Yes, you will get a home loan for constructing a house, just as you would for buying an apartment or a villa. You can apply for a home loan from any leading bank in two ways – either before purchasing the property to construct the house OR after you purchase a plot in your name – depending upon what stage you are in.
You can either get a complete home loan, which includes a plot purchase loan and a construction loan or an independent construction loan, both of which are considered to be home loans and eligible for tax benefits.
Yes, your home loans are eligible for tax benefits.
The situation of tax benefit gets complicated only when you purchase a plot and do not construct a house in the next 3 years. In other words, if you take a home loan and do not construct the house in 3 years’ time, you will lose the status of a home loan.
But otherwise in all other cases constructing a house on a plot that you want will fetch you tax benefits.
Certainly, an NRI can construct a house in Kerala. The only restriction with respect to an NRI purchasing a Property is with respect to purchase of an agricultural land which is not allowed for a Non Resident Indian or a foreign national.
Primarily the legal approval that is required for constructing a house is the approval that is taken from the local self government body, which is a Panchayath, Municipality or a Corporation as the case might be. It is decided based on the local body under which the property falls.
The process is something like this – once you decide to construct a house, you get a floor plan designed using the services of an Architect. After the floor plan is finalized, you create technical drawings as per the standards set by the local body. You then apply for a building permit. There is a statutory process by which the building permit is issued and once the building permit is issued you are statutorily allowed to start the construction of the house.
So it is a single step process which would involve verification of the plan as well as verification of property by authorities concerned.
Construction is a combination of multiple service elements. It involves careful planning of the usage of hundreds of building materials and the services provided by multiple individual contractors. The quality of the construction is actually dependent on all these major and minor factors, due to which there has to be a clear-cut planned approach in the usage of these elements.
A good contractor , with his expertise and experience in building homes, takes utmost care in carefully purchasing the construction materials and professionally combines them to create the best possible house that suits your dream and budget.
Viya Constructions is a company involved in the construction of Residential buildings, Commercial buildings, Plot Development, Interior Designing and Execution. So, as far as a residential home buyer is concerned, Viya Constructions provide all services right from designing the floor plan to getting the approvals and quality reviews done by an in-house Architect.
Once that is done, Viya Constructions provide the customer with a consolidated quote for the construction of the entire building as per the quality standards and material specifications provided by the design team.
From then on, Viya Constructions will own the construction till the keys are handed over to the customer. Wherever customers prefer our team to handle the interior designing and execution, the company does that as well, through a sister concern called Interior Studio.
Yes, Viya Constructions have an in-house Architect team, which implies that availing the services of an Architect is included in the services provided by Viya Constructions.
This becomes important because many a time, the Design Architect gives priority for just the design excellence. He might not be able to plan for a holistic combination of all the elements that are required to plan the construction of a house. This drawback can be overcome only with the continuous assistance of a good quality Architect, which is assured in the services provided by Viya Constructions.
Viya Constructions being a turnkey contractor, there are no hidden charges or service charges associated with our services. The construction rate or the cost that would be incurred for the construction of a house would be agreed upon at the outset.
At the same stage the additional elements which could be charged outside the standard contractor rate would also be specified to the customer. These additional elements would be taken up only on the instruction of the customer, because of which the company can assure a standard construction rate for the entire building.
Additional charges and fees and extra work would be charged only when there are additional elements which are included on the basis of a customer request.
The normal construction duration of a house in Kerala is approximately 12-14 months.
It does not necessarily mean that you would always require 12-14 months to construct the house. There is lot of buffer period provided, so that the common deterrents like labour problems, material non-availability, rains and strikes which actually effect construction in a site, are factored in.
Considering all these factors, it appears that 12-14 months is a very good time under which a customer can expect the house construction to be completed. In specific cases where the customer requires the house to be constructed in a much faster period of time, it is very much possible.
In addition, our services associates would handle your calls from 9AM- 6PM, Monday-Saturday.