Project Loan
Project Loan is the loan used by corporate or builders and developers for construction or developing the projects. It is given for both commercial and residential project. This product comes with customized acquisition, construction cost and detailed evaluation of the project. It requires collateral.
Funds obtained from a construction loan may be used for purchasing land, paying architects, contractors, and labor, purchasing building materials, paying for environmental inspections and building permits – basically, any legitimate expense associated with a real estate construction project.
Project Loan for Corporate
Project loan for corporate is being financed by some banks for long term infrastructure project like building staff quarters where banks finance in stages for constructing activity of staff quarter and allied expenses.
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Project loan for Builders
Project loan for builders/Developers is being offered by banks with customized basis after detail evaluation of the projects. It facilities enhancement of loan amount in the events of escalation in project cost. It is construction based finance and payment is made only for legitimate expenses towards Construction and approval activity.
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Benefits of Construction Loan
Low Processing Fees
The loan processing fees varies from 0.9% to 1.25% of the loan amount from bank to bank.
Interest Rate
The most important benefit of Construction Loan is lower rate of interest.
Repayment Tenure
The Key feature of Construction loan is Higher amount with long tenure.
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