L&T Housing Finance Home Loan Details

Highlights of L & T Housing Finance Home Loan are as below:

Loan amountUp to 90% of the property cost
Rate of interest
  • Salaried - 7.70% - 8.20% 
  • Self Employed - 7.95% - 8.70%
TenureUp to 30 years
Lowest EMI possibleRs. 713 Per Lakh
Processing fee0.25% onwards (Rs 5000 fixed as login fee)

L&T Housing Finance Home Loan Features 

Following are the features of L & T Housing Finance Home Loan:

  • Loan amount: Up to 90% of the property; Rs 3 lakh to 10 crore
  • L & T Housing Finance Home Loan interest rates are levied 7.70% p.a. onwards
  • Repayment tenure: Up to 30 years
  • L & T Housing Finance Home Loan Processing Fees is nominal, starting from 0.5% of the loan amount
  • Lowest EMI possible: Rs. 713 Per Lakh

L&T Housing Finance Home Loan Benefits

  • A range of home loan products
  • Flexible 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 on home loan.
  • Home loans up to 90% value of property.
  • Registration and stamp duty can be included as project cost.
  • Tranche-based EMI and part-payment schemes available.
  • Balance Transfer and Top-Up facility are available.

Also Read - Home Loan Tax Benefits

L&T Home Loan - Fees and Other Charges

Type of ChargesIndividual BorrowersNon-Individual Borrowers
Login Fee4999 (exclusive of GST) - Non-refundable
Loan Processing FeesUp to 2% of the Sanctioned Amount
Bounce Charges1000
Penal Charges3% pm on Overdue Instalment
Foreclosure Charges on Home LoansFloating 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 LoanFloating 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 Charge0.5% of the Balance Amount or Minimum 10,000 whichever is higher
SARFAESI ChargesIssue 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 ChargesActuals
Loan Cancellation Charges5000
Proportionate actual expenses in case of pre-closureHome 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

L&T Housing Finance Home Loan Schemes

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

L&T Housing Finance 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.

The Composite Loan Scheme allows you to take plot loans for purchase and construct a 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 crore
  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.

Additional Info: Also check Home Loan Eligibility

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

  • Good 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 credit 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 – Pradhan Mantri Awaas Yojana

  • 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.

Also Read - Top 10 Home Loan for Senior Citizen & Pensioners in India

How to Calculate L&T Home Loan EMI?

MyMoneyMantra EMI 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.

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).

Also Read - What is the Best Way to Pre-Close a Home Loan in India?

L&T Housing Finance 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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L&T Housing Finance Home Loans FAQs

✅ How to improve your eligibility for L&T Housing Finance Home Loan?


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.

✅ Is it compulsory for co-owners of property to be co-applicants?


Yes, co-owners of the property automatically need to be co-applicant for loan.

✅ Who can be a co-applicant in a home 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. 

✅ What is CIBIL score requirement for home loan?


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.