L&T Housing Finance

Last Updated : Dec. 9, 2020, 12:02 p.m.

About L&T Housing Finance

Looking to buy your dream home that fits your budget? Housing loans are the convenient financial option that you can go for. L&T Housing Finance Limited offers a broad range of housing finance products like home loans, home improvement loans, loan against property, balance transfer and top-up loans to salaried and self-employed customers mostly across the middle and premium segments. Construction finance is widely available to real estate developers and builders.

L&T Housing Finance Ltd. provides quick and easy housing loans in India. You may get the unmatched quality and transparency right through the procedure of home loans and a handholding experience that remains with you until your dreams get realized at a faster pace.

L&T Housing Finance Eligibility Criteria

Below mentioned are the eligibility criteria for individuals towards their application process for L&T Housing Finance:

• Individuals need to be an Indian resident customer. They are categorized under salaried, self-employed professionals and businessmen.
• The age limit should be above 22 years of age at the commencement of the Loan and below 65 when the Loan matures.
• An individual needs to be either salaried or self-employed person.
• The actual eligible loan amount is based upon applicant’s income and repaying capacity, age, assets, and liabilities cost of the proposed house/flat etc.
• The eligibility can be increased by adding other sources of income such as Rent and Co-applicant’s income.

Service Charges Description

L&T Housing Finance EMI Calculator

Use L&T Housing Finance Home Loan EMI Calculator for ascertaining your loan amount to be payable in the form of EMI. You can also determine the monthly interest to be payable with EMI and the total cost calculated each year. EMI Calculator will disclose you the results quickly. Also, you can assess your eligibility criteria for securing the home loan.

For example, you are banking professional, earning INR 50,000 p.m. You want to avail the home loan costing INR 80 lakhs repayable after 15 years, available at interest rate 9.90% p.a. Subsequently, fixed rate would be decided based upon your eligibility criteria for repayment of your home loan. The following table shows you the calculated EMI along with interest and the total amount that you have to incur against your sanctioned home loan.

Documentation for L&T Housing Finance

The following documents are mandatory for salaried individuals, self-employed professionals, and businessmen which are listed below:

• Application form with photograph: Duly filled-in application form signed by all applicants/co-applicants.
• Age proof(any one document): School Leaving Certificate, PAN Card, Passport, Driving License, Election ID Card, Birth Certificate, Employee ID Card(only for PSU/Government Employees), School/College passing certificate, SSC/HSC admit card, SSC/HSC marksheet.
• Photo ID Proof(any one document): PAN Card, Passport, Driving License, Letter from existing banker, Valid Arms License issued by Central / State Government / Union Territory (with Name, Photograph & Signature), and Valid Freedom Fighter’s Pass issued by Home Ministry of Government of India or by any other Government body.
• Address Proof( any one document): Passport, Driving License, Election ID Card, Electricity / Telephone / Mobile Bill (not more than 3 months old), Latest (not more than 3 months old) statement of account / Passbook maintained with any scheduled bank, True copy of Gas connection book, Certificate issued by Ward Officer maintaining election roll certifying address of the applicants, Letter from employer certifying residential address( for salaried employees)

Other mandatory documents for Salaried Individuals

Other mandatory documents for Self-employed professionals

Other mandatory documents for Businessmen

Features and Benefits of L&T Housing Finance

• The tenure of the loan is upto 20 years.
• Loans are sanctioned in a range from INR 3 Lacs to INR 10 crores
• Attractive rate of interest
• Home Loans up to 80% (90% in certain scenarios)of the property value subject to the discretion of L&T Housing Finance Limited.
• Flexible repayment alternatives such as Tranche based EMI and Part Prepayment Scheme
• Loan consideration consisting of registration fees and stamp duty.
• No Pre-payment Charges as admissible.
• Offering of Income based products such as Gross Receipt Product, Gross Margin Product, Banking Based product etc.
• Repayment based product offering such as Step Up / Stepdown.
• Interactive and experienced Relationship Managers working with you in identifying your goals and requirements, creating tailor-made solutions, therefore making the most of the opportunities for you and your family.
• Easy documentation process
• Personalized customer service
• Transparent processes
• Free and safe document storage and easy retrieval of documents
• Quick and efficient processing

L&T Housing Finance Balance Transfer

Home loan balance transfer is a good option is you are paying higher interest rate on your existing home loan. You can transfer your home loan to any of the bank or non-banking financial sector. You can transfer the home loan anytime during your home loan if there is no lock-in period or penalty on the home loan. But, before getting into this process you should gather all the information about the loan balance transfer facility along with the other features. You should also get information about the formalities and penalties related to the home loan. Always consider the transfer cost linked with the process, calculate your benefits and losses linked to the loan balance transfer facility. You should always make calculations for all expenditures and other costs to know the actual ratio of profit and loss. L&T home loan balance transfer offers home loan balance transfer facility to customers to ease their burden of home loan. You can switch your existing home loan to L&T home loan anytime during the tenure of the loan. If offers you benefits to enjoy the lower rate of interest and affordable monthly EMIs. You can also take a top-up loan on balance transfer to meet your financial requirements. However, the top-up loan facility will be based upon the eligibility criteria and customer’s profile. Here are some important features and benefits of home loan transfer facility with L&T to understand it’s benefits and features.

Features and Benefits of L&T Housing Finance Balance Transfer

• All the customers who have already taken a home loan from any of the bank or non-banking financial sector are eligible for this loan
• Customers who have taken the loan from approved financial institutions are only eligible
• Top-up loan facility is available for over and above the original loan
• Legal and technical verification to be done in all cases by the L&T before approving the loan
• It offers attractive rate of interest to customers to ease their financial burden
• Quick and hassle free loan facility

Fee and repayment options for home loan balance transfer

Loan processing fee: 2% of the loan amount+ applicable service tax

Interest rate conversion fee: INR 5000/-

Login fee (Part of loan processing fee): INR 4999/- (exclusive service tax)

Foreclosure charges on home loan: Nil on floating rate of interest

Providing photocopy of the documents: INR 500

L&T Housing Finance Customer Care Contact Number

Don’t let yourself surrounded by any difficulty in obtaining home loans? Call an experienced customer care representative of L&T Housing Finance on 1800-209-4747(Toll-free number)/ 022-67525656 and get your queries answered immediately.