Composite Home Loan| Site Loan +Construction Loan| Application process| Interest rate?

Описание: Educational only: This video is for information and my personal experience. It is not financial, legal, or tax advice. Please consult your bank, a registered financial advisor, lawyer, and tax professional before making decisions.

-definition: "Composite home loan" generally means one loan for both plot purchase and house construction, with stage-wise disbursement and a time-bound construction clause (often 24–36 months). Terms vary by lender.

Interest rates: Banks may price the plot and construction components differently. Some keep one rate initially but can reprice higher if construction is delayed. Always get the rate, benchmark (EBLR/RLLR), spread, and repricing conditions in writing in your sanction letter.

LTV and margin: Typical caps are lower for plot (around 70–75%) and higher for construction (around 80–90%). You must pay your margin/own contribution first. Exact eligibility depends on your income, credit profile, and lender policy.

Disbursement:
Plot: Your margin is paid first; the bank releases its share to the seller on registration via banker's cheque/DD or RTGS/NEFT.
Construction: Funds are released in stages after site inspections and engineer reports. Deviations from plan need bank approval.

Taxes (India): Tax benefits generally apply after completion/possession—Section 80C (principal) and Section 24(b) (interest). Pre-construction interest can be claimed in 5 equal installments starting the year of completion. Land cost itself doesn't get a deduction. Check current rules with your CA.

Documents: Keep KYC, income proofs, title chain and EC, approved layout/conversion, sanctioned building plan, permissions, and cost estimate ready. Bank will do legal and technical checks.

Regional/Bank differences: Policies, fees, timelines, and documentation can differ across banks and states. Verify specifics with your chosen lender (e.g., SBI, HDFC, ICICI).

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