Can bank give full loan amount or is there any stages to get approved amount for construction?

Hi Anil, I am a salaried employee and my wife also salaried employee.
Q.No.1. If i we want buy 20lakhs site , how much loan amount we can get it? And is it covered under home loan or personal loan?
Q.No.2. If we have the 15lakh valuable site , to construct 2 floor house , howmuch loan amount we can get ? I understood the loan eligibility net salary multiplied by 60. But is there any restriction to get the loan based on the site also? Suppose if we go as co applicant is it eligible loan amount as ( my salary 60000/- & my wife salary 35000/- ) 6000060 +3500060= 5700000/-. ?
Q.No.3. to construct the house can bank provide at a time loan amount or is there any stages to get the approved amount?
Kindly provide me your valuable answer.

Thanks!!

Hi Hrushi,

  1. You can get 80% of the total price of property (Sale price of property + government stamp duty). Make sure that you have 20 Lakh written on sale deed. Normally, people just write the minimum amount on registry papers to avoid stamp duty. If this amount (that you write on registry papers) is less than 20 lakh, then, bank will ONLY consider this amount on paper.
  2. Loan eligibility is calculation multiplied by 60 is correct for the maximum amount that you (as a family) are eligible for.
    BUT, bank cannot pay you more than 80% of total purchase price of property either. So, 80% of 15 lakh is 12 Lakh, which is less than your eligibility (57 Lakh). Bank will have no issue in giving you 12 lakh as loan.

Please note that bank also do their own site evaluation for the price.
If their property analyst finds that the value is only 14 lakh, then they will pay 80% 14 lakh only.
3. Bank’s these days give loan based on construction stages. They try to avoid giving full amount at starting to avoid fraud.