L&T Housing Finance

With its headquarters in Mumbai, L&T Housing Finance Limited has emerged as a reliable Non-Banking Financial Company or NBFC in India. It is helping people by lending funds in the form of home loans, consumer loans, microloans, two-wheeler loans, farm loans, and SME loans for their diverse financial needs. L&T Finance home loans start at an interest rate of 8.60% per annum, and the NBFC charges a processing fee of up to 3.00% on the loan amount with some additional taxes.

LT Housing Finance offers easy home loans to salaried as well as self-employed professionals with a maximum repayment tenure of up to 25 years. This renowned NBFC offers home loans for purchasing, constructing, repairing, and extending a home. Borrowers can also avail of balance transfer home loans from their existing home loans with additional top-ups from LT housing finance. 

L&T Home Loan EMI Calculator

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

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L&T Housing Finance Home Loan Key Highlights

Get the lowest interest rates with L&T Housing Finance

Loan Amount Starting from Rs. 20 lakhs up to 7.5 crore
Rate of Interest Starts at 8.60% per annum
RPLR
Processing Fee

Up to 3.00% of the loan amount + Applicable Taxes

Maximum Tenure for Repayment 25 years
Penal Rate of Interest
Rate Packages Fixed/Floater
Charges for Prepayment/Foreclosure Floater - Nil | Less than 1 year from Disbursement - Up to 3.00% of the partial or prepayment amount + taxes | After 1 year of Disbursement - Up to 2.00% of the partial or prepayment amount + taxes

L&T Housing Finance Interest Rates in 2024

The NBFC offers quick home loans to eligible borrowers, and in return, it benefits through interest on the loan amount sanctioned. The current L&T home loan ROI for 2023 starts at 8.60% per annum. The table below enlists the current L&T Finance home loan interest rate 2023: 

Loan Slab Interest Rate for Home Loan
Fixed Plans (For Salaried) Starts at 8.60% per annum 
Fixed Plans (For Self-Employed) Starts at 8.60% per annum 
Floater Plans (For Salaried) Starts at 8.60% per annum 
Floater Plans (For Self-Employed) Starts at 8.60% per annum 

Interest rates were last updated on 8th September 2023

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L&T Home Loan Eligibility Criteria

Borrowers prefer applying for home loans from L&T Housing Finance because it has minimum eligibility criteria. The NBFC has set some eligibility criteria to approve home loans, such as age, nationality, and minimum income earned. The table below enlists L&T Finance home loan eligibility criteria for your reference:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 23 - 62 Years 23 - 62 Years
Nationality Indian Resident Indian Resident
Minimum Income Earned Rs. 15,000 per month Rs. 2 lakhs per annum

L&T Housing Loan Processing Fee and Charges

Processing each home loan application incurs some cost to the banks and NBFCs, and to recover this cost, they charge a processing fee. L&T Housing Finance home loan processing fee is up to 3.00% of the loan amount with applicable taxes. The table below enlists the updated L&T home loan processing fee and charges:

Processing Fee

Up to 3.00% of the loan amount + Applicable Taxes

Prepayment Charges
  • Floater - Nil
  • Less than 1 year from Disbursement - Up to 3.00% of the partial or prepayment amount + taxes
  • After 1 year of Disbursement - Up to 2.00% of the partial or prepayment amount + taxes
Foreclosure Charges
  • Floater - Nil
  • Less than 1 year from Disbursement - Up to 3.00% of the outstanding loan + taxes
  • After 1 year of Disbursement - Up to 2.00% of the outstanding loan + taxes
Photocopy of Documents

Rs. 500 per set + Applicable Taxes

List of Documents

Rs. 300 per request + Applicable Taxes

Duplicate NOC Charges

Rs. 250 per instance + Applicable Taxes

Cheque Bounce Charges

Rs. 350 per instance +Taxes

Loan Cancellation Charges

Rs. 5000 + Applicable Taxes

Interest Rate Conversion Charges

Up to 0.50% of the outstanding loan amount + Applicable Taxes (Minimum or Rs. 10,000)

Repayment Swapping Charges

Rs. 500 per instance + Taxes

Valuation Charges

As per actuals

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L&T Home Finance Schemes and Top Plans

L&T Housing Finance offers lucrative home loan schemes to salaried, self-employed professionals, and self-employed non-professional borrowers. Listed below are some popular home loan schemes of L&T Housing Finance:

