Construction Loan
Construction Loan
A Construction Loan from Laxmi India Finance Ltd. (LIFC) is designed to help you build your dream home, or commercial property, or undertake major renovations. Whether you are an individual planning to construct a house or a builder working on a real estate project, our construction loan offers tailored financing solutions with flexible repayment options.
With our quick approvals and stage-wise disbursals, you can ensure a smooth construction process without financial hurdles.
Features & Benefits
High Loan Amount:
Get up to 80% of the estimated construction cost.
Flexible Repayment Tenure:
Loan tenure up to 15 years, based on eligibility.
Stage-Wise Disbursal
Funds are disbursed in phases as per construction progress.
Attractive Interest Rates
Competitive rates based on applicant profile & loan amount.
Quick Processing & Disbursal:
Hassle-free documentation and fast loan approval.
Tax Benefits:
Avail tax benefits under Section 80C and 24(b) of the Income Tax Act.
Balance Transfer Facility:
Transfer your existing construction loan for better terms.
Prepayment & Foreclosure Options:
Repay the loan before tenure with minimal charges.
Eligibility
To apply for a Construction Loan, the following criteria must be met:
Age
- Salaried individuals: 21 – 60 years (at loan maturity).
- Self-employed individuals: 21 – 65 years (at loan maturity).
Employment Type
- Salaried employees, self-employed professionals, and business owners.
Minimum Monthly Income
- Salaried: ₹25,000 per month (varies by city & employer).
- Self-Employed: Minimum annual turnover as per business financials.
Property Ownership
- Applicant should own the land where the construction is planned.
Credit Score
- A minimum CIBIL score of 650+ is preferred.
Documents Required
Identity Proof
Aadhaar Card / PAN Card / Passport / Voter ID
Address Proof:
Aadhaar Card / Utility Bill / Rent Agreement
Income Proof
Last 3 months' salary slips & 6 months’ bank statements
Employment Proof
Offer letter or employment certificate
Property Documents
Sale deed, land ownership proof, construction plan approved by local authority
Loan Requirement Documents:
Loan application form & cost estimate from an architect/engineer
Photographs
2 passport-size photos
Vehicle Loan Calculator
Use our Vehicle Loan Calculator to estimate your monthly installments based on:
Total Amount Payable:
₹15,85,809
Total Interest Payable:
₹5,85,809
Construction Loan FAQ
Frequently Asked Questions
A construction loan is a short-term loan that helps individuals or builders finance property construction. The loan is disbursed in stages based on construction progress.
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