| L&T Home Loan Highlights | |
| Interest Rate | 8.65%-8.75% p.a. |
| Loan Amount | Rs. 3 lakh to Rs. 10 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 3% of the loan amount |
Note: Rates as of 28th March 2023
Table of Contents
L&T Housing Finance Home Loan Interest Rate
| For Salaried | 8.65% p.a. |
| For Self-Employed | 8.75% p.a. |
Compare L&T Housing 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% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
| HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
| LIC Housing Finance | 8.45% – 10.10% | 8.45% – 10.30% | 8.45% – 10.50% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 13.00% | 8.50%-10.85% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 8.50% - 10.65% | 8.50% - 10.65% | 8.50% - 10.90% |
| Union Bank of India | 8.75% – 10.75% | 8.75% – 10.95% | 8.75% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
Also know: Which bank/HFC