L&T Finance Loan Against Property
Last Updated : June 13, 2017, 5 p.m.
When you are looking for a huge amount of funds and finding it difficult to arrange, a loan against property is the perfect option for you. Now, what is Loan Against Property or Mortgage Loan? Well, a loan against property or a mortgage loan is the loan wherein a person can take a loan against the residential or commercial property. This loan is an apt solution for any kind of personal or professional by utilizing your own property. So, be it your child’s higher education or your wedding or medical emergency in your family or anything, L&T Finance loan against property is here to help you out.
L&T Finance is one of the best loan providers in India that offers LAP at lowest interest rates, less processing fee and plenty of other unmatched features. This housing finance company not only allows you to cash in on your property assets but also gives flexible tenure for the comfortable payment.
To know more about L&T Finance Loan Against Property, check the details provided below:
L&T Finance Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rates | 12.50% p.a. |
| Loan Amount | Rs.3 Lakhs-7.5 Crores |
| Tenure | Up to 15 Years |
| Processing Fee | Up to 2% of the loan amount+ login fee+ service tax |
| Foreclosure Charges | 2%-3% |
| Partial Pre-Payment Charges | 3%-4% |
Eligibility Criteria for L&T Loan Against Property
- An applicant should be at least 24 years of age.
- A salaried/self-employed individual is eligible with a regular source of income.
- An applicant should be less than 65 years of age.
L&T Finance Loan Against Property Eligibility
To get the loan against property from L&T Finance company, a person must come under the eligibility criteria set by the company. However, the maximum loan amount and rates that an individual can get, depends upon the income profile, savings and the market value of the property. Having said that, the higher the income/savings and the value of the property is, the higher will be the loan amount and the lower will be the rates.
Suppose, you earn a monthly salary of Rs.80,000/- and save up to 50% of your monthly income that is Rs. 40,000/-. Now that you have savings, you can do easy payment of installments. But, before you apply for this loan, you want to know your eligibility for LAP. Once you know the loan amount, tenure, and rate of interest you want, you can know the monthly EMI for your loan as well. So, here is an example for your better understanding.
Amount- Rs. 1 Lakh
Loan Tenure-5 years
Rate of Interest-12.50% p.a.
Your monthly EMI will be- Rs.2,250
So your calculation for the loan against property would be:
Rs 1 lakh x 40000/2250=Rs.17.77 lakhs
So, your eligibility for loan against property will be Rs.17.77 Lakhs
L&T Finance Loan Against Property EMI Calculator
EMI is the equated monthly installment is defined as the amount that has to be paid every month to the lender against the loan that you have taken. A loan against property EMI is the sum of the interest and the principal which is payable each month.
The customers who are looking for a loan against property from L&T Finance can know their EMI with the help of the below example. The EMI calculation of the L&T Finance loan against property is simple. If you know the rate and tenure of your loan, the maximum loan amount can be calculated on the basis of the loan amount, interest rate and tenure of the loan. The calculator will compute the interest component first and then the principal amount that you will have to pay towards the LAP.
For Example: If you are interested in availing a loan of Rs.20,00,000 from L&T and have chosen the repayment period of 15 years and have got the loan at the interest rate of 12.50% p.a., what would be your EMI? Well, the EMI, total interest outgo and total amount payable from your pocket will be Rs.24,650, Rs.24,37,079 and, Rs.44,37,079 at the end of your loan tenure.
Here is an example for you to know in detail the EMI, interest and total amount payable on the same amount of loan for different tenures.
