Housing Loan Up to ₹50 Lakh for Construction

Housing Loan- Construction & Purchase, Up to ₹50 Lakh

Building or purchasing a house is a major financial commitment. A housing loan can help you manage this expense with suitable loan amounts, competitive interest rates and flexible repayment tenures.

There are two common types of housing loans: a Home Construction Loan and a Home Purchase Loan. Both options provide loan amounts ranging from ₹5 lakh to ₹50 lakh, depending on your eligibility and financial profile.

These loans are different from a Home Improvement Loan, which is specifically meant for renovating, modifying or extending an existing house.

Note: All loans are subject to eligibility, documentation, and underwriting as per our policies.
For more details: Please contact 1800-571-2211.

Home Construction

A house construction loan can help you manage various construction-related expenses without using all your savings at once.

The key features include:

Loan Amount: ₹5 lakh to ₹50 lakh
Interest Rate: 12% to 22.08% per annum*
Maximum Repayment Tenure: Up to 20 years
Maximum Loan-To-Value Ratio: Up to 80%
End Use: Construction of a new house or reimbursement for a newly constructed house

The final loan amount, interest rate and tenure offered will depend on factors such as your income, credit profile, repayment capacity and property assessment.

Home Purchase Loan

This loan type can be used to purchase a residential house. It provides financial support when you are buying a completed residential property from an individual seller, developer or other eligible property owner.

Instead of paying the entire property cost upfront, you can finance a portion of the purchase value and repay the amount through scheduled instalments.

The main features of the loan are:

Loan Amount: ₹5 lakh to ₹50 lakh
Interest Rate: 12% to 22.08% per annum*
Maximum Repayment Tenure: Up to 20 years
Maximum Loan-To-Value Ratio: Up to 80%
End Use: Purchase of a residential house

The property and sale agreement must meet the bank’s or NBFC's documentation, legal and valuation requirements.

Housing Loan Interest Rate and LTV

The housing loan interest rate for both Home Construction Loans and Home Purchase Loans ranges from 12% to 22.08% per annum*. The applicable rate is determined after evaluating your income, credit score, repayment capacity, property details and other eligibility conditions.

Both housing loan options offer:

Loan amounts from ₹5 lakh to ₹50 lakh
Repayment tenure of up to 20 years
Maximum LTV of up to 80%

The Loan-to-Value (LTV) ratio indicates the percentage of the property’s assessed value that the lender may finance. For example, an LTV of 80% means the sanctioned loan may cover up to 80% of the assessed property value, subject to eligibility.

Housing loans offer a higher maximum LTV than a Loan Against Property, which provides an LTV of up to 70%. This is because housing loans are directly used for constructing or purchasing a residential house. In contrast, a Loan Against Property can be used for a wider range of personal or business requirements.

Eligibility Criteria

A minimum bureau or credit score of 560
A minimum consolidated monthly income of ₹25,000
Sufficient repayment capacity for the requested loan amount
An eligible residential property with clear and acceptable documents
Compliance with Manappuram’s credit, legal and property valuation requirements

Documents Required

The common housing loan documents required for both loan types include:

KYC documents
Recent bank statements
Property-related documents
Income documents, based on availability and applicant profile

Additional documents depend on the selected housing loan type.

For a Home Construction Loan, you will need to submit a detailed construction estimate along with the applicable property documents.
For a Home Purchase Loan, you will need to provide the sale agreement executed between the seller and the purchaser.

Additional legal, technical or financial documents may be requested during the application and property verification process.

How to Apply for a Housing Loan?

Choose the Loan Type: Select a Home Construction Loan or Home Purchase Loan based on your requirement.
Submit Your Enquiry: Contact Manappuram or visit your nearest branch to discuss the loan amount and eligibility conditions.
Provide the Documents: Submit the required KYC, income, bank and property documents.
Complete the Assessment: Manappuram will assess your credit profile, repayment capacity and property value.
Receive the Loan Decision: After successful verification and approval, the loan will be sanctioned and disbursed according to the applicable process

Apply for a Manappuram Housing Loan Today!

Take the next step towards constructing or purchasing your residential property.

Apply Now

Housing Loan Rates

Repayment

EMI based, NACH, Post-dated Cheques, Online Payment and also through all the gold loan branches of Manappuram Finance Limited.

Housing Loan FAQs

What is the difference between a home construction loan and a home purchase loan?

A Home Construction Loan is used to construct a new house or reimburse eligible expenses for a newly constructed house. A Home Purchase Loan is used to purchase a residential house.

What is the maximum LTV on a housing loan?

Manappuram Finance Limited offers a maximum LTV of up to 80% for Home Construction Loans and Home Purchase Loans, subject to property valuation and applicant eligibility.

How long can I take to repay a housing loan?

The maximum repayment tenure is up to 20 years. Your actual tenure will depend on factors such as your age, income, loan amount and repayment capacity.

Is a housing loan different from a home improvement loan?

Yes. A housing loan is used to construct or purchase a residential house. A Home Improvement Loan is meant for renovating, modifying or extending an existing house and offers an LTV of up to 70%.

What is the maximum loan amount I can get?

You can apply for a housing loan of up to ₹50 lakh. The minimum loan amount is ₹5 lakh. The sanctioned amount will depend on your eligibility, property value and repayment capacity.

Can self-employed individuals apply for a housing loan?

Yes, self-employed individuals may apply for a housing loan. They must meet the applicable income, bureau score, documentation, property and repayment-capacity requirements.