L&T Housing Finance

L&T Housing Finance  Home Loan

Apply L&T Housing Finance  Home Loan

All About L&T Housing Loan

L&T Housing Finance Limited (LTHFL) is a wholly owned subsidiary of L&T Finance Holdings Limited. It was originally incorporated as Weizmann Homes Limited on 31st August 1994 under the Companies Act, 1956. Registered as a Housing Finance Company with the National Housing Bank under the National Housing Bank Act, 1987, L&T Finance Holdings Limited offers a wide range of services in the home loan segment through its lending arm LTHFL.

L&T Finance Home Loans are verily designed according to the individual needs of the borrowers. The lending major offers a wide range of mortgage and property loans up to 10 Crores to a variety of customers. Apart from residential loans for end user, L& T Finance also extends construction loans to builders and realtors.

L&T Housing Finance Interest Rates in March

Interest rate

8.5%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 90% of project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

769 Per Lakh

Why L&T Finance Home Loan?

Whether you want to avail home loan for buying your dream home or looking for a home improvement or LAP or mortgage loan, L&T Housing Finance Limited offers a wide range of property loans ranging from 3 Lakhs to 10 Crores. The rate of interest is attractive and you can choose between a fixed or floating rate of interest. Home loans by L&T are available up to 90% of property value.In all, you could be rest assured to avail fully customised loans according to your needs.

Features and Benefits of L&T Home Loan

The benefits and features of L&T Home loans are as follows:

  • A variety of home loan products with a wide range of repayment options.
  • User-friendly application process.
  • Efficient processing and quick approvals.
  • Simple documentation.
  • Loan tenure up to 30 years.
  • Loans ranging from 3 Lakhs to 10 Lakhs

  • Attractive rates of interest.
  • Option to choose from a fixed or a floating rate of interest.

  • Home loans up to 90% value of property.
  • Facility to include registration and stamp duty charges as project cost.

  • Tranche-based EMI and part-payment schemes available.
  • Home loan products based on income.
  • Balance Transfer and Top-Up facility are available.
  • Other mortgage loan option like Loan against Property is also feasible.

L&T Home Loan - Interest Rates

LTHFL offers both fixed and floating rates of interest. As on date, LTHFL provides home loans at interest rates starting from 8.35%. The rates of interest vary from product to product. Your credit rating plays an important role in the determining the rate of interest.

L&T Home Loan - Fees and Other Charges

Type of Charges Individual Borrowers Non-Individual Borrowers

Login Fee

4999 (exclusive of GST) - Non-refundable

Loan Processing Fees

Up to 2% of the Sanctioned Amount

Bounce Charges

1000

Penal Charges

3% pm on Overdue Instalment

Foreclosure Charges on Home Loans

  • Floating Rate - NIL
  • Fixed Rate - Own Source of Funds - NIL
  • Fixed Rate - From other sources - 3% on Principal Outstanding if closed within 1 year from disbursement OR 2% on Principal Outstanding if closed after 1 year.

Fixed and Floating Rate

  • Within 1 year of disbursement - 3% on Outstanding Principal
  • After 1 year of disbursement - 2% on Outstanding Principal

Pre-payment Charges on Home Loan

  • Floating Rate - NIL
  • Fixed Rate - Own Source of Funds - NIL
  • Fixed Rate - From other sources - 3% on Partial pre-payment amount if closed within 1 year from disbursement OR 2% on Partial pre-payment amount if closed after 1 year.

Fixed and Floating Rate

  • Within 1 year of disbursement - 3% on Partial Pre-payment amount
  • After 1 year of disbursement - 2% on Partial Pre-payment amount

Foreclosure Charges for Loan against Property

Floating Rate - NIL

Floating Rate where end use of funds is for business/commercial purposes

  • Within 1 year of disbursement - 3% on Outstanding Principal
  • After 1 year of disbursement - 2% of Outstanding Principal

 

Fixed Rate

  • Within 1 year of disbursement - 4% on Outstanding Principal
  • After 1 year of disbursement - 3% of Outstanding Principal

Fixed and Floating Rates

  • Within 1 year of disbursement - 4% on Outstanding Principal
  • After 1 year of disbursement -3% of Outstanding Principal

Prepayment Charges for Loan against Property

Floating Rate - NIL

Floating Rate where end use of funds is for business/commercial purposes

  • Within 1 year of disbursement - 3% on Partial Pre-payment amount
  • After 1 year of disbursement - 2% of Partial Pre-payment amount

 

Fixed Rate

  • Within 1 year of disbursement - 4% on Partial Pre-payment amount
  • After 1 year of disbursement - 3% of Partial Pre-payment amount

Fixed and Floating Rates

  • Within 1 year of disbursement - 4% on Partial Pre-payment amount
  • After 1 year of disbursement - 3% of Partial Pre-payment amount

