Hero Housing Finance Home Construction Loan

A Hero Housing Finance construction loan is a financial product designed to help individuals build their dream homes. The bank ensures a streamlined and efficient loan process, offering competitive interest rates and flexible repayment options to suit diverse financial needs. However, it is important to understand all aspects of Hero Housing Finance house construction loan, helping you make a more informed decision. Whether you're a first-time home builder or looking to upgrade your current residence, this comprehensive guide will help to make your home construction journey less difficult. We cover details such as the Hero Housing Finance construction loan interest rate, eligibility criteria, required documents, associated fees, and more. Let’s scroll down.

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Table of Content

1. Hero Housing Finance Construction Loan Highlights

2. Hero Housing Finance Construction Loan Interest Rates

3. Hero Housing Finance Construction Loan Fees and Charges

4. Hero Housing Finance Construction Loan Eligibility Criteria

5. Hero Housing Finance Construction Loan Documentation

6. Features of Hero Housing Finance Construction Loans

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Hero Housing Finance Construction Loan – Highlights

Here are the important parameters of a Hero Housing Finance construction loan:

Rate Packages	Fixed/ Floater
Loan Amount	Up to INR 3 cr, subject to the property price
Loan Tenure	30 years or 70 years old, whichever comes earlier
Eligibility	Applicable to both salaried and self-employed individuals

Hero Housing Finance Construction Loan Interest Rates

Here are the expected Hero Housing Finance construction loan interest rates:

Customer Segmentation	Rate of Interest
Salaried individuals	Begins at 9.50% per annum
Self-employed individuals	Begins at 9.50% per annum

Hero Housing Finance Construction Loan Fees and Charges

Here are the expected fees and charges of a Hero Housing Finance house construction loan:

Fee/Charge	Amount
Processing Fee	Up to ₹5000 + Taxes
Prepayment charges	Nil
Late payment penalty	2% per month on the default EMIs
Statutory Charges	As per the state law

Hero Housing Finance Construction Loan Eligibility Criteria

Here are the expected eligibility criteria for a home construction loan from Hero Housing Finance:

Age: You must be between 21 and 70 years old.
Income Requirement: You must earn a regular monthly income sufficient for the loan repayment.
Credit Score: You must have a good repayment history and a positive credit score, preferably 700 or above.
Nationality: You must be an Indian citizen.

Hero Housing Finance Construction Loan Documentation

Here are the expected documentation for a house construction loan from Hero Housing Finance:

Identity Proof: PAN card, passport, election ID, aadhar card, or driving license.
Address Proof: Aadhar card, driving license, election ID, or passport.
Income Proof: Last 2 months’ salary slips, 1 year’s IT returns/Form 16, and 3 months’ bank statements; self-employed applicants must provide documents verifying their business existence.
Existing loans Proof: A bank statement showing the last six months’ EMI payments or a Statement of Account (SOA) for ongoing loans (if applicable).
Property Proof: Title deed, sale agreement, approved building plan, encumbrance certificate, etc.

Features of Hero Housing Finance Construction Loans

Here are the expected features of a Hero Housing Finance construction loan:

Flexible loan amounts
Customisable repayment options
Competitive interest rates
No prepayment penalty
Quick fund disbursement