Home Construction Loans

A home construction loan is an HomeFirst flagship product, designed to help you construct your own home.
If you have a plot of land and want to build a house to your own specifications, this product is ideal for you. Choose this type of loan if you want to renovate or remodel your home in any way.

The loans include funds to start new construction, to complete unfinished construction, or for any renovation works. HomeFirst finances up to 85% of the total construction cost.

Our application process is very easy. Fill out the form, and one of our relationship managers will get in touch with you to get all your details.

Your eligibility depends on various factors such as your current family income, credit history & existing financial obligations (if any). Use our home loan eligibility calculator to know your eligibility. Or leave your contact details on the website & we will show you a way forward.

Depending on the EMI amount that you can afford every month, a tenure is fixed for you by our relationship managers. To get an idea of what your loan with HomeFirst could look like, you can use our handy EMI calculator.

At the time of your loan approval, you are required to fill out an ACH form, to allow the EMIs to be directly deducted from your bank account at a fixed time every month. All you need to do is ensure that your account has sufficient balance, and we will take care of the rest.

Your EMI is calculated based on the rate of interest charged to you at the time of application. We have two types of rates: fixed and floating, and this factors into the EMI amount you have to pay each month. To get an idea of what your EMI may look like, use our handy online calculator.

We have simplified the loan application process considerably. To find a full and comprehensive list of documents that we require and accept, please check this article.

Monthly EMIs are your only obligation and it’s the foundation of your loan repayment. However, we encourage our customers to prepay their loans faster so that they can reduce their principal borrowed amount and save on interest in the long-term. Calculate how much you can save with our special Auto Prepay scheme.

No, you do not require a guarantor to apply for a home construction loan.

Yes, we support and encourage co-applicants for our loans. During the application process, please provide all the relevant documents of your desired co-applicants along with your own.

A spouse or a blood relative can be a co-applicant for your home construction loan.

There are various tax benefits available to customers with home constructions loans, under the Income Tax Act Sections 24 and 80C. According to the IT Act, the process of construction is divided into phases, and different rules are applicable in each phase. Please consult with a chartered accountant or a tax specialist for more details.

We do consult credit scores, but each of our customer applications are handled individually and personally. So long as we can be assured that you will be able to pay the EMIs regularly, we encourage you to apply for a home loan with us. The advantage of dealing with HomeFirst is that we consider each applicant personally, and not the basis of numbers alone.