Such a loan is essentially taken to do construction a plot owned by the loan seeker or funds are also granted for the extension/construction
Self Construction/Extension Features
- Loans available for constructing own house on a plot
- Loans to extend or add space to your home such as additional rooms, etc.
- Available for both existing and new customers
- Easy and Hassle free documentation and application processing
What is PMAY
- A credit linked subsidy scheme was launched in June 2015 under PMAY
- Housing for all , for the purpose of purchase / extension / construction or improvement of a house.
- Property to be built as per sanction plan/ by laws of stipulated sanction authority.
- Interest subsidy under PAMY scheme is subject to Regulatory Approvals
- It caters to :
- Economically weaker sections of the society (EWS) - Maximum Income : Upto Rs 3 lacs , Maximum Prperty area : NA
- Low Income groups (LIG) - Maximum Income : Upto Rs 6 lacs , Maximum Property area : NA
- Middle Income group I (MIG-I) - Maximum Income : Rs 6 lacs to Rs 12 lacs , Maximum Property area : 120 sq. mt.
- Middle Income Group II (MIG-II) - Maximum Income : Rs 12 lacs to Rs 18 lacs , Maximum Property area : 150 sq. mt.
Loan Details & Eligibility
20 YearsLoan Tenures (MAX)
325 sftMin Property Area
Age Limit (At the time of loan maturity)
- Salaried Individuals - 60 Years of age or retirement, whichever is earlier.
Min Age Criteria
- Income applicant should be min 21 years old
- Non income applicant should be min 18 years old
Max Loan Amount
Max Loan Tenor
- Up to 20 years
Max Loan Eligibility
|Loan Amount||Maximum Funding|
|Up to Rs 30 Lakhs||Up to 90% of the property's market value|
|Rs 30.01 Lakhs to Rs 75 Lakhs||Up to 80% of the property's market value|
|Above 75 Lakhs||Up to 75% of the property's market value
*Property's market value as assessed by Hero Housing Finance Ltd.
Proof of both identity, age, and residence (any combination that fulfills both.)
|S.No||Documents||ID Proof||Address Proof||Relationship Proof||Age Proof|
|1.||Aadhar Card/E Aadhar issued by UIDAI|
|4.||Driving License issued by the RTO|
|5.||Voter ID Card issued by EC|
Income (Only for salaried applicant)
- Last 3 months salary slip
- Last 2 years Form 16
- Bank statements for last 6 months reflecting salary credits
- Appointment letter with salary breakup if current employment is less than 1 year old
Details of current loans
- Bank statement reflecting last 6 months EMI payment/ SOA of running loans
Property related documents (If Property has been identified)
- Copy of the Allotment Letter / Buyer Agreement/Sale Deed
- Receipts of payments made to the Builder/ Developer/Seller
Fees & Charges
- Initial Money Deposit of Rs 2500 - Loan Amount < 30 L
- Initial Money Deposit of Rs. 5000 - Loan Amount >= 30 L
- Processing Fees on loan disbursal - 1% + GST (Initial Money Deposit is adjusted in this 1%)
Rate of Interest : Floating
- A) Individual Borrower(s) : Nil
- B) Non Individual Borrower : 2% + Applicable Tax.
- Prepayment/ part-prepayment shall be prefferred after 6 months from the date of first disbursement.
Terms & Conditions
Submission of all relevant documents as mentioned by HHFL in the sanction letter/ Loan Agreement; Clear, marketable title of the property in favour of the Borrower; All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favour of the HHFL as per the laws of the State.
|S.No||Document||Age Proof||ID Proof||Address Proof||Relationship Proof|
|1.||Last 2 Utility bills/Electricity Bills/Gas Connection/Telephone|
|2.||Consumer Gas connection card/passbook along with receipt for gas supply not older than two months with due entry for gas supply|
|3.||Certificate from the postal office confirming address of applicants either on letter heads or under office seal and signed by Post Master/Asst Post Master|
|4.||Original letter from Central /State Govt departments/defence dept or Public Sector Units/Banks/employer certifying the residential address of employee/applicant. Signature of the employee/applicant has to be attested on the letter head|
|5.||Quarter allotment letter issued by Central/State Govt. Dept/PSUs/RBI/SEBI/Public Sector/SIDBI/EXIM Bank. Letter to be on the letter head or under office seal with signature of issuing authority|
|6.||Registered leave and licence agreement along with utility bill not older than 2 months in the name of the landlord( Notarized agreement not accepted as address proof)|
|7.||Property tax bill along with receipt should not be older than more than one calendar year from the bill issuance date|
|8.||Water Tax bill along with receipt (not more than 6 months old)|
|9.||PAN intimation letter to be accepted for the first six months from the date of issue of PAN (Customer’s communication address visit is mandatory|
|10.||Secondary school leaving certificate/passing certificate issued by Examination board/university indicating date of birth (id proof if documents is with a photograph and should be accepted till the age of 25 years only|
|11.||Hand written ration card containing signature and stamp of the official authority|
|12.||Birth certificate issued by registrar of birth and death (municipal corporation or zila parishad, gram panchayat) or birth certificate issued by Private nursing home (Guardian account should be more than six months old ) confirming DOB, name of the child & guardian name|