FAQ
You Ask, We Answer!!!
Constructing a house yourself is better than buying a ready-made one, because we can build our home to suit our own taste, budget and of course in good quality. If you go for a ready-made one, it is constructed according to the owner’s taste, budget, their location preference and family needs.
People generally look for a ready-made home because of the apprehensions and difficulties they may face during construction, but if you have a good contractor service, it is always better to build your dream nest yourself.
Yes, you will get a home loan for constructing a house, just as you would for buying an apartment or a villa. You can apply for a home loan from any leading bank in two ways – either before purchasing the property to construct the house OR after you purchase a plot in your name – depending upon what stage you are in.
The situation of tax benefit gets complicated only when you purchase a plot and do not construct a house in the next 3 years. In other words, if you take a home loan and do not construct the house in 3 years’ time, you will lose the status of a home loan.
Primarily the legal approval that is required for constructing a house is the approval that is taken from the local self government body, which is a Panchayath, Municipality or a Corporation as the case might be. It is decided based on the local body under which the property falls.
Construction is a combination of multiple service elements. It involves careful planning of the usage of hundreds of building materials and the services provided by multiple individual contractors. The quality of the construction is actually dependent on all these major and minor factors, due to which there has to be a clear-cut planned approach in the usage of these elements.