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A Home Construction Loan is more than just a financing option; it is a tool to support individuals looking to build their dream home from the ground up. Unlike regular home loans for buying ready-made homes, DMI Housing Finance’s Home Construction Loan is designed to fund each step of building your house. With funds released at different construction stages, this loan ensures you have what you need as your home takes shape. From the first brick to the final touches, it’s a simple and steady way to bring your dream home to life. The loan amount ranges from Rs.2 lakh to Rs.75 lakh, with a flexible repayment tenure of up to 30 years and starting interest rates of 9.50%. A co-applicant is necessary to apply.
Everyone deserves a chance to own their dream home, regardless of job type or tax status. We have created flexible eligibility criteria to support various individual needs.
Age: 21 to 65 years
Eligible Employment Types: Private, Government, MNC, and contractual employees
Minimum Monthly Income: Rs. 10,000
Loan Tenure: Up to 30 years
Age: 21 to 65 years
Loan Amount: Up to Rs. 15 lakh
Minimum Monthly Income: Rs. 10,000 onwards
Loan Tenure: Up to 30 years
Age: 21 to 75 years
Eligible Applicants: Business professionals and non-professional individuals file ITR.
Minimum Monthly Income: Rs. 10,000
Loan Tenure: Up to 30 years
Eligibility Based On: GST Turnover
Age: 21 to 75 years
Eligible Applicants: Business professionals and non-professionals do not file ITR.
Minimum Monthly Income: Rs. 10,000
Loan Tenure: Up to 30 years
Eligibility Based On: Banking churning and average daily bank balance
Get all the answers to your top Home Loans FAQs with DMI Housing Finance
Yes, DMI Housing Finance provides a Home Construction Loan to build a home from the ground up at competitive interest rates for up to 30 years.
DMI Housing Finance takes only the interest part during the construction period, and after the total disbursement, a complete EMI will start every month.
Yes, a home construction loan is eligible for tax exemption. If you have completed the construction, you can claim a tax deduction of Rs. 1.5 lakh under section 80C. Under Section 24(b), you can claim up to Rs. 2 lakh on interest paid for a self-occupied property, and there is no limit for a let-out property. Additionally, suppose you are a first-time homebuyer, and your house qualifies under the affordable housing category. In that case, you may claim up to Rs.50,000 per year under Section 80EE until the loan is fully repaid.
A construction loan is explicitly provided for building a home from the ground up, whereas a home loan is for buying an under-construction or ready-to-move-in home.
No, it is not essential, but having a good credit score is important when taking out any loan. A higher credit score increases your loan approval chances and can help secure better interest rates.
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