Indusind Bank Construction Loan

The sight of your dream home taking shape in front of your eyes in brick and mortar makes for a memory to cherish. You can make this happen with an IndusInd Bank construction loan. A loan amount of 2 crores or more is disbursed by the bank to help you build your house on a freehold plot.

IndusInd Bank house construction loan offers many benefits, like competitive interest rates, low EMIs, and a quick turnaround for loan processing. 

IndusInd Bank Construction Loan Interest Rates 

The table below offers quick insights into the IndusInd Bank construction loan interest rates and other features.  

IndusInd Bank Construction Loan: Fees and Charges

IndusInd Bank home construction loan approval entails a few charges related to loan processing (up to 2% of loan value subject to a minimum of Rs. 5000), documentation (case basis), and stamping (as per State’s Stamp Act). Loan-related services attract a Goods and Services Tax (GST) of 18%.

IndusInd Bank Construction Loan Eligibility Criteria for Salaried Applicants

Salaried applicants have to fulfil the following criteria to qualify for a home construction loan from IndusInd Bank: 

• Eligible Candidates: Salaried Employees of Government or Reputed Companies
• Age Limit: 24–60 years
• Minimum Monthly Income: As specified by the lender.
• Minimum Work Experience: 3 years
• Residential Status: Indian/NRI

IndusInd Bank Construction Loan Eligibility Criteria for Self-Employed Applicants

Self-employed applicants meeting the following criteria are eligible for a house construction loan from IndusInd Bank. 

• Eligible Candidates: Doctor/Engineer/CA/CS/Self-employed Non-Professionals filing ITR
• Age Limit: 24-70 years (Professionals); 24-65 years (Non-Professionals)
• Minimum Income: As specified by the lender
• Minimum Business Age: 3 years
• Residential Status: Indian/NRI 

IndusInd Bank Construction Loan:  Documents Required For Salaried Applicants

Salaried applicants need to submit the following documents:

• Identity Proof: PAN Card, Aadhar Card, Valid Passport, Voter ID, Driving License, or NREGA Card
• Address Proof: Passport, Driving License, Aadhar Card, Voter ID, NREGA Card
• Income Proof: Last 3 months’ salary slip or salary certificate on the Company’s letterhead, signed by an authorized signatory, Form 16; Last 3 months Bank Statements
• Property Documents: Proof of land Ownership/Approved Plan’s copy

IndusInd Bank Construction Loan:  Documents Required For Self-Employed Applicants

Self-employed applicants can avail of a plot plus construction loan from IndusInd Bank by furnishing the following documents: 

• Identity Proof: PAN Card, Aadhar Card, Valid Passport, Voter ID, Driving License
• Address Proof: Passport, Driving License, or Aadhar Card
• Income Proof: Business and Individual ITR (Income Tax Return) and Audited Financials for the last 2 years or 6 months Bank Statements for the business or operating account of the firm
• Property Documents: Proof of land Ownership/Approved Plan’s copy

Features of IndusInd Bank Construction Loans

IndusInd Bank offers the following features to its borrowers:

•  High Loan Amounts > 2 crore.
• Low Loan Processing Turnaround of 3 Years
• Available for applicants with varying credit scores
• Available to new as well as existing customers