Interest Rate Conversion Charge

0.5% of the Balance Amount or Minimum 10,000 whichever is higher

List of Documents

300

Providing Photocopies of Documents

500

SARFAESI Charges

  • Issue of Loan Recall Notice - 500
  • Issue of Demand Notice - 1000
  • Issue of Possession Notice - 2000
  • Applying District Magistrate's Order - 8000
  • Taking Physical Possession - 10000
  • Printing notices in newspapers - Actuals

Legal Recovery Charges

Actuals

Loan Cancellation Charges

5000

Proportionate actual expenses in case of pre-closure

Home Loan - Up to 0.75% of the total disbursed amount in case of closure within 18 months

LAP - Up to 1% of the total disbursed amount in case of closure within 24 months

Types of Home Loans Offered by L&T

LTHFL offers various kinds of loans to salaried and self-employed individuals depending on their eligibility.

Home Loan

  • Purpose of the loan: You can apply for LTHFL Home loan for following purpose:
  1. Construction of house on land.
  2. Purchase of a new house or flat.
  3. Buying second-hand flat or house.
  4. Repairs, renovations, and improvements to existing home.

  5. Extension of your house such as adding another room or floor subject to availability of FSI.

  6. Transfer your existing home loan to LTHFL and get the benefit of attractive interest and top-up options.

  7. The Composite Loan Scheme allows you to take loans for purchase of plot and construct house thereon. LTHFL refinances the plot amount on commencement of the construction after receipt of the sanctioned plan. The condition is that you should complete the construction of the house within a specified period.

  • Features of the Home Loans offered by LTHFL
  1. Extended loan tenure up to 30 years.
  2. Minimum loan amount 3 lakhs
  3. Maximum loan quantum 10 lakhs
  4. Loans up to 90% of the value of the
  5. Attractive rates of interest.
  6. Facility to choose between fixed and floating interest rate.

  7. Flexible repayment options such as Tranche-based EMI.
  8. Facility of part-payment available.
  9. Stamp duty and registration charges included in the loan amount.
  10. Income-based products offering such as Gross Receipt Product, Gross Margin Product, and Banking Based Product.

  11. Loan tenure depends on the age and repayment capacity of the borrower.

  • Eligibility Criteria
  1. All Indian residents are eligible to apply for a home loan from LTHFL.

  2. Salaried, self-employed professionals and non-professionals are eligible depending on the income.

  3. Minimum age at application is 23 years.
  4. Maximum age at maturity of the loan is 65 years.

  5. Quantum of loan depends on income, repayment capacity, age, assets and liabilities, and cost of the proposed house/flat.

  6. You can increase eligibility for loan amount by adding other sources of income such as rent or bringing in a co-applicant with a regular source of income.

Home Loan - Balance Transfer from other banks and HFCs

  • Eligible borrowers can transfer their Home Loan balances from other banks and financial institutions to LTHFL and avail the benefits of low interest.

  • Eligibility criteria
  • Perfect repayment track record for last 12 months.
  • Balance Transfer from approved institutions.
  • This facility is available only for residential properties

  • The ownership of the property should remain with the applicant.

Home Loan - Top-Up facility

  • Maximum loan tenure up to 20 years.
  • Facility to avail loan up to the original sanction amount.

  • Attractive rate of interest.
  • Easy documentation.
  • Use the Top-Up Loan for a variety of purposes like buying a new car, new home appliance, medical emergencies, and business requirements.

  • Eligibility criteria:
  1. Clean repayment track record or 12 to 24 months as the case may be.

  2. Loan quantum is subject to a ceiling of 10% or 20% of the original sanction amount depending on the repayment track record.

  3. Loan tenure for salaried employees is 20 years maximum.

  4. Self-employed individuals are required to repay the loan within 15 years.

Home Loan - PradhanMantriAwaasYojana

  • LTHFL is one of the nominated housing finance companies that provide loans under PMAY. It is a Central Government formulated housing loan product monitored by National Housing Bank.
  • It is a credit linked subsidy scheme to enable people who do not have any house in their name to have one by the end of March 2022.
  • There are four categories:the economically weaker section, low-income group, Middle-income group I and Middle-income group 2.
  • The maximum subsidy available is 2.67 Lakhs.
  • The maximum loan tenure is 30 years, but the interest subsidy is available only for 20 years.
  • The maximum loan quantum is four times the average annual income subject to different ceilings for different categories.

L&T Home Finance - Eligibility Criteria

  • Salaried and self-employed individuals (professionals and non-professionals) are eligible to apply for L&T Home Loan.
  • Minimum age is 23 years, and maximum age at maturity of the loan is 65 years.
  • The quantum of loan depends on the applicant's income, repaying capacity, age, cost of the property, and assets and liabilities.
  • You can enhance your eligibility by including income from other regular sources like rent and so on.
  • PMAY Loan eligibility is as per norms laid down by the Central Government and is common to all.

