How to choose the right construction loan

Building your own home can be a better investment than taking a mortgage or renting in the long term. By setting out and customizing your home to suit your aesthetic, you will be able to meet your exact needs. If you are considering this type of home ownership, a construction loan could help finance your project.

A construction loan is a specialized type of loan offered to potential homeowners who are looking to address financing for building or renovating their property. It does not offer the same terms as a regular loan because lenders are expected to make progressive or drawn down payments, where funds are released during each stage of construction.

This loan is divided into five key stages; foundation laying, brickwork and roofing, installation of doors and windows, adding internal fixtures, and making final touches. Lenders arrange an inspection and release funds. Construction loans will usually involve interest repayments until the project is finished, upon which borrowers begin making principal and interest repayments.

If you are looking to take up a construction loan, what should you consider to get the best deal?

Interest rates

Like other loan products, your interest rate will determine the cost of your loan. You should shop around to find affordable interest rates which suit your financial situation. If you have collateral, you could use it to access the best possible rates. However, you need to be wary of an unsustainable loan repayment structure as this can cause you to lose your collateral.

Loan features

If you do not have a sufficient income, you may consider loan products with additional features such as an interest-only option. You can always rent out or sell your property for profit in future, allowing you to pay off your debt and recoup some value. An interest-only option, as well as other loan features, could make your construction loan manageable and affordable.

Your loan to value ratio

Understanding the value of your land and building will enable you to get appropriate loan terms. Lenders will consider these aspects to determine your loan-to-value ratio, which will impact their willingness to offer you a loan, as well as the cumulative amount. They will also determine the value of your building at each stage of inspection. If you assess these aspects and determine your loan-to-value ratio before seeking out a loan, you will be better able to find the right loan deal.

Your deposit

How much do you have set aside? For construction loans, most lenders will require that you deposit a minimum of 10% of the value of your completed property. You need to assess your plans and determine this value to make sure you meet the requirements for a construction loan. For added security and better terms, you may consider laying a 20% deposit. This will help you avoid loan insurance, which can increase the cost of your loan.

Requisite documentation

In order to qualify for a loan, different lenders will impose certain demands. There are specific financial documents that you need to provide in order to qualify for this type of loan. You should review each lender’s specific needs before making an application to ensure you can qualify for a construction loan.

Trio vision Group

B-85 Indira nagar lko

contact:08318192212

Things To Watch Out When Renovating Your Home

The home renovation helps in improving the property's net worth. Additionally, you can get a fresh new home with all the comfort you require and meet with all your expectations within your budget. Due to the excitement of renovating your home, you majorly concentrate on the interior design of the house and forget about the other main things. So, here is the list of things to watch out when renovating home.

1. Structural issues

The structural challenges are quite hard to break through. You need to address these issues primarily before dealing with other problems. Start inspecting the windows, doors, and roofing by making sure that they are in good condition. Check for other places if they are broke or prone to cracks. You need to fix these issues to improve the structural strength of the house.

2. Wiring and plumbing systems

Hire the experts to inspect if both the electrical as well as plumbing systems are working properly. The experts resolve the related issues if anything found. The old wirings may lead to many serious issues which need to be replaced to ensure the safety of the residents. You cannot underestimate the never-ending plumbing problems. Make sure to get rid of the annoying plumbing problems while renovating it.

3. Waterproofing

The damages caused by water infiltration can be much severe than any other. It can lead to the growth of mold and mildew which deteriorates the interiors. You need to do waterproofing to avoid wall dampening and other issues which might damage the structural strength of the building.

4. Roofs

If your house has asbestos or any other roofs, you need to inspect its condition before proceeding to the renovation work. The roofing gets easily damaged as they get exposed to extreme weather condition throughout the year.  You might need to hire a roofer to conduct the inspection as well as to repair or replace any part of it.

5. Termites

The termites are a major headache for the houses that hold many wooden objects. It might be almirah, cupboard, doors, flooring or others. The termites damage the complete wooden material and weaken its structural strength. You need to hire pest services to get rid of these harmful termites.

Design of RCC Structural Components

In this article, I will discuss the minimum standards that can be followed for the design of RCC structural components of a structure, such as columns, beams, slab and foundation. We will also discuss the minimum safe standards for the reinforcing bars that are to be used for the design of the above mentioned Structural Components.

Minimum cross-sectional dimension for a Column: is  9″x 12″ (225 MM x 300 MM) which is the minimum recommended size. I have designed hundreds of buildings, and never had the misfortune of any structural component ever failing due to loads. I always use M20 grade concrete for construction, as it is the minimum recommended grade of concrete is IS 456:2000. Please don’t skimp on the quality of concrete. The minimum steel in a 9″ x 9″ column is 4 bars of 12 MM with stirrups of 8 MM steel rings at a distance of 150 MM centre to centre. In a 9″ x 12″ column, I add two more bars, to take the total to 6 bars of 12 MM diameter. This design can be safe for up to G+1 floors. But there are a lot of other factors involved.

