L&T Finance Home Construction Loan

An L&T Finance home construction loan is ideal for those looking to build their own residential house on their plot of land. Once you have a final building plan, L&T Finance will refinance the plot's cost, provided the construction is completed within a specified timeframe. This house construction loan is available to both salaried and non-salaried individuals. L&T Finance offers competitive construction loan interest rates, which makes your dream home more affordable. By choosing an L&T Finance home construction loan, you benefit from expert guidance and support throughout the construction phase. Whether for a modest house or a more elaborate structure, this loan ensures you have the financial backing to complete your project successfully.

L&T Finance Construction Loan Interest Rates

The following are the interest rates along with the key details of the L&T Finance Construction Loan:

L&T Finance Construction Loan Fees & Charges

L&T Finance charges a processing fee of up to 3% of the sanctioned amount plus applicable taxes, which includes the login fee of up to ₹5000.

Repayment or EMI bounce charges vary based on the loan amount:

• ₹500 for loans less than ₹5 lakhs, 
• ₹1000 for loans between ₹5 and ₹50 lakhs, 
• ₹1500 for loans from ₹50 lakhs to ₹2 crores, and 
• ₹2000 for loans above ₹2 crores.

The late payment penalty is 2% per month on the overdue EMI plus applicable taxes. Lastly, for home loans, foreclosure or full prepayment charges for floating rates are nil.

L&T Finance Construction Loan Eligibility Criteria

The following are the eligibility criteria for the L&T Finance construction loan:

• Indian resident
• Age: 23 years up to 62 years at loan maturity
• If provided with additional sources of income, eligibility can be increased.
• Applicable to salaried or self-employed professionals and non-professionals who are residents

L&T Finance Construction Loan Documents Required

For age proof, acceptable documents include a PAN Card or an Aadhaar Card. You can provide a passport, Election ID, utility bill, driving licence, registered rent agreement, or Aadhaar Card for proof of address. Photo ID proof requires either a PAN Card or an Aadhaar Card. To verify income, you need a 1-year bank statement of your salary account and the latest 3 months’ salary slips. Additionally, you must complete certain forms, such as the Important Terms & Conditions, ECS-DD-ACH Mandate (Bank Copy), and the Contact Information Change Form.

Features of L&T Finance Construction Loan

The following are the key features of the L&T Finance Construction Loan:

• Attractive interest rates starting from 9.60% per annum onwards
• Loan tenure of up to 15 years
• Applicant can avail of a loan ranging from Rs 25 lacs to Rs 7.5 crores
• Funds disbursal within 72 hours
• Flexible repayment and EMI options
• Simplified documentation process