Table showing EMI, interest outgo and total amount payable on your loan against property
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs. 20,00,000 | 1 year | 12.50% p.a. | Rs. 1,78,166 | Rs. 1,37,989 | Rs. 21,37,989 |
| Rs. 20,00,000 | 2 years | 12.50% p.a. | Rs. 94,615 | Rs. 2,70,751 | Rs. 2,70,751 |
| Rs. 20,00,000 | 3 years | 12.50% p.a. | Rs. 66,907 | Rs. 4,08,661 | Rs. 24,08,661 |
| Rs. 20,00,000 | 4 years | 12.50% p.a. | Rs. 53,160 | Rs. 5,51,680 | Rs. 25,51,680 |
| Rs. 20,00,000 | 5 years | 12.50% p.a. | Rs. 44,996 | Rs. 6,99,753 | Rs. 26,99,753 |
| Rs. 20,00,000 | 6 years | 12.50% p.a. | Rs. 39,622 | Rs. 8,52,810 | Rs. 28,52,810 |
| Rs. 20,00,000 | 7 years | 12.50% p.a. | Rs. 35,842 | Rs. 10,10,768 | Rs. 30,10,768 |
| Rs. 20,00,000 | 8 years | 12.50% p.a. | Rs. 33,058 | Rs. 11,73,531 | Rs. 31,73,531 |
| Rs. 20,00,000 | 9 years | 12.50% p.a. | Rs. 30,935 | Rs. 13,40,991 | Rs. 33,40,991 |
| Rs. 20,00,000 | 10 years | 12.50% p.a. | Rs. 29,275 | Rs. 15,13,028 | Rs. 35,13,028 |
| Rs. 20,00,000 | 11 years | 12.50% p.a. | Rs. 27,951 | Rs. 16,89,513 | Rs. 36,89,513 |
| Rs. 20,00,000 | 12 years | 12.50% p.a. | Rs. 26,877 | Rs. 18,70,309 | Rs. 38,70,309 |
| Rs. 20,00,000 | 13 years | 12.50% p.a. | Rs. 25,995 | Rs. 20,55,270 | Rs. 40,55,270 |
| Rs. 20,00,000 | 14 years | 12.50% p.a. | Rs. 25,263 | Rs. 22,44,246 | Rs. 42,44,246 |
| Rs. 20,00,000 | 15 years | 12.50% p.a. | Rs.24,650 | Rs.24,37,079 | Rs.44,37,079 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 48,519 | Rs. 247,281 | Rs. 1,951,481 |
| 2 | Rs. 54,943 | Rs. 240,857 | Rs. 1,896,538 |
| 3 | Rs. 62,217 | Rs. 233,583 | Rs. 1,834,321 |
| 4 | Rs. 70,455 | Rs. 225,345 | Rs. 1,763,866 |
| 5 | Rs. 79,786 | Rs. 216,014 | Rs. 1,684,080 |
| 6 | Rs. 90,349 | Rs. 205,451 | Rs. 1,593,731 |
| 7 | Rs. 102,312 | Rs. 193,488 | Rs. 1,491,419 |
| 8 | Rs. 115,860 | Rs. 179,940 | Rs. 1,375,559 |
| 9 | Rs. 131,201 | Rs. 164,599 | Rs. 1,244,358 |
| 10 | Rs. 148,577 | Rs. 147,223 | Rs. 1,095,781 |
| 11 | Rs. 168,251 | Rs. 127,549 | Rs. 927,530 |
| 12 | Rs. 190,529 | Rs. 105,271 | Rs. 737,001 |
| 13 | Rs. 215,759 | Rs. 80,041 | Rs. 521,242 |
| 14 | Rs. 244,328 | Rs. 51,472 | Rs. 276,914 |
| 15 | Rs. 277,171 | Rs. 19,119 | Rs. 0 |
Documentation Required for L&T Loan Against Property
Apart from the application form, the applicant has to submit certain documents, the list of which is given below:
| Salaried | Professional | Businessman |
|---|---|---|
| Application form with photograph | Application form with photograph | Application form with photograph |
| Age Proof | Age Proof | Age Proof |
| Photo ID Proof | Photo ID Proof | Photo ID Proof |
| Address Proof | Address Proof | Address Proof |
| Job Confirmation Proof | Proof of Existence | Proof of Existence |
| Income Proof | Office Address Proof | Ownership Pattern |
| Bank Statement/Copy of Passbook | Income Proof | Office Address Proof |
| Login Fee Cheque | Bank Statement/Copy of Passbook | Income Proof |
| NA | Login Fee Cheque | Bank Statement/Copy of Passbook |
| NA | NA | Login Fee Cheque |
Features & Benefits of L&T Finance Loan Against Property
What makes this loan product unique are the salient features and benefits offered on it. The benefit of the product are as follows:
- Higher loan amount
- Quick and Efficient Processing
- Affordable Interest Rates
- Minimal Documentation
- Doorstep Service
- Hassle-Free Loan