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In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.
Table of Contents
- 1 About L&T Housing Finance
- 1.1 L&T Housing Finance Eligibility Criteria
- 1.2 L&T Housing Finance EMI Calculator
- 1.3 Documentation for L&T Housing Finance
- 1.4 Features and Benefits of L&T Housing Finance
- 1.5 L&T Housing Finance Balance Transfer
- 1.6 Features and Benefits of L&T Housing Finance Balance Transfer
- 1.7 Fee and repayment options for home loan balance transfer
- 1.8 L&T Housing Finance Customer Care Contact Number
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.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
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
|Loan Processing Fees||Up to 2%+Service Tax|
|Penal Charges|| 3% p.m on Installment Overdue|
1. Floating Interest Rate –Nil Charges
2. Fixed Interest Rate—other than own source of Funds:
|Foreclosure Charges-Home loan|
1. Less than 1 year from disbursement—3% on Principal Outstanding
2. Post 1 year of disbursement----2% on Principal Outstanding
-Payment through Own Source of Funds---Nil
-Payment not through Own Source of Funds:
|Partial Pre-payment Charges—Home Loan(Fixed Loan Cases)|
-Less than 1 year from disbursement-3% on Principal Outstanding
-Post 1 year of disbursement----2% on Principal Outstanding
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.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 80,00,000||9.90%||1||₹ 7,02,955||₹ 4,35,461||₹ 84,35,461|
|₹ 80,00,000||9.90%||2||₹ 3,68,790||₹ 8,50,967||₹ 88,50,967|
|₹ 80,00,000||9.90%||3||₹ 2,57,762||₹ 12,79,434||₹ 92,79,434|
|₹ 80,00,000||9.90%||4||₹ 2,02,517||₹ 17,20,801||₹ 97,20,801|
|₹ 80,00,000||9.90%||5||₹ 1,69,583||₹ 21,74,980||₹ 1,01,74,980|
|₹ 80,00,000||9.90%||6||₹ 1,47,804||₹ 26,41,859||₹ 1,06,41,859|
|₹ 80,00,000||9.90%||7||₹ 1,32,396||₹ 31,21,304||₹ 1,11,21,304|
|₹ 80,00,000||9.90%||8||₹ 1,20,970||₹ 36,13,160||₹ 1,16,13,160|
|₹ 80,00,000||9.90%||9||₹ 1,12,197||₹ 41,17,248||₹ 1,21,17,248|
|₹ 80,00,000||9.90%||10||₹ 1,05,278||₹ 46,33,370||₹ 1,26,33,370|
|₹ 80,00,000||9.90%||11||₹ 99,707||₹ 51,61,310||₹ 1,31,61,310|
|₹ 80,00,000||9.90%||12||₹ 95,145||₹ 57,00,834||₹ 1,37,00,834|
|₹ 80,00,000||9.90%||13||₹ 91,357||₹ 62,51,692||₹ 1,42,51,692|
|₹ 80,00,000||9.90%||14||₹ 88,176||₹ 68,13,619||₹ 1,48,13,619|
|₹ 80,00,000||9.90%||15||₹ 85,480||₹ 73,86,338||₹ 1,53,86,338|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 2,44,659||₹ 7,81,096||₹ 77,55,340|
|2||₹ 2,70,010||₹ 7,55,745||₹ 74,85,329|
|3||₹ 2,97,988||₹ 7,27,767||₹ 71,87,340|
|4||₹ 3,28,865||₹ 6,96,890||₹ 68,58,474|
|5||₹ 3,62,942||₹ 6,62,814||₹ 64,95,532|
|6||₹ 4,00,549||₹ 6,25,206||₹ 60,94,983|
|7||₹ 4,42,053||₹ 5,83,702||₹ 56,52,929|
|8||₹ 4,87,858||₹ 5,37,897||₹ 51,65,071|
|9||₹ 5,38,409||₹ 4,87,347||₹ 46,26,661|
|10||₹ 5,94,198||₹ 4,31,558||₹ 40,32,463|
|11||₹ 6,55,767||₹ 3,69,988||₹ 33,76,695|
|12||₹ 7,23,717||₹ 3,02,039||₹ 26,52,978|
|13||₹ 7,98,707||₹ 2,27,049||₹ 18,54,271|
|14||₹ 8,81,467||₹ 1,44,288||₹ 9,72,803|
|15||₹ 9,73,503||₹ 52,952||₹ 0|
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
|Job Confirmation Proof||Required for applicant below 23 years of age|
|Proof of Existence||Not Applicable|
|Office Address Proof||Not Applicable|
|Income Proof (All documents need to be signed by the applicant / co-applicant)|| - Fixed income salaried|
-Last one month's salary slip OR
-Last month's salary certificate with deductions OR
-Last month's salary certificate with deductions
Form 16 / ITR
Variable income salaried
Latest four month's salary slips OR
Latest month's salary certificate with statement of variable components of income for last four months
Form 16 latest / ITR
|Bank statement / Pass book copy for applicants whose income is being considered for eligibility||Bank statement required for the last six months from salary a/c (for cheque salary) or from operating a/c (for cash salary)|
|Login Fee Cheque||From Salary Account/Operating Account (for cash salary)|
Other mandatory documents for Self-employed professionals
|Proof of Existence||Partnership deed copy / MOA / Article of Association if applicable|
|Office Address Proof||Utility bill, Telephone bill, Electricity bill (maximum 3 months old), Shop & Establishment Act certificate, Sales Tax certificate|
|Income Proof (All documents need to be signed by the applicant / co applicant)||-Latest two ITRs, both personal and business along with computation of income|
-Latest two years P&L accounts and B/S (with schedules) duly certified by a CA
-Both personal and business
-Advance tax challans if available
|Bank Statement / Pass book copy for applicants whose income is being considered for eligibility||Bank statement required for the last six months from operating Account|
|Login Fee Cheque||From operating account|
Other mandatory documents for Businessmen
|Job Confirmation Proof||Not applicable|
|Proof of Existence||Partnership deed, MOA & Articles of Association / Form 32, copy of the professional degree / membership certificate|
|Ownership Pattern||Latest list of directors and shareholding pattern certified by company secretary (if applicable).|
|Office Address Proof||Utility bill, telephone bill, electricity bill (maximum 3 months old), Shop & Establishment Act Certificate, sales tax certificate|
|Income Proof (all documents need to be signed by the applicant / co applicant)||When borrower is an individual|
-Latest 2 years ITRs with computation for the individual applicants and co applicants.
When borrower is a firm / company
-Latest 2 years audited / C.A. certified profit & loss accounts and balance sheets of the firm / company
|Bank Statement / Pass Book Copy for Applicants whose Income is being considered for Eligibility||1. Bank statements for the last six months from current a/c of the firm/company|
2. Bank statements for the last six months from the Current a/c or savings a/c of the individual applicants and co-applicants.
|Login Fee Cheque||From operating account|
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.