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Composite Home Loan Bangalore | Apply Composite Home Loan online

Home Loan Bangalore is a service provider of composite home loan. If you are looking for a composite home loan, we will offer composite home loan at less rate of interest and very low EMI per month. If you need more information about composite home loan, just apply online or call us.

The composite home loan is provided by banks to the individuals who want to buy a piece of land and construct a house. This kind of loan is given to finance the cost against the land and construction of property on that particular land.

The composite Home loan is given to lenders not only for the land, but also for construction of house within a particular time frame. To explain this concept in detail, we can take the example of apartments and luxury villas. There are a number of builders in Bangalore who take composite loans against buying a land and constructing apartments on them.

Most of the banks offer affordable interest rates to fuel the activity in the real estate industry. Composite loans can even be availed by individuals who want to buy a plot and construct a house after a few years. Some lenders give Composite home loan Bangalore at competitive rates on the assurance that you will construct a house within 1 year.

If you are seeking for a composite loan to buy a plot and build a house, Home Loan Bangalore is the right place for you. Home Loan Bangalore is a service provider of composite home loan. If you are looking for a composite home loan, we will offer composite home loan at less rate of interest and very low EMI per month. If you need more information about composite home loan, just apply online or call us.

The repayment term can be anything from 1 to 20 years, but the house or apartment should be completed within one year. If you don’t want to construct a house immediately, you can opt for the same provided that you specify it in advance. The loan amount can be used to purchase land (non-agricultural) situated within the limits of municipal or local authority.

Loan Amount

The minimum amount of composite loan is 3 lacs and can even go to 1 crore, based on the value of land, tenure, age of the individual, etc. The total amount of loan also depends on the repayment capability of the borrower, age of the borrower, type of allotment, location of property and other income sources. The banks can give up to 90% of the property, including buying and construction. The total cost will not include stamp duty and registration cost, and can be paid later.

Age criteria

Residents as well as NRIs between 18-50 years are eligible for composite home loan. However, the term should not exceed beyond retirement age, i.e. 60 years.

Interest rates

The composite home loan interest rate is applicable to the Prime Lending Rate and it usually fluctuates from time to time. The bank will disperse a partial amount at the time of buying the plot and the remaining amount at the time of construction. However, the banks have to disburse the entire loan amount in a period of 2-3 years of sanctioning.

Tax liability

The interest that individuals pay for composite home loans can reduce their income tax burden. The loan taken for only land purchase is not eligible for tax exemption. Individuals are eligible for tax exemption only after completing the construction. Tax benefits can be availed for construction residential property, extending a house, renovating the house and other major repairs. The loan is usually released in instalments based on the progress of work. Borrowers are required to maintain the permitted margin money both at the time of buying the land and constructing the house.

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