CITI Bank Construction Loan

A Citibank construction loan is a financial product designed to provide funding for residential property construction. This type of loan is suitable for individuals who plan to build their dream home from the ground up.

The loan amount is disbursed in stages, known as construction milestones, ensuring that funds are available when needed during the building process. The Citibank house construction loan allows borrowers to manage construction costs efficiently.

Citibank Construction Loan Interest Rates

The interest rates on a Citibank home construction loan can vary based on the loan amount, providing borrowers with competitive options. The Citibank construction loan interest rates are subject to change based on market conditions and the borrower’s credit score.

Citibank Construction Loan Fees and Charges

There are a few fees and charges linked to a construction loan by Citibank like prepayment charges, administrative charges, and inspection charges. 18% GST is also applicable.

Citibank Construction Loan – Eligibility Criteria for Salaried Individuals

To be eligible for a construction loan by Citibank as a salaried individual, the applicant should meet specific criteria, such as:

1. Should be a salaried employee or professional.
2. Should have been employed full-time for at least 2 years.
3. Residential status can be either Indian or NRI.
4. Should be between 18 and 70 years old.
5. Monthly income as per guidelines based on loan amount.

Citibank Construction Loan: Eligibility Criteria for Self-Employed Individuals

Self-employed individuals must demonstrate a consistent income and business stability and meet the following criteria:

1. Should be an established self-employed person.
2. Their business should be at least two years old.
3. Residential status can be either Indian or an NRI.
4. Should be between 18 and 70 years old.
5. Monthly income as per guidelines based on the loan amount.

Citibank Construction Loan Documents Required for Salaried Individuals

Salaried applicants are required to submit the following documents while applying for a Citibank construction loan:

1. Proof of Identity and Residence (PAN Card, Aadhar Card, or Valid Passport)
2. Income Proof (Salary Slips, Form 16)
3. Employment Certificate
4. Bank Statements
5. Property Documents

Citibank Construction Loan Documents Required for Self-Employed Individuals

Self-employed applicants need to show the following documents while applying for a Citibank house construction loan:

1. KYC Documents
2. Income Tax Returns
3. Business Registration Proof
4. Balance sheets for the last 2 years
5. Financial Statements
6. Property Documents

Features of Citibank Construction Loans

Citibank Construction Loans offer a comprehensive solution for individuals seeking financial support for their construction projects, as follows:

• Funds are released in stages based on construction milestones.
• Variable Citibank home construction loan interest rates are offered based on the loan amount.
• Streamlined approval and swift disbursal process.
• Tailored repayment plans suit the borrower’s financial situation
• Plot plus construction loan by Citibank is also offered