With the present prices in most areas being extremely high, owning a property is extremely tough. If one is able to find and afford a home, he or she will feel fortunate. However, other people build their own fortunes by purchasing a plot of land and building the home of their dreams, complete with all the facilities they desire.
Despite the fact that an individual has the required funds for purchasing the plot of land, they could not come up with sufficient funds to build a house; therefore, from where will they acquire the funds to begin with? In the next paragraph, we compare the two lenders who provide personal loans to assist people looking to construct their own buildings.
You may think, with a little income it should not be a good idea to start the construction work of your own home. In this way, the years will pass cyclically but you will not be able to start your construction work. The market price of building materials and construction workers will also rise day by day. So, ultimately you will be in a more tough situation in the upcoming days.
The better solution at this moment would be to take out a personal loan and start your construction work. So here I’m going to suggest two names that may be the best solution for your specific need. Faircent and Money View may be the best friends in such a situation.
Let’s have a look at the features of these loan Options
|
Minimum Salary |
25001/-Per Month |
15000/- Metro City 13500/- Non Metro City |
|
Rate of Interest |
25% to 30% (Reducing) |
16% to 36% (Reducing) |
|
Loan Amount |
Rs.50k- to 10 Lac |
Rs.5,000 – Rs.5 Lakh |
|
Processing Charge |
6% To 8% |
1% to 3% |
|
Loan Tenure |
3 Month to 36 Month |
1 Month to 60 Months |
|
CIBIL Score |
625+ |
550+ |
|
Location |
PAN India |
PAN India |
|
Applicant Age |
22 Year to 57 Year |
21 Year to 57 Year |
|
Minimum Job Experience |
3 Months |
3 month |
|
Current Employer Business Vintage |
3 Month Salary credit in ac |
3 Month Salary credit in ac |
|
Part Payment Allowed |
After 3 months NIL Charge |
No |
So, as per the comparison table, you can decide which option will best meet your home construction needs.
Conclusion
Here you can find basic information about the loan tenure, amount, interest rate, processing charge, etc. Once you check the comparison table, you will realise what would be the most suitable option according to its interest rate and tenure. No one knows better about your pocket condition than you, so the final decision will finally depend on you.
Faircent provides an interest rate ranging from 12 to 28% on the personal loans you take out.
Yes, your credit check is a significant factor when considering whether you’re eligible for a personal loan or not.
The Faircent team attempts to make your loan available within two to seven days of receiving your application. Anyway, the loan will not be granted until it has received at least 75% funding. This could take anything from 2 to 15 days.
Yes, physical proof is required.
Because Faircent loans are fully online, they ask for at least four recommendations, either personal or professional, in order to check your identification, purpose, eagerness, and potential for seeking out and repaying the money being borrowed.
No, Moneyview is not offering many loans at the exact same time. You have the option of paying the current installments and starting a new loan at any moment you wish.
The Moneyview fast personal loan can be repaid in EMIs. When you request a loan through the application, you will automatically be given permission to debit the EMIs straight from your banking account.
Faircent is a peer-to-peer lending platform; thus, there will be no bank mediation.
No, Faircent isn’t yet running any such policies.
Yes, you would be charged Rs. 500 by the Faircent.