An under-construction property gives the flexibility of custom designing one’s home according to one’s choices. Some are based on building and floor plan designs given by the developer. Construction of a house from scratch may sometimes save costs and the value of the property may increase from the time of purchase to the time of occupancy.
The mortgage interest rates tend to be slightly higher till the building construction is completed and has a hand over certificate. Post-handover of the property, the standard mortgage interest rates are applicable.
Loans for financing plots/land purchase and construction are some of the other mortgage products.