L&T Finance Loan Against Property

Loan Against Property 328 views

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

ParticularsDetails
Interest Rates12.50% p.a.
Loan AmountRs.3 Lakhs-7.5 Crores
TenureUp to 15 Years
Processing FeeUp to 2% of the loan amount+ login fee+ service tax
Foreclosure Charges2%-3%
Partial Pre-Payment Charges3%-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.

Must Read  Canara Bank Loan Against Property

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.

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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 AmountLoan TenureInterest RateEMITotal Interest OutgoTotal Amount (EMI+Interest)
Rs. 20,00,0001 year12.50% p.a.Rs. 1,78,166Rs. 1,37,989Rs. 21,37,989
Rs. 20,00,0002 years12.50% p.a.Rs. 94,615Rs. 2,70,751Rs. 2,70,751
Rs. 20,00,0003 years12.50% p.a.Rs. 66,907Rs. 4,08,661Rs. 24,08,661
Rs. 20,00,0004 years12.50% p.a.Rs. 53,160Rs. 5,51,680Rs. 25,51,680
Rs. 20,00,0005 years12.50% p.a.Rs. 44,996Rs. 6,99,753Rs. 26,99,753
Rs. 20,00,0006 years12.50% p.a.Rs. 39,622Rs. 8,52,810Rs. 28,52,810
Rs. 20,00,0007 years12.50% p.a.Rs. 35,842Rs. 10,10,768Rs. 30,10,768
Rs. 20,00,0008 years12.50% p.a.Rs. 33,058Rs. 11,73,531Rs. 31,73,531
Rs. 20,00,0009 years12.50% p.a.Rs. 30,935Rs. 13,40,991Rs. 33,40,991
Rs. 20,00,00010 years12.50% p.a.Rs. 29,275Rs. 15,13,028Rs. 35,13,028
Rs. 20,00,00011 years12.50% p.a.Rs. 27,951Rs. 16,89,513Rs. 36,89,513
Rs. 20,00,00012 years12.50% p.a.Rs. 26,877Rs. 18,70,309Rs. 38,70,309
Rs. 20,00,00013 years12.50% p.a.Rs. 25,995Rs. 20,55,270Rs. 40,55,270
Rs. 20,00,00014 years12.50% p.a.Rs. 25,263Rs. 22,44,246Rs. 42,44,246
Rs. 20,00,00015 years12.50% p.a.Rs.24,650Rs.24,37,079Rs.44,37,079

Amortization Table

YearPrincipal PaymentInterest OutgoBalance Amount
1Rs. 48,519Rs. 247,281Rs. 1,951,481
2Rs. 54,943Rs. 240,857Rs. 1,896,538
3Rs. 62,217Rs. 233,583Rs. 1,834,321
4Rs. 70,455Rs. 225,345Rs. 1,763,866
5Rs. 79,786Rs. 216,014Rs. 1,684,080
6Rs. 90,349Rs. 205,451Rs. 1,593,731
7Rs. 102,312Rs. 193,488Rs. 1,491,419
8Rs. 115,860Rs. 179,940Rs. 1,375,559
9Rs. 131,201Rs. 164,599Rs. 1,244,358
10Rs. 148,577Rs. 147,223Rs. 1,095,781
11Rs. 168,251Rs. 127,549Rs. 927,530
12Rs. 190,529Rs. 105,271Rs. 737,001
13Rs. 215,759Rs. 80,041Rs. 521,242
14Rs. 244,328Rs. 51,472Rs. 276,914
15Rs. 277,171Rs. 19,119Rs. 0
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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:

SalariedProfessional Businessman
Application form with photographApplication form with photographApplication form with photograph
Age ProofAge ProofAge Proof
Photo ID ProofPhoto ID ProofPhoto ID Proof
Address ProofAddress ProofAddress Proof
Job Confirmation ProofProof of ExistenceProof of Existence
Income ProofOffice Address ProofOwnership Pattern
Bank Statement/Copy of PassbookIncome ProofOffice Address Proof
Login Fee ChequeBank Statement/Copy of PassbookIncome Proof
NALogin Fee ChequeBank Statement/Copy of Passbook
NANALogin 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