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Types of home loans: #3 Home-construction loan

Types of home loans: #3 Home-construction loan

Saturday, September 16, 2017, 4:08 PM

Financial institutions issue home loans to applicants who want to construct a house on a plot owned or co-owned by them. The loan application and approval process for home-construction loans are different in certain aspects than from the commonly available housing loans. The plot or land should have been bought within a year to avail the loan.
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