Under land +Construction /ELCC scheme people can avail the financial service for the maximum period of 30years and with home financial service rate of interest.
Once the plot is registered, client will have enough time to get the approved plan and construction estimate. After which bankers will start releasing funds based on the stage of construction.
Tax Benefit : Tax can be claimed after completing the construction.
Normally banks fund 80% of the construction estimate/cost, but certain banks that can fund even 100% of the estimate/cost.
Since it’s a home financial service there won’t be any part /prepayment penalty.one can opt for pre emi/emi for the fund released or the emi for the entire financial service amount.
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