Construction refinance is a financial solution sought by individuals who encounter unforeseen costs during the construction of their homes, which were not initially budgeted for. In such cases, some individuals may opt for a local finance option or a personal financial service to address immediate financial needs, usually at higher interest rates.
However, this financial burden can be alleviated by considering construction refinance from a bank or Non-Banking Financial Company (NBFC) within six months of completing the construction.
Tax Benefit : Tax benefit can be availed.
Opting for construction refinance allows borrowers to benefit from home financial service interest rates as they are treated as home financial service and all clauses remain same as home financial service.
When it comes to construction refinance, by understanding the potential risks of seeking additional finance from local finance or personal financial services at higher interest rates, you can make informed decisions to optimize your financial strategy.
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