The build begins
Getting ready for handover
Once your building approval and finance are in place, construction can begin. This is the stage where your new home starts becoming a reality.
Progress payments
If you are not purchasing a turnkey property, your loan will be released in stages throughout the construction process:
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Your own deposit funds will be used first.
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Loan amounts will be paid out as each stage of the build is completed.
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You will need to submit the builder’s invoice before each payment can be released.
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We may request an updated report from a Registered Valuer.
During the construction period, your loan will need to remain on a variable interest rate while progress payments are being made. Once all payments have been completed and the full loan amount has been drawn, you can decide whether to move to a fixed rate or continue with a variable rate through Cherut Kapitals.
As your new home gets closer to completion, your builder will let you know the handover date, which is when you will receive the keys.
Before the final payment can be released, you will need to provide:
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A copy of your house insurance policy.
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A completion certificate from your valuer
Other things to consider
Landscaping
Check whether landscaping is included in your building contract. If it is not part of the agreement, you should plan for that cost separately.
Insurance
You must have house insurance in place before handover. Cherut Kapitals can guide you on the insurance requirements needed before the final stage of your home loan process.
Council rates
Review the annual rates charged by your local council so you can include them in your ongoing household budget.
Bring Your Dream Home to Life
Thinking of building your own house or starting a major renovation? We can help you choose a financing option that supports your plans, so you can move ahead with clarity and bring your dream home to life. Construction finance in India is generally positioned around stage-wise funding for self-built homes, while renovation finance is used for major upgrade or improvement work
The building and renovation process
Building your home is a major milestone and an exciting journey, but managing the financial side can sometimes seem confusing. That’s where we come in. We’ve outlined the important steps in a simple way to help you understand how construction loans work and move forward with confidence.
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There are different ways to build a home, so you can choose the option that best matches your lifestyle and budget.
House and land packages turnkey.
This option is usually covered under a sale and purchase agreement. There are no progress payments during construction, and the remaining balance is paid once the home is completed.
Custom build
You can purchase a plot and select a home design that suits your needs. This could be a ready-made plan from a builder or a fully customised design created with an architect.
Keep in mind that customisations may increase the overall cost, so it’s wise to allow some flexibility in your budget. Payments are generally made in stages as each part of the construction is completed.
If you’re planning to buy a plot first, contact the lending specialists at Cherut Kapitals. They can help arrange your finance and guide you through the application process.
First-time home buyers
If you’re building your first home, there may be dedicated support and suitable options available to help you begin. Speak with Cherut Kapitals to understand how we can assist you.
Building approval
Once your plans are finalised, they will need to be submitted to your local authority for approval. In most cases, your builder can take care of this step for you.
Once your building contracts and related agreements are in place, contact your lending specialist. We’ll complete the final approval process and help structure your loan to suit your construction plans and budget.
You may be asked to provide:
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A copy of the sale and purchase agreement for the plot.
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A building contract from your registered builder.
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Detailed building plans and specifications.
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Council approvals, or evidence that they have been submitted.
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Quotations for items such as landscaping, driveways, or fencing, if these are not included in the main build.
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A report from a registered valuer.
Plan your build
Finalise your building loan
How to get pre-approved
At Cherut Kapitals, we can offer pre-approval to give you an idea of how much you may be able to borrow, subject to certain conditions.
How to get pre-approved
You can complete our online home loan application form, or get in touch with one of our lending specialists who can guide you through the process.
One of our lending specialists will contact you within three business days to discuss your options.
Once your pre-approval is in place, you can begin planning your home construction with confidence.
Take the next step that suits you
Apply Online
Find mortgage Manger
Send us Mail enquiry
Looking for help?
Talk to a home loan specialist
Whether you’re just getting started or ready to apply, we’re here to help you with your home loan. Send us a few details and one of our lending specialists will get in touch within 24 Hours.
They’ll answer your questions, talk through your options and guide you through the home loan process – so you can move forward with confidence.
Have a general question?
You can call us on 99726 13399 from 9am-6pm Monday to Friday, and 9am-5pm on the weekend.
Important information
General Lending Terms and Conditions:
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Bank's may approve residential loans with less than a 20% deposit subject to bank funding requirements.
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An early repayment fee may apply on fixed rate loans.
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All interest rates are subject to change.
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Lending criteria, terms and conditions, and fees apply.
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When you bank with Cherut Kapitals you agree to our General Terms.