Also check out:

Thumb rules for making a Column Layout

Construction on Site | Design of RCC Structures[/caption]

Minimum RCC beam size should not be less than 9″x 9″ (225MM X 225MM), with an additional slab thickness of 125 MM. I generally use a minimum of 4 bars, with 2 bars of 12 MM thickness in the bottom of the beam, and 2 bars of 10 MM at the top of the beam. I maintain a concrete cover of 40 MM. I recommend use of M20 grade of concrete (1 part cement : 1.5 parts sand : 3 parts aggregate : 0.5 parts water).

Minimum thickness of RCC slab I recommend is 5″ (125MM) because a slab may contain electrical pipes embedded into them which could be 0.5″ or more for internal wiring, which effectively reduces slab depths at certain places, causing cracking, weakening and water leakage during rains. So, a minimum thickness of 5″ should be maintained.

Minimum size of foundation for a single storey of G+1 building, where soil safe bearing capacity is 30 tonnes per square meter, and the oncoming load on the column does not exceed 30 tonnes, a size of 1m x 1m should be used. Minimum depth of footing should be atleast 4′ below ground level. It is recommended to go to depths up to had strata.

Reinforcing bar details (minimum)

1. Columns: 4 bars of 12mm steel rods FE 500

2. Beams: 2 bars of 12 mm in the bottom and 2 bars of 10 mm on the top.

3. Slab

a) One Way Slab: Main Steel 8 MM bars @ 6″ C/C and Distribution Steel of 6 mm bars @ 6″ C/C

b) Two Way Slab: Main Steel 8 MM bars @ 5″ C/C and Distribution Steel of 8 mm bars @ 7″ C/C

4. Foundation: 6″ of PCC layer comes first. Over than, a tapered or rectangular footing of 12″ thickness is minimum. Steel mesh of 8 mm bars @ 6″ C/C should be laid. In a 1m X 1m footing, this would consist of 6 bars of 8 mm on both portions of the steel mesh.

MEMORANDUM OF AGREEMENTSUBJECT: Quotation for the construction of Residence at Lucknow.

Dear Sir/Mam,
It in reference to our discussions regarding Construction services for your
proposed Residence we are submitting herewith the details of our services.
“The work” according to drawing and details, showing detailed
description of the work to be done under the direction of the Client and
approved by the Architect.
Type of Contract: TURN-KEY(RESIDENTIAL)
SCOPE OF WORK:
A) -STRUCTURE :     
                                    As per approved Drawings
Frame Structure,
R.C.C. Slab (slab thickness & steel as per structure drawing or as per
Architect)
Super structure brickwork 9” or 4½” where required.

B) - CIVIL WORK: (Material)
Course sand -First Class,
Fine Sand if needed.

CEMENT - Ultra Tech, MP Birla, Sri,  J.P ( 53 Grade PPC).

BRICK- 1st Class, 

Reinforcement – Gallent, Kamdhenu, TMT BAR 500D or Equivalent to this.

C) - PLASTER WORK:
Inside / outside plaster on walls (Maximum two sides/facades).

D) - INTERNAL PLUMBING/DRAINAGE WORK:

a) Drainage/down pipes of PVC (Kissan, supreme, finolex)
as required. Each toilet will have separate line of direct water
supply and from water tank. Provision of hot water shall be
done.

b) CPVC (Kisan, supreme, finolex) pipes for water supply as specified.
c) Inspection chambers, manholes and gully traps etc. as per drawing.
d) CP fittings of CERA, CORSA economical .

e) One toilet shall have diverter and other shall have L-band wall mixer.
For a Bath room following fitting will be done:

f) W.C-1, Wash basin-1(without platform) + tap-1, Diverter or L Band,
towel rail From water tank to main line for floors- connections will be
separate.

E) - INTERNAL ELECTRICAL WORK:

a) Conduit PVC Pipe + Band of medium grade of ISI make Meena,
V.K.Gold or A.K.G.
b) Junction Box, Fan box - Iron, Deep box – C.I.
c) Wire of HAVELLS, RR KABLE, POLYCAB and Modular Switches
d) Inverter wiring
e) Separate lines for separate floors

F - FLOORING (Tiles):

2’x2’ single charge vitrified tile of make,
JOHNSONS,METRO,SIGNOVA for
Floors ( Rs. 35/- to 45/- Per sqft.)
Wall tiles in toilets (height 7’-0”) (Base price Rs. 35/- to 45/- Per sqft).

Kitchen tiles: only 2’-0” high above counter.

