L&T Housing Finance Loan Against Property
- Interest Rate depends on L&T Housing Finance’s Primary Lending Rate (PLR)
- Loan Amount Rs.10 lakhs to Rs.20 crores (max limit Rs.10 crores for residential properties)
- Loan Tenure up to 20 years (10 years for commercial properties)
- Processing Fees min 1% of the loan amount + GST (decided depending on the customer profile)
L&T Housing Finance Loan Against Property (LAP) are offered at competitive rates for a tenure of up to 20 years. A customer can utilize the value of their residential or commercial property to avail of an L&T Housing Finance mortgage loan. The loan amount available is flexible – starting from Rs.10 lakhs and going up to Rs.20 crores.
| L&T Housing Finance Loan Against Property Summary | |
|---|---|
| Interest Rate | Depends on L&T Housing Finance’s Primary Lending Rate (PLR) |
| Loan Amount | Rs.10 lakhs to Rs.20 crores (max limit Rs.10 crores for residential properties) |
| Loan Tenure | Up to 20 years (10 years for commercial properties) |
| Processing Fees | Min 1% of the loan amount + GST (decided depending on the customer profile) |
Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
Eligibility Criteria for L&T Housing Finance Loan Against Property
To avail of a L&T Housing Finance loan against property,
- a salaried or self-employed resident.
- a minimum of 23 year of age at the time of loan commencement and a maximum of 65 years of age at the time of loan maturity.
Do you qualify for an L&T Housing Finance mortgage loan?
If so, how much loan amount are you eligible for? Find out with the Fincity loan against property eligibility calculator.
L&T Housing Finance Loan Against Property Interest Rate
The L&T Housing Finance Loan Against Property is linked to its Primary Lending Rate (PLR). The final rate an applicant will eligible for depends on factors such as their risk profile, repayment capacity, financial history and credit score.
| Loan Amount | Applicable ROI (per annum) |
|---|---|
| Up to Rs.5.00 crore | 8.45% to 11.00% |
| Above Rs.5.00 crore | 10.45% to 13.00% per annum |
Note :The above rates are subject to change at the discretion of the banks without prior notice.
L&T Housing Finance Loan Against Property Processing Fee and Other Charges
Here’s a list of the processing charges a borrower can expect when they apply for an L&T Housing Finance LAP.
| Particulars | Charges |
|---|---|
| Processing Fee | Minimum 1% of loan amount + GST |
| Login Fees | Rs.4999 + GST (non-refundable) |
Note :The processing fee levied varies from case to case and is based on the customer profile. The above rates are subject to change at the discretion of the banks without prior notice.
L&T Housing Finance Loan Against Property EMI Calculation
It is always wise to opt for a mortgage loan scheme that offers you a great rate but at the same time also makes repayment easy. Compare the repayment schedules of various schemes available to you with the Fincity Loan Against Property EMI calculator and choose the one that will be easy for you to manage.
Documents Required for L&T Finance Loan Against Property
Below is a list of documents required for a Mortgage Loan with L&T Housing Finance.
For the Salaried
- Application form with passport size photographs
- PAN Card
- Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
- Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
- Last 3 months’ salary slip / latest Form 16 issued by the employer.
- Six months bank statement (where salary is credited)
For the Self-employed Professional
- Application form with Passport Size Photographs
- PAN Card
- Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
- Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
- Last six months bank statement
- Educational Qualifications Certificate and Proof of business existence
- Last 3 years Income Tax returns (self and business)
- Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
For the self-employed businessman
- Application form with Passport Size Photographs
- PAN Card
- Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
- Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
- Educational Qualifications Certificate and Proof of business existence
- Last 3 years Income Tax returns (self and business)
- Last 3 years Profit /Loss and Balance Sheet duly attested by a CA
- Last 6 months bank statements (self and business)
Note : Required documents must be self-attested and may slightly differ.
L&T Housing Finance Loan Against Property (LAP) Benefits
With L&T Housing Finance LAP, customers get access to attractive interest rates with income-based product offerings. It comes with flexible repayment options, and the loan processing is quick and efficient.
A mortgage loan is something you will be repaying for the next 10 to 15 years. Therefore, it’s important to choose one with EMIs that are easy to handle every month and eventually leads to a lower interest payout at the end.
Fincity is dedicated to making your life easy with an array of lowest-rate loan products from 50+ lenders - connect with our loan advisors at lap@fincity.com and seal a sweet deal in no time!