Construction Finance in Mumbai for Builders & Developers
Construction Finance is a specialized loan that is designed to provide funding for the construction or development of real estate projects. Whether you are a builder or a developer, this type of financing can help you achieve your goals and complete your projects on time. Avail upto ₹200 Cr with construction finance.
At Advit Realinfo Pvt Ltd, we recognize the importance of timely completion of construction projects, and we offer specialized Construction Finance solutions to help our clients achieve their goals. With our expertise and understanding of the real estate market, we can provide customized financing solutions that are tailored to your specific needs.
Whether you are looking to construct a residential or commercial property, we can provide you with the funding you need to turn your vision into a reality.
Construction Finance Use
- Construction Costs: The loan can cover the entire cost of construction, including materials, labor, and professional fees. This allows you to focus on completing your project without worrying about financing.
Expansion: Construction finance can be used to expand your business by taking on more projects simultaneously or increasing your capacity to work on larger projects.
Working Capital: The loan can provide you with the necessary working capital to keep your business running smoothly, ensuring that you can continue to grow and take on new opportunities.
Modernization: With construction finance, you can upgrade your existing properties to meet the latest standards, making them more appealing to potential buyers or tenants.
Eligibility Criteria for Construction Finance
Project Approval: The developer must have obtained all the necessary approvals and clearances from the relevant authorities for the construction project.
Land Ownership: The developer must have clear ownership of the land on which the construction will take place.
Experience: The developer must have at least 3 years of experience in successfully completing similar construction projects or developed 2 Lakh sq. ft.
Financial Strength: The developer must have a strong financial track record with a Positive PAT (Profit After Tax) for the last 3 years. Demonstrated ability to service the loan is required.
Collateral: Adequate collateral must be provided to secure the loan, with up to 60% of the project’s security eligible for funding (based on profile).
Legal and Technical Due Diligence: The project must undergo legal and technical due diligence by the lending institution to ensure compliance with all regulatory requirements.
- Creditworthiness: Promoters must have a minimum CIBIL score of 650 or higher.
- Borrower Types: Borrowers can include Proprietorships, Private Limited Companies, LLPs, and Partnerships.
- CIDCO/MHADA Compliance: For projects under CIDCO or MHADA, lease deeds must not be older than 3 years and should include a mortgage clause.
- Promoter Contribution: The promoter must provide a margin upfront in proportion to the disbursement of the loan.
Documents Required for Construction Finance
Loan against Property is a secured loan that allows you to borrow money against the mortgage of your residential or commercial property. It is a great option to raise funds for personal or business needs. However, before you apply for a Loan against Property in Mumbai, you need to ensure that you have all the necessary documents in place. Let’s discuss the documents required for a Loan against Property in Mumbai.
Project Documents:
- Approved building plan
- Land title documents (sale deed, property card, etc.)
- NOC from the local authority
- Commencement certificate
- Building completion certificate (if available)
- Copy of the registered development agreement with the landowner
- Title Research Report
- IOD (Intimation of Disapproval)
Financial Documents
- Audited financial statements of the developer firm for the last 3 years
- Income tax returns of the developer firm for the last 3 years
- Bank statements of the developer firm for the last 12 months
- Details of any existing loan facilities availed by the developer firm
Personal Documents
- KYC documents (ID proof, address proof, etc.) of all directors/partners of the developer firm
- PAN card of the developer firm
- Photographs of all directors/partners of the developer firm
- Cibil Report
Other Documents
- Form 3
- Feasibility Report
- Legal opinion on the title of the property
- NOC from the society (if applicable)
- List of contractors/suppliers/vendors involved in the project
It is important to note that the documents required may vary depending on the lender and the loan amount. Therefore, it is advisable to check with the lender about the specific documents required for the loan.
At Advit Realinfo Pvt Ltd, we provide hassle-free and quick services in Mumbai. Our team of experts will assist you throughout the loan process, from documentation to disbursal of funds, including document verification and submission.
Contact us today to apply for Construction Finance and fulfill your project’s financial needs.
Why Choose Us?
Get Help from a Professional
Navigating the complexities of construction finance can be challenging, but Advit Realinfo Pvt Ltd is here to simplify the process for you. As an authorized DSA and trusted loan broker, we specialize in helping builders and developers in Mumbai secure the best loan terms and interest rates.
Here’s why Advit Realinfo is your ideal partner:
- Expert Guidance: Our team of experts ensures a seamless process, from initial consultation to loan disbursement.
- Bank Negotiations: We leverage our strong ties with 50+ banks and financial institutions to negotiate the most favorable terms for you.
- Tailored Solutions: Every project is unique, and we provide customized financial solutions that meet your specific needs.
- Hassle-Free Experience: With our end-to-end support, including documentation and process handling, you can focus on your construction goals while we manage the rest.
At Advit Realinfo Pvt Ltd, we’re here to help you every step of the way. With our expertise and commitment to exceptional customer service, we’ll help you get the loan against the property you need.