Toilet seat fixtures and
range.(6000/-) Rs only
P
Staircase- Granite- Rs. 95-100/-kitchen Marble Rs. 80/- to 90/

G) - DOOR AND WINDOW:

Only outer door and windows will be of double patam.
Main Door of teak wood (only one door) and main Jali door  (only one door) of pine wood and all other
doors will be of ISI marked Flush Doors with Laminates. Window frame will be of Sakhu wood
with 4mm glass of ASI. Only one door with interlock  will be provided.

H) - CHAUKHAT:
Chaukhat : KAPOOR/MALASYIAN SAKHU (without groove and
beading)

Door Frame & window frame: 3”x2.5” (single patam) &5”x2.5”
(double patam).

Door Chaukhat - Sakhu Wood (Kapoor)

Window Chaukhat - Sakhu Wood (Kapoor)

I) - PAINTING (Putty):

For interior: Asian tractor emulsion paints & JK wall putty-two coat, one coat primer.

For exterior: Apex Ultima of Asian paints. Color as per architect and client’s choice.

J) - IRON WORKS:
GRILL WORK on windows as per design specified by the architect.
Railing to be made in M S pipe in D section (1”x1.5”)/ Staircase in
stainless steel- grade 304, O.T.S jaal in M.S Main gate (Rs 15,000/-).

K) - WATER TANK:
As per requirement like Sintex, Ganga etc. (only Two tank with
capacity of 500 L- white triple layer)

L) - MIXING RATIO:

P.C.C. 1:4:8 (1 Part Cement: 4 Part Coarse sand: 8 brick blast 40 Mm)

Concrete Work 1:1.5:3(1 Part Cement: 1.5 Parts Coarse Sand: 3 Part Aggregate.
(slab, beam and column)

Masonry 9” thick -1:6 (1 Part Cement: 6 Part Coarse Sand

Masonry 4.5”thick- 1:6 (1Part Cement: 6 Part Coarse Sand

Plaster (12mm thick) 1:6 (1 Part Cement: 6 Part Sand(little part of fine sand for smooth surface.

Note: Existing floor plan drawings (ALL FLOORS), working drawings, floor plans, electrical drawings, plumbing drawings, structural drawings, flooring pattern plan,
false ceiling design will be provided for no extra cost.

Note: No site supervision charges shall be changed from the client.

FEE CHARGEABLE:
The Total fee chargeable for the above mentioned services will be
@Rs.1450/- per sq.ft. of super built up area.

Thanks
TRIO VISION CONSTRUCTION and INTERIOR COMPANY LUCKNOW.
B-85 Indira nagar, near Bhootnath market lucknow.
Contact: 8318192212, 9058913568

Home Renovation and Construction rate and Service in Lucknow

Our Company provides the best Construction and Renovation service in aing , Balaganj , Banthra , Barha , Behta Saboli , Bhadrukh , Bharat Nagar, Bijnaur , Chand Ganj , Charbagh , Chaupatiyan , Chinhat ,Civil Lines , Dalibagh Colony, Daliganj, Darulshafa, Deva Road , Dilkusha Garden , DLF Garden City, Faizabad Road , Ganesh Ganj , Gari Chunauti, Ghaila , Ghazipur , Goila , Gokhale Marg , Gomti Nagar , Gudamba Thaana Road , Guramba, HAL , Hazratganj , Husainabad , Hussainganj , IIM Road , Indira Nagar , Jal Vayu Vihar , Jankipuram, Jopling Road , Jugor , Kalyanpur , Kamalabad Barhauli , Kanpur Road , Kuroni , Kursi Road , Lalbagh, Lucknow Cantonment , Madion , Mahanagar , Mahipatmau , Malesemau , Manak Nagar , Manas Nagar, Maunda , Miranpur Pinvat , Mohan Road , Narayan Nagar , Natkur , Naubasta , Naveen Galla Mandi, Navi Kot Nandana , New Ganeshganj , New Hyderabad , Nijampur Malhor , Nilmatha , Nirala Nagar, Nishatganj , Paikaramau , Pan Dariba Marg , Park Road , Pawanpuri , Piparsand , Prag Narain Road, Rae Bareli Road , Rahim Nagar , Rajajipuram , Rajendra Nagar , Ram Mohan Rai Marg , Rasoolpur Sadat, Ruchi Khand-II , Saadatganj , Sadrauna , Sapru Marg , Sarai Mali Khan , Sarojini Nagar, Sarosa Bharosa, Sarvodaya Nagar, Sector-14 , Sector-18 , Sector-B , Sector-D , Shahnajaf Road , Sharda Nagar, Shyam Vihar Colony, Sikrauri , Singar Nagar , Subhash Marg, Sujanpura, Sunder Bagh , Sushant Golf City, Telibagh, Thakurganj,  The Mall Avenue , Tilak Marg , Triveni Nagar , Uattardhona, Utrathia,  vasant kunj, Vibhuti Khand , Vikas Nagar , Vineet Khand , VIP Road , Vishesh Khand , Vivekanand puri,  Vrindavan Yojana.
Thanks
Suresh Pandey
8318192213