Are you planning for your new home construction? Well, buying land may consume all the resources that you have saved lifelong. And for constructions, you will have to save again or wait for your dream home. However, the banks and financial services these days are offering you easy home loans. Taking these home loans will help you achieve your dream home without waiting for years.
But getting your home loans, you must make a precise estimation about how much money do you need. This is because; if you will get a loan amount without estimation, you may end up with no money in your hand at halfway through your construction. Further, you can also get an excessive amount of loan that may leave you paying up extra interest.
In this guide, you are going to explore the methods of estimating home construction costs. Further, you can also know the process of how to get easy loan approval. So, without any more discussions, here explore the procedure of estimating cost, and loan approval.
How to estimate the cost of home construction?
Before knowing the estimation of several materials of construction, you should know the process to find a total cost that will get indulged in the house construction.
The process to find the total cost for construction is finding out the total built-up area and then Multiply it to the approximate cost per square foot. Moreover, you can also write mathematically as below:
Total cost=Built area x approximate cost per square feet
For example, the total built-up area is 1000 Square feet, and the cost per square feet is 1000. So, how you will you find out the total cost is
How will find the total amount of cement required?
If you want to find the total amount of cement required then you need to find out the total built-up area and then multiply it to 0.4. In an easy method you can estimate it as below:
Cement required= Total Built up area x 0.4
Built up area= 1000
Then 1000 x 0.4
Thus, you need 400 cement bags for your house constructed on 1000 square feet Built-up area.
How do find out the amount of sand required?
For the amount of sand, you need to multiply the total built-up area by 0.816. you can estimate it as below.
Total sand required= built up area x 0.816
For example, if the built-up area is 1000, then the cement required is
1000 x 0.816= 816 ton
Finding the total amount of steel and sand required
For the total amount of steel, you can estimate it as below:
Built-up area x 4
Similarly, for the total amount of paint, you can calculate it as:
Built-up area x 0.18
You can also find out the cost of flooring by multiplying the total built-up area with 1.3
Now, that you know how to estimate the cost, here is how you can get an easy loan approval?
How to get an easy home loan approval?
Eligibility for a construction loan for your home
If you want to get an easy construction loan, you need to make sure you are having the following:
- You must have a qualified civil engineer looking after your construction
- The lender will know the detailed specs about your building, thus you need to offer him all dimensions and data
- You should also have the plot value estimation
- The individual asking for the loan must show strong proof of income
- KYC documents
- Property documents
- Income proof documents
- The layout of the plan approved
Keeping it short, this is how you can get an estimation and loan for your home construction. Now that you know all the processes, you should estimate your cost and apply for a loan. Stay tuned for more updates!