1. Self-Construction Home Loans

  • Ideal for those looking for funds to construct a home on a pre-owned plot
  • Maximum loan repayment tenure of up to 25 years
  • The minimum loan amount approved is Rs. 20 lakhs

2. House Purchase Home Loans

  • Ideal for those keen to buy, construct, or improve a home
  • Maximum loan repayment tenure of up to 25 years
  • The minimum loan amount approved is Rs. 20 lakhs

3. House Improvement Home Loans

  • Perfect home loan for those keen to renovate or repair their existing home through carpentry or painting
  • Maximum loan repayment tenure of up to 25 years
  • The minimum loan amount approved is Rs. 20 lakhs

4. House Extension Home Loans

  • Best home loans for those keen to add a room or floor to their existing home
  • Maximum loan repayment tenure of up to 25 years
  • The minimum loan amount approved is Rs. 20 lakhs

5. Balance Transfer Home Loans

  • Flexible option to transfer the balance of an outstanding loan to L&T Housing Finance home loan
  • Lower rate of interest
  • Reduced EMI
  • Additional Top-Ups

6. Composite Home Loans

  • Ideal for those keen to purchase a plot and construct a home by themselves within a limited time
  • Flexible EMIs
  • Maximum loan amount up to Rs. 7.5 crores

7. Balance Transfer Plus Top-Up Plans

  • Flexible top-up facility for existing home loan borrowers along with easy balance transfer
  • Easy way of handling funds for personal and professional needs
  • Lower rate of interest

Note: All of the above home loan plans are made available to applicants solely at the discretion of L&T Housing Finance, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required For L&T Home Loan

To approve home loans, L&T Housing Finance requires a set of KYC documents to check the credibility and eligibility of the borrower. Shared below is the updated L&T Finance home loan documents required list for your reference:

Documents Required for Salaried Applicants

Proof of Income
  • Salary slips for the last 3 months
  • Bank account statements for the last 1 year
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favour of L&T Housing Finance

Documents Required for Self-Employed Applicants

Proof of Income
  • Bank Account Statements of all accounts for the last 1 year
  • Business Profile informing about the nature of business or profession
  • Profit and Loss Account Statements for the last 2 years duly certified by a CA
  • ITR for the last 2 years
  • Advance Tax Challans, if available
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favour of L&T Housing Finance

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof

Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card

Documents Related to Property
  • Sale Deed, Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Permission to construct
  • Copy of approved plan
  • Registered Development Agreement of the builder
  • NOC (No Object Certificate from the builder or the housing society)
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How to Apply for an L&T Finance Home Loan?

The procedure for an LT home loan application is simple. You can apply for a home loan from this prestigious NBFC by following the steps mentioned below:

  • Proceed to the APPLY NOW section on the website - BASIC Home Loan
  • Fill in the form by entering your Name and contact details and submit the form
  • The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process

Find L&T Housing Finance Home Loan Offices Near Yo

If you are planning to visit one of the offices of L&T  Housing Finance Home Loan near you to understand the L&T Housing Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.

FAQs

L&T Housing Finance offers hassle-free home loans at a very low-interest rate. The current interest rate for an L&T home loan in 2023 starts at 8.60% per annum. 

Borrowers can fetch the following benefits by opting for an L&T home loan:

  • Up to 90% LTV
  • Low-interest rate
  • Minimum eligibility criteria
  • Flexible EMI repayment options
  • Hassle-free home loans with minimum documents

Yes, L&T Housing Finance is approved by the RBI. It is registered as an NBFC and CIC by the Reserve Bank of India.

It may take between 6 - 10 days to get a home loan sanctioned from L&T Housing Finance. Make sure to submit the proper documents and pay the processing fee and other charges for quicker loan approval. 

An immediate family member such as the children, parents, or spouse can be added as co-applicants in an L&T home loan. Apart from this, all co-owners of the property must be the co-applicants for the loan.

L&T Housing Finance Ltd. offers easy home loans to applicants living in India. A CIBIL score above 750 is considered good; however, in certain cases, L&T Housing Finance home loans can also be availed below this score.

L&T Housing Finance doesn't charge any prepayment fee for individuals with a floater plan. However, it charges 2% and 3% on partial or prepayment amounts for disbursements after 1 year and before 1 year, respectively.

You can easily apply for an L&T home loan by visiting their official website or nearest branch. Alternatively, you may contact the BASIChomeloan team online to apply for an L&T home loan.