Highlights of L & T Housing Finance Home Loan are as below:
|Loan amount||Up to 90% of the property cost|
|Rate of interest||7.70 % onwards|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 713 Per Lakh|
|Processing fee||0.25% onwards (Rs 5000 fixed as login fee)|
Also Read - Home Loan Tax Benefits
Following are the features of L & T Housing Finance Home Loan:
|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|
|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
|Interest Rate Conversion Charge||0.5% of the Balance Amount or Minimum 10,000 whichever is higher|
|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
LTHFL offers various kinds of loans to salaried and self-employed individuals depending on their eligibility.
Purpose of the loan: You can apply for LTHFL Home loan for following purpose:
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
Eligible borrowers can transfer their Home Loan balances from other banks and financial institutions to LTHFL and avail the benefits of low interest.
Home Loan - Top-Up facility
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:
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.
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).
Brindavan, Plot No 177
CST Road, Kalina, Santacruz East
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
To improve your home loan eligibility, follow these tips: a) Repay your small loans and reduce your monthly fixed obligations. It improves your take-home pay. B) Bring an eligible co-applicant with a regular source of income. LTHFL considers combined income of co borrowers to determine loan eligibility. C) You should also add other revenue sources such as rent and so on. D) Apply for home loan early in career and take the benefit of extended repayment tenure.
Yes, co-owners of the property automatically need to be co-applicant for loan.
Following can be co-applicants for the 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.
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. 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.