L&T Housing Finance
With its headquarters in Mumbai, L&T Housing Finance Limited has emerged as a reliable Non-Banking Financial Company or NBFC in India. It is helping people by lending funds in the form of home loans, consumer loans, microloans, two-wheeler loans, farm loans, and SME loans for their diverse financial needs. L&T Finance home loans start at an interest rate of 8.60% per annum, and the NBFC charges a processing fee of up to 3.00% on the loan amount with some additional taxes.
LT Housing Finance offers easy home loans to salaried as well as self-employed professionals with a maximum repayment tenure of up to 25 years. This renowned NBFC offers home loans for purchasing, constructing, repairing, and extending a home. Borrowers can also avail of balance transfer home loans from their existing home loans with additional top-ups from LT housing finance.
L&T Home Loan EMI Calculator
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L&T Housing Finance Home Loan Key Highlights
Get the lowest interest rates with L&T Housing Finance
| Loan Amount | Starting from Rs. 20 lakhs up to 7.5 crore |
|---|---|
| Rate of Interest | Starts at 8.60% per annum |
| RPLR | |
| Processing Fee |
Up to 3.00% of the loan amount + Applicable Taxes |
| Maximum Tenure for Repayment | 25 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/Floater |
| Charges for Prepayment/Foreclosure | Floater - Nil | Less than 1 year from Disbursement - Up to 3.00% of the partial or prepayment amount + taxes | After 1 year of Disbursement - Up to 2.00% of the partial or prepayment amount + taxes |
L&T Housing Finance Interest Rates in 2024
The NBFC offers quick home loans to eligible borrowers, and in return, it benefits through interest on the loan amount sanctioned. The current L&T home loan ROI for 2023 starts at 8.60% per annum. The table below enlists the current L&T Finance home loan interest rate 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Fixed Plans (For Salaried) | Starts at 8.60% per annum |
| Fixed Plans (For Self-Employed) | Starts at 8.60% per annum |
| Floater Plans (For Salaried) | Starts at 8.60% per annum |
| Floater Plans (For Self-Employed) | Starts at 8.60% per annum |
Interest rates were last updated on 8th September 2023
L&T Home Loan Eligibility Criteria
Borrowers prefer applying for home loans from L&T Housing Finance because it has minimum eligibility criteria. The NBFC has set some eligibility criteria to approve home loans, such as age, nationality, and minimum income earned. The table below enlists L&T Finance home loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 62 Years | 23 - 62 Years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 15,000 per month | Rs. 2 lakhs per annum |
L&T Housing Loan Processing Fee and Charges
Processing each home loan application incurs some cost to the banks and NBFCs, and to recover this cost, they charge a processing fee. L&T Housing Finance home loan processing fee is up to 3.00% of the loan amount with applicable taxes. The table below enlists the updated L&T home loan processing fee and charges:
| Processing Fee | Up to 3.00% of the loan amount + Applicable Taxes |
|---|---|
| Prepayment Charges |
|
| Foreclosure Charges |
|
| Photocopy of Documents | Rs. 500 per set + Applicable Taxes |
| List of Documents | Rs. 300 per request + Applicable Taxes |
| Duplicate NOC Charges | Rs. 250 per instance + Applicable Taxes |
| Cheque Bounce Charges | Rs. 350 per instance +Taxes |
| Loan Cancellation Charges | Rs. 5000 + Applicable Taxes |
| Interest Rate Conversion Charges | Up to 0.50% of the outstanding loan amount + Applicable Taxes (Minimum or Rs. 10,000) |
| Repayment Swapping Charges | Rs. 500 per instance + Taxes |
| Valuation Charges | As per actuals |
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L&T Home Finance Schemes and Top Plans
L&T Housing Finance offers lucrative home loan schemes to salaried, self-employed professionals, and self-employed non-professional borrowers. Listed below are some popular home loan schemes of L&T Housing Finance:
1. Self-Construction Home Loans
- Ideal for those looking for funds to construct a home on a pre-owned plot
- Maximum loan repayment tenure of up to 25 years
- The minimum loan amount approved is Rs. 20 lakhs
2. House Purchase Home Loans
- Ideal for those keen to buy, construct, or improve a home
- Maximum loan repayment tenure of up to 25 years
- The minimum loan amount approved is Rs. 20 lakhs
3. House Improvement Home Loans
- Perfect home loan for those keen to renovate or repair their existing home through carpentry or painting
- Maximum loan repayment tenure of up to 25 years
- The minimum loan amount approved is Rs. 20 lakhs
4. House Extension Home Loans
- Best home loans for those keen to add a room or floor to their existing home
- Maximum loan repayment tenure of up to 25 years
- The minimum loan amount approved is Rs. 20 lakhs
5. Balance Transfer Home Loans
- Flexible option to transfer the balance of an outstanding loan to L&T Housing Finance home loan
- Lower rate of interest
- Reduced EMI
- Additional Top-Ups
6. Composite Home Loans
- Ideal for those keen to purchase a plot and construct a home by themselves within a limited time
- Flexible EMIs
- Maximum loan amount up to Rs. 7.5 crores
7. Balance Transfer Plus Top-Up Plans
- Flexible top-up facility for existing home loan borrowers along with easy balance transfer
- Easy way of handling funds for personal and professional needs
- Lower rate of interest
Note: All of the above home loan plans are made available to applicants solely at the discretion of L&T Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For L&T Home Loan
To approve home loans, L&T Housing Finance requires a set of KYC documents to check the credibility and eligibility of the borrower. Shared below is the updated L&T Finance home loan documents required list for your reference:
Documents Required for Salaried Applicants
- Salary slips for the last 3 months
- Bank account statements for the last 1 year
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of L&T Housing Finance
Documents Required for Self-Employed Applicants
- Bank Account Statements of all accounts for the last 1 year
- Business Profile informing about the nature of business or profession
- Profit and Loss Account Statements for the last 2 years duly certified by a CA
- ITR for the last 2 years
- Advance Tax Challans, if available
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of L&T Housing Finance
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find L&T Housing Finance Home Loan Offices Near Yo
If you are planning to visit one of the offices of L&T Housing Finance Home Loan near you to understand the L&T Housing Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
L&T Housing Finance offers hassle-free home loans at a very low-interest rate. The current interest rate for an L&T home loan in 2023 starts at 8.60% per annum.
Borrowers can fetch the following benefits by opting for an L&T home loan:
- Up to 90% LTV
- Low-interest rate
- Minimum eligibility criteria
- Flexible EMI repayment options
- Hassle-free home loans with minimum documents
Yes, L&T Housing Finance is approved by the RBI. It is registered as an NBFC and CIC by the Reserve Bank of India.
It may take between 6 - 10 days to get a home loan sanctioned from L&T Housing Finance. Make sure to submit the proper documents and pay the processing fee and other charges for quicker loan approval.
An immediate family member such as the children, parents, or spouse can be added as co-applicants in an L&T home loan. Apart from this, all co-owners of the property must be the co-applicants for the loan.
L&T Housing Finance Ltd. offers easy home loans to applicants living in India. A CIBIL score above 750 is considered good; however, in certain cases, L&T Housing Finance home loans can also be availed below this score.
L&T Housing Finance doesn't charge any prepayment fee for individuals with a floater plan. However, it charges 2% and 3% on partial or prepayment amounts for disbursements after 1 year and before 1 year, respectively.
You can easily apply for an L&T home loan by visiting their official website or nearest branch. Alternatively, you may contact the BASIChomeloan team online to apply for an L&T home loan.