The biggest advantage of a home construction loan is the lower interest rate and longer tenure. Currently the home construction loans have interest rates ranging from 8% to 12% with tenure to a maximum of 20 years.

You must have a regular source of income to avail a loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.

You can reduce the EMI for a loan by improving/maintaining a credit score over 750. If you have a good relationship with the bank, you can negotiate for a better interest rate or a relationship discount.

Meet with your MidCountry Mortgage construction loan adviser to complete an application and to discuss the best construction option for you. Be prepared to provide documentation.

Top-up is a provision that helps you adding a certain amount or topping up some amount in your existing home loan amount.

Those who already have a home loan, home improvement loan or a home extension loan can apply for it.

In simple terms, a home loan is a loan taken to buy or construct a new home – i.e. the property is not owned by the loan applicant. A mortgage loan, also known as a loan against property, is a loan secured by a property that the loan applicant already owns.

Professional loans are personalised credit offerings for working professionals such as doctors and chartered accountants who need funds to expand or start their practice. These loans are tailor-made to suit the financial needs of these professionals, such as for clinic expansion or to start a new office or branch.

Technically called “takeover of loan”, transferring a loan means approaching a bank and asking it to issue a loan amount that is the outstanding amount with the current bank, repaying to the current bank and continuing the loan with the new bank. You will benefit from the lower interest rates or lower EMIs.