Enhance your home loan eligibility

Your home loan eligibility depends on certain factors:

  • Your income is the primary factor for loan
  • Your age.
  • You need to have a decent CIBIL score without any adverse remarks of defaults, write-offs, or settled accounts in your history.
  • The number of loans you currently have, or debt to income ratio determines your repayment capacity and eligibility for loan.

How do you enhance your eligibility?

  • Repay your small loans and reduce your monthly fixed obligations. It improves your take-home pay.
  • Bring an eligible co-applicant with a regular source of income. LTHFL considers such income while determining your overall eligibility.
  • Add revenue from other sources such as rent and so on.
  • Apply for your home loan early in your career and take the benefit of extended repayment tenure.

L&T Home Loan Co-applicant

You can include the name and details of an eligible co-applicant to enhance your eligibility levels. Who can be a co-applicant in a home loan?

  • Co-owners: Co-owners of the property automatically have to join as co-applicants to loan.
  • Parents: A son can bring his parents as co-applicants without any issue. Married daughters cannot do so. However, an unmarried daughter can add the name of her parents provided the property does not belong to them.
  • Siblings: Male siblings can be co-applicants provided both of them reside in the same house. Generally, banks avoid taking siblings as co-applicants because of legal issues that could crop up later. The brother-sister and the sister-sister combination is usually not acceptable.
  • Spouse: The spouse is the best co-applicant irrespective of the fact whether the spouse is earning or not. Hence, all the financial institutions insist on the spouse to be a co-applicant.
  • Unrelated persons:In case of finance to non-individuals,two unrelated persons can be co-applicants. It can be partners of a firm or the directors of a company.

L&T Home Loan- Effect of CIBIL Scores

Your CIBIL score is an essential factor that decides your loan eligibility. The higher is your CIBIL score; the better are your chances of getting loans from banks and financial institutions. LTHFL gives importance to your CIBIL scores. It reflects your credit history and gives an idea of your repayment patterns. If your credit score is anywhere between 550 to 700 points, you would need to get your eligibility assessed. Above 700 points, your loan application is readily accepted.

L&T Home Loan - Documents Required

Documents Salaried Individuals Self-employed Professionals Self-employed non-professionals

Application form

Duly completed in all respects and signed by all applicants and co-applicants

Age Proof (any one of the documents)

  • School Leaving Certificate
  • PAN Card
  • Driving Licence
  • Election ID Card
  • Employee ID Card (only for PSU and Government employees)

  • Birth Certificate
  • School/College passing certificate
  • SSC/HSC admit card
  • SSC/HSC mark sheet

Photo ID Proof (any one of the documents)

  • PAN Card
  • Passport
  • Driving Licence
  • Letter from the Existing banker

  • Valid arms license issued by Central/State Government/Union Territory with name photograph, and signature
  • Valid Freedom Fighter's pass issued by Ministry of Home Affairs, Government of India or by any other Government body

Address Proof (any one of the documents)

  • Passport
  • Driving Licence
  • Election ID Card
  • Utility Bill (not more than three months old)
  • Statement of Account/Passbook maintained with any scheduled bank

  • True Copy of gas connection book
  • Certificate issued by Ward Officer maintaining the election roll certifying address of the applicants

  • In case of salaried employees - letter from employer certifying residential address

Job Confirmation Proof

Required for applicant below 23 years of age

Not Applicable

Not Applicable

Proof of Existence (any one of the documents)

Not Applicable

  • Partnership Deed
  • Memorandum of Association & Articles of Association
  • Form 32
  • Copy of Professional degree
  • Membership Certificate
  • Partnership Deed
  • Memorandum of Association & Articles of Association

Ownership Pattern

Not Applicable

Not Applicable

Latest List of Directors and shareholding pattern certified by Company Secretary (if applicable)

Office Address Proof (any one of the documents)

Not Applicable

  • Utility Bill
  • Telephone Bill
  • Electricity Bill (Maximum 3 months old)
  • Shop & Establishment Act Certificate
  • Sales Tax Certificate

Income Proof (all documents to be signed by applicant/co-applicant

  • Fixed Income
  • Last month's salary slip OR Last month's salary certificate with deductions

  • Form 16/ITR

 

Variable Income

  • Last four month's salary slips or salary certificates with a statement of variable components of income

  • Form 16 latest/ITR
  • Latest ITR, both personal and business with the computation of income

  • Latest 2 years P&L accounts and B/S (with schedules) duly certified by CA (both personal and business)

  • Advance Tax challan if available

Individual borrower

  • Latest 2 years ITR's with the computation of income for applicant and co-applicants

Firm/Company

  • Latest 2 years audited/CA certified P&L accounts and B/S of the firm/company

Bank Statement/Pass Book for applicants whose income is being considered for eligibility

Bank statement for the last six months from salary account (for cheque salary) or operating account (for cash salary)

Bank statement for the previous six months from operating account

Individuals

  • Bank statement for the last six months from Current/Savings account of the individual(s)

 

Firms/Companies

  • Bank Statement for the last six months from Current Account of the firm/company

Login Fee Cheque

From the salary/operating account

From the operating account

From the operating account

Other Products by L&T Housing Finance

Loan against Property -There are three variants for the L& T Loan against Property.

