L&T Finance Limited provides home loans with interest rates starting from 8.60% per annum onwards for loan amounts up to Rs 7.5 crore and tenures of up to 25 years. Their home loan schemes include New Home Loan, House Purchase Loan, Home Loan for Self-Construction, House Improvement Loan, House Extension Loan, Composite Loan, and Home Loan Balance Transfer (with a top-up facility) for existing home loan borrowers from other banks/HFCs at lower interest rates.
L&T Finance Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.60% p.a. onwards |
| Processing Fees | Up to 3% of the loan amount |
| Tenure | Up to 25 years |
| Loan Amount | Up to Rs 7.5 crore |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Loan Type | Interest Rate(p.a.) |
|---|---|
| Home Loan Balance Transfer | 8.65% p.a. onwards |
| Home Loan for Self-employed | 8.75% p.a. onwards |
| Home Loan for Salaried | 8.60% p.a. onwards |
L&T Finance New Home Loan
Purpose: L&T Finance provides regular home loans to finance various purposes such as constructing a new home, purchasing a home property, improving an existing dwelling unit, and extending an already existing home.
Loan Amount: Rs 20 lakh-Rs 7.5 crore
Tenure: Up to 25 years
LTV Ratio: Up to 90% of property value
L&T Finance Home Loan Balance Transfer
Purpose: Existing home loan borrowers from other banks and housing finance companies (HFCs) have the option to transfer their existing home loans to L&T Finance through the Home Loan Transfer facility. By doing so, they can benefit from lower interest rates, thereby reducing their Equated Monthly Installments (EMIs) and overall interest costs.
L&T Finance Composite Loan Scheme
Purpose: Consumers can access L&T Finance Composite Loans for purchasing a plot and subsequently constructing a home on it, provided that the construction commences within a specific timeframe.
L&T Finance Home Loan for Self-Construction
Purpose: Individuals can avail Home Loan for Self-Construction from L&T Finance to raise funds for constructing a residential house on plots owned by them.
L&T Finance Balance Transfer plus Top-up
Purpose: L&T Finance provides a Home Loan Balance Transfer service along with a top-up facility for existing home loan borrowers from other lenders who wish to transfer their balance and avail additional funds.
L&T Finance House Purchase Loan
Purpose: L&T Finance offers Home Purchase Loans to applicants for financing the purchase of both under-construction properties and ready-to-move-in houses.
L&T Finance House Extension Loan
Purpose: Individuals can avail House Extension Loans from L&T Finance to construct additional rooms or floors in their existing residential units.
L&T Finance House Improvement Loan
Purpose: L&T Finance provides House Improvement Loans to applicants for renovating, repairing, and maintaining their existing homes.
Also Read : Best Home Loan EMI Calculator
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 3% of loan amount |
| List of Documents | Rs. 300 |
| Penal Charges | 3% p.a. on instalment overdue |
| Check bounce charges | Rs. 1,000 |
| Foreclosure Charges | Nil on floating |
| Photocopies of Documents | Rs. 500 |
| Loan Cancellation Charges | Rs. 5000 + GST |
| Legal Recovery Charges | At Actuals |
| Interest Rate Conversion Charges | 0.5% of balance loan amount (+ GST) or min. Rs. 10,000 whichever is higher |
Also read: Best Home Loan Fees and Charges
L&T Finance considers the following eligibility criteria for home loan applicants:
- Age between 23 to 62 years
- Indian residency
- Salaried, self-employed professionals, and self-employed non-professionals
- Eligibility also depends on the applicant's income and repaying capacity
- Additionally, L&T Finance may assess the monthly income and credit score of applicants, similar to other banks/HFCs, when evaluating home loan eligibility.
Also Read : Best Home Loan Eligibility
For Self-employed Professionals
- Age Proof/Photo ID Proof- Aadhar Card. PAN card
- Address Proof- Aadhar card, Driving license, passport, voter ID, utility bill, rent agreement
- Income Proof-
- Latest 2 Income Tax Returns (ITRs) for both personal and business, along with computation of income.
- Advance tax challans, if available.
- Bank account statement for the last 1 year.
- Latest 2 years Profit & Loss account and Balance Sheet for both personal and business, duly certified by a Chartered Accountant.
For Self-employed Non-Professionals
- Age Proof/Photo ID Proof- Aadhar Card. PAN card
- Address Proof- Aadhar card, voter ID, Driving license, passport, utility bill, rent agreement
- Income Proof-
- For individual applicants and co-applicants: Latest 2 years Income Tax Returns (ITRs) with computation.
- When the borrower is a firm/company: Latest 2 years audited or Chartered Accountant (CA) certified Profit & Loss accounts and Balance Sheets of the firm/company.
- Bank account statement for the last 1 year for all applicants.
For Salaried
- Age Proof/Photo ID Proof- Aadhar Card. PAN card
- Income Proof- Salary account bank statement for last 1 year, salary slip for last 3 months
- Address Proof- Driving license, Aadhar card, voter ID, passport, utility bill, rent agreement
Also Read : Best Home Loan Documents Required
1. Can home loan applicants repay their loan amount ahead of schedule?
Yes, home loan applicants availing loans at floating rates can repay their loan amount ahead of schedule, either in part or in full. No prepayment charges are levied on home loans at floating rates.
2. Who can be the co-applicants to L&T Finance Home Loans?
L&T Finance permits various family members such as husband/wife, father/son, mother/daughter, etc., to be co-applicants for home loans. It's not necessary for all co-applicants to be co-owners of the property.
3. What is the minimum credit score required to avail home loans from L&T Financial Services?
L&T Financial Services has not specified a specific credit score cutoff for home loan applicants. However, applicants with credit scores of 750 and above typically have better chances of getting home loans at lower interest rates.
Also read: Best Home Loan Balance Transfer
4. How long does it take for the processing of home loan availed from L&T Finance?
L&T Finance claims to process home loans within 6-10 working days after completing the loan documentation process.
5. How can the home loan applicants increase their eligibility?
Home loan applicants can increase their eligibility by including other sources of income such as rent, agricultural income, bonuses, dividends, monthly incentives, etc. Adding a co-applicant also enhances the eligibility of home loan applicants.
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