Under-Construction Projects: Tips To Remember
Usually, lenders sanctions home loan to the builder directly after assessing their creditworthiness and checking whether they have the commencement certificate with them or not. Not having this certificate will allow the lender to not give the loan to your builder. Before making any investment in property, you should be very well aware of certain things like what is the real worth of your property in your location and what price the builder is quoting to you. Also, analyze its resale value when you plan to sell off your property and buy a new one. Make sure that the property should be easily accessible for the buyer who buys it.
Always try to keep a regular check on the builder with whom you have signed an agreement for your ongoing under-construction project and also make a good contact with them to quote the best property price to you while negotiating for the property’s price.
Additional Reading:- Home Loan for Under-Construction Projects: Tips To Remember
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