LAP against Residential Property

  • Loan tenure up to 20 years.
  • Minimum loan amount 10 Lakhs
  • Maximum quantum of finance 10 Lakhs
  • The loan is available against self-occupied, rented, and vacant properties.

  • Quick processing.
  • Attractive interest rates.
  • Flexibility in repayment.
  • Variety of purposes such as personal purposes, business emergencies, working capital requirements, and so on.

LAP against Commercial Property

  • Suitable for business and personal requirements.

  • Loan tenure up to 10 years.
  • Property can be self-occupied, vacant, or rented.

  • LTV ratio for the self-occupied commercial property is 60% and for rented property is 50%.

  • Loan amount ranges from 10 Lakhs to 20 Crores.

  • You can also use this loan for the purchase of commercial property.

  • Under such circumstances, the minimum loan amount is 25 Lakhs and loan tenure can range from 3 years to 10 years.

LAP on Industrial Property

  • To meet business requirements.
  • Facility available in 24 major industrial zones such as NCR, Bengaluru, Chennai, Pune, and Ahmedabad.

L&T Real Estate Finance

  • This product offers loans to developers and builders at attractive rates to construct apartment complexes.

  • L&T partners with prominent builders and developers to support end-to-end project requirements of residential and commercial properties.

  • It is thoroughly developer friendly model based on project economics and cash flows.

  • Tailor-made solutions to ensure the availability of funds for the construction activity
  • Caters to all categories of developers, low to high net worth.

  • Simultaneous approval of projects and retail home loans to support cash inflows and sales.

How to Calculate L&T Home Loan EMI?

MyMoneyMantraEMI Calculator helps you calculate your home loan EMI within a few clicks. It is an easy tool to operate. You only have to provide the following information:

  • Loan Amount
  • Rate of Interest
  • Loan tenure

And the EMI calculation is automated instantly along with the amortization schedule.

Why apply for L&T Home Loan on MyMoneyMantra?

MyMoneyMantra helps you avail best interest rate on L&T Home Loan without any hassles. Whether you need to apply online or offline, we can help you find the best match loan according to your requirements. We are India's first loan distribution network and have rich experience in assisting borrowers to find best home loan product in the country.

Our team is well-trained to help customers compare various loan products on offer and choose the best match. We assess your creditworthiness by tracing your credit score. Accordingly, we locate the most affordable deals for you.

Our loan assistance comes free of charge. All you need to do is fill a form on our website and make a loan query. We will hand-assist you to the best home loan.

How to apply for L&T Home Loan on MyMoneyMantra?

To apply for L&T Home Loan on MyMoneyMantra, all you have to do is, follow the simple steps. Visit the official website MyMoneyMantra.com and go to the Home Loans Section. Choose your gender and the city where you reside. Indicate the purpose of applying for a home loan and city where you wish to acquire the property.

Now fill out the following:

  • The value of the property you are looking for.0
  • Your name and email address.
  • Your mobile phone number.

After receiving the details, we will send you an OTP that you are required to fill out the website. This will open access to the Home Loan products page. Choose your preferred lender as L&T Housing Finance Limited.

Now our staff will assist you with the product. After sharing each detail about the chosen product, we will help you prepare your documents. Arrange them in the sequence listed on our website and wait for the call from LTHFL. The marketing official from LTHFL will collect your documents and proceed with the appraisal.

The role of LTHFL

  • Contact the credit bureau and obtain CIBIL report to understand your credit behaviour.

  • Verify the genuineness of the title deeds from the Sub-Registrar's Office.

  • Carry out the valuation of the property.

  • Appraise the proposal and provide the sanction letter on approval of the loan.

Your role

  • Go through the sanction letter to understand the terms and conditions.

  • Acknowledge the sanction letter and complete the documentation formalities before seeking disbursement.

  • On disbursement, create the equitable mortgage and register it with the Sub-Registrar's Office (if applicable).

How much home loan can I get on my property (LTV) from L&T?

Depending on the product you choose, LTHFL gives home loans up to 90% of the value of the property. The tenure also depends on the product category.

L&T Home Loan - Customer Care

  • You can contact L&T Housing Finance at 022-62125000
  • Address - L&T Housing Finance Limited

Brindavan, Plot No 177

CST Road, Kalina, Santacruz East

Mumbai 400098

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