Thinking of shopping for a plot and constructing your dream house on it? 🏡 Great plan! But if you happen to’re assuming the financial institution will fund 100% of your plot + building price, you is likely to be in for a shock. Full mortgage cash? That’s a delusion! 😅
In this episode, Sourabh shares his pleasure about shopping for a ₹1 crore plot and spending ₹1 crore extra on building—solely to study that the financial institution is providing simply ₹1.5 crores. Why? 🤔
We break down how banks really consider plot + building loans. While they do provide loans for each land and constructing, it comes with situations:
✅ You should begin building inside 6–12 months
✅ Loan is disbursed in phases, not as a lump sum
✅ Factors like your earnings, CIBIL rating, challenge price, and property valuation determine how a lot mortgage you really get
💡 Example: Even with a ₹25L earnings and a superb credit score rating (700+), you received’t get ₹1 crore for a ₹1 crore plot + ₹1 crore building plan. Banks sometimes lend 70–80% of the estimated worth—not the full price.
So if you happen to’re planning your dream house, plan your funds well! 💸
✅ Know your mortgage eligibility
✅ Prepare your downpayment
✅ Time your building proper
For extra actual speak on building, funds, and residential constructing 🧱 — observe Brick & Bolt!
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