Hero FinCorp Home Construction Loan

Hero FinCorp Construction Loan is designed to finance the construction of a new home, covering costs such as labour and materials. This loan is disbursed in stages that are aligned with construction progress. During construction, borrowers may only need to pay interest on the borrowed amount. Once construction is completed, the loan converts into a standard mortgage. 

Hero FinCorp Construction Loan Fees and Charges

Hero FinCorp’s construction loan interest rates are the only fees you have to pay on the loan:

Hero FinCorp Construction Loan Eligibility Criteria for Salaried

Here’s a list of the eligibility criteria for salaried individuals applying for a construction loan with Hero FinCorp:

• Minimum age of 21 at application and a maximum of 65 or retirement age at loan maturity.
• At least 1-2 years with the current employer and several years of overall work experience.
• Minimum required net monthly income, with variations based on location.
• A good credit score is generally 750 or higher.
• Manageable debt-to-income ratio, considering all existing financial obligations.
• Necessary property documents, including approval plans and proof of no encumbrances.
• Required identity and address proofs, such as PAN and Aadhaar.
• Employment verification documents.
• Depending on the loan amount and risk assessment, additional criteria or guarantors may be required.

Hero FinCorp Construction Loan Eligibility Criteria for Self-Employed

Eligibility criteria for self-employed individuals seeking a construction loan from Hero FinCorp:

• Age 21 at application to 65 at loan maturity.
• Minimum of 3 years in current business.
• Stable business income is verified by financial statements and tax returns.
• A credit score of 750 or higher.
• Manageable debt-to-income ratio.
• Required property and legal documents.
• Valid identity and address proofs.
• Proof of business existence and operation.
• Possible need for additional criteria or guarantors based on risk assessment.

Hero FinCorp Construction Loan Documents Required for Salaried

Here’s a list of documents for employed persons applying for a construction loan from Hero FinCorp:

• Completed loan application form
• Recent passport-sized photographs
• Identity proof (e.g., PAN or Aadhaar)
• Address proof (e.g., utility bills, passport)
• Latest salary slips (last 3 months)
• Form 16 and/or latest Income Tax Returns
• Bank statements (last 6 months)

Hero FinCorp Construction Loan Documents Required for Self-Employed

For self-employed individuals applying for a construction loan from Hero FinCorp, here’s a list of the required documents:

• Loan application form fully filled.
• Recent passport-sized photos.
• Valid ID proof (e.g., PAN card, Aadhaar card).
• Proof of residence (e.g., recent utility bill, passport).
• Business financial statements for the last 3 years.
• Recent Income Tax Returns.
• Bank account statements from the last 6 months.
• Property ownership documents (title deed, approved plans).
• Additional documents as specified by Hero FinCorp.

Features of Hero FinCorp Construction Loans

Here are the features of Hero FinCorp construction loans:

• Flexible Loan Amounts: Tailored funding for various property types.
• Competitive Interest Rates: Rates based on credit profiles and loan specifics.
• Wide Property Coverage: Includes Lal Dora, Freehold, and more.
• Quick Loan Approval: Potential 48-hour turnaround, subject to conditions.
• Minimal Documentation: Streamlined application process.
• Customised Repayment: Flexible options that match the borrower’s financials.
• Doorstep Service: Convenience with document collection and more.
• No Pre-Payment Penalty: This applies to floating rate loans for non-business purposes.