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| L&T Finance Home Loan Highlights |
|
| Interest Rate | 8.65% p.a. onwards |
| Loan Amount | Up to Rs 10 crore |
| Loan Tenure | Up to 25 years |
| Processing Charges | Up to 3% of the loan amount |
| LTV Value | Up to 90% of the property value |
Note: Rates as of 19 Dec 2024
Table of Contents
Compare L&T Finance Home Loan Interest Rates with Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
L&T Finance Home Loan Interest Rates
| Loan Types | Interest Rates (p.a.) |
| Home Loan for Salaried | 8.65% p.a. onwards |
| Home Loan for Self-employed | 8.75% p.a. onwards |
| Home Loan Balance Transfer | 8.65% p.a. onwards |
Apply For L&T Finance Home Loan at Attractive Interest Rates Click Here
Also know: Which bank/HFC is best for home loan
L&T Finance Home Loan Fees and Charges
| Particulars | Charges |
| Processing Fee | Up to 3% of loan amount |
| Check bounce charges | Rs. 1000 |
| Penal Charges | 3% p.a. on instalment overdue |
| Foreclosure Charges | Nil on floating |
| Interest Rate Conversion Charges | 0.5% of balance loan amount (+ GST) or min. Rs. 10,000 whichever is higher |
| Legal Recovery Charges | At Actuals |
| Loan Cancellation Charges | Rs. 5000 + GST |
| List of Documents | Rs. 300 |
| Photocopies of Documents | Rs. 500 |
Also know: Processing fee for home loan
Types of L&T Finance Home Loan
L&T Finance New Home Loan
Purpose: L&T Finance offers regular home loans to finance the construction of a new home, purchase of a home property, improvement of an existing dwelling unit and extension of and already existing home.
Loan Amount: Rs 20 lakh-Rs 10 crore
LTV Ratio: Up to 90% of property value
Tenure: Up to 25 years
L&T Finance Home Loan for Self-Construction
Purpose: Individuals can avail Home Loan for Self-Construction from L&T Finance to raise funds for the construction of a residential house on plots owned by them.
L&T Finance House Purchase Loan
Purpose: L&T Finance offers Home Purchase Loans to its applicants for financing the purchase of under construction properties and ready to move-in houses.
L&T Finance House Improvement Loan
Purpose: L&T Finance offers House Improvement Loans to its applicants for carrying out renovation, repair and maintenance of their existing homes.
L&T Finance House Extension Loan
Purpose: Individuals can avail House Extension Loans from L&T Finance for constructing additional room or floor in their existing residential unit.
L&T Finance Home Loan Balance Transfer
Purpose: Existing home loan borrowers of other banks and HFCs can avail L&T Home Loan Transfer facility to transfer their existing home loans to L&T Finance at lower interest rates, thereby, reduce their EMI and overall interest cost.
L&T Finance Composite Loan Scheme
Purpose: Consumers can avail L&T Finance Composite Loans for plot purchase and home construction thereon, provided the construction begins within a specific time.
L&T Finance Balance Transfer plus Top-up
Purpose: L&T Finance offers Home loan balance transfer with top-up facility to existing home loan borrowers of other lenders who wish to avail top up home loan along with balance transfer.
Eligibility Criteria for L&T Finance Home Loan
- Indian resident
- Age: 23-62 years
- Salaried, self-employed professionals and self-employed non-professionals
- Eligibility also depends upon the applicant’s income and repaying capacity
L&T Finance may also consider the monthly income and credit score of its applicants, just like other banks/HFCs do while evaluating the home loan eligibility of their applicants.
Check your Home Loan Eligibility with Top Lenders Click Here
Documents Required to Apply for L&T Home Loan
For Salaried
- Age Proof/Photo ID Proof- PAN card. Aadhar Card
- Address Proof- Driving license, passport, utility bill, rent agreement, Aadhar card, voter ID
- Income Proof- Salary account bank statement for last 1 year, salary slip for last 3 months
For Self-employed Professionals
- Age Proof/Photo ID Proof- PAN card. Aadhar Card
- Address Proof- Driving license, passport, utility bill, rent agreement, Aadhar card, voter ID
- Income Proof- Latest 2 ITRs both personal and business along with computation of income Advance tax challans if available, advance tax challan if available, bank account statement for last 1 year, latest 2 years P&L account and B/S both personal and business duly certified by CA
For Self-employed Non-Professionals
- Age Proof/Photo ID Proof- PAN card. Aadhar Card
- Address Proof- Driving license, passport, utility bill, rent agreement, Aadhar card, voter ID
- Income Proof- Latest 2 years ITRs with computation for the individual applicants and co applicants (When borrower is an individual), latest 2 years audited / C.A. certified profit & loss accounts and balance sheets of the firm / company (When borrower is a firm / company), bank account statement for last 1 year
Also read about the home loan documents required by other banks and HFCs.
Salaried and self-employed individuals planning to apply for home loans with L&T Housing Finance can use the Home Loan EMI Calculator to check their EMIs, total interest cost and optimum tenure, as per their repayment capacity. They just need to fill the fields for interest rate, loan amount and loan tenure in the calculator and get the results instantly.
L&T Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on L&T Housing Loan
1. Who can be the co-applicants to L&T Finance Home Loans?
Ans. L&T Finance allows husband/wife, father/son, mother, daughter, etc. to be the co-applicants for home loans. All co-applicants need not be the co-owners of the property.
2. How long does it take for the processing of home loan availed from L&T Finance?
Ans. L&T Finance claims to process the home loan within 6-10 working days of completing loan documentation process.
3. Can home loan applicants repay their loan amount ahead of schedule?
Ans. Yes, the home loan applicants availing home loans at floating rates can repay their loan amount ahead of schedule in part or in full. No prepayment charges are levied on home loans at floating rates.
4. How can the home loan applicants increase their eligibility?
Ans. The home loan applicants can include other sources of income such as rent, agriculture income, bonus, dividend, monthly incentive, etc. to increase their eligibility. Adding a co-applicant also enhances the eligibility of home loan applicants.
5. What is the minimum credit score required to avail home loans from L&T Financial Services?
Ans. L&T Financial Services has not specified the cut-off credit score for home loan applicants. However, applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To know more about Credit Score based Interest Rates of Home Loan
7. Is there any change in the EMI or loan tenure, if the rate of interest changes?
Ans. The NBFC considers tenure change as the default option in case of interest rate change. Tenure change option also help in deriving higher interest cost savings. The NBFC can also implement the EMI reduction option, whenever required and intimate the change in EMI to the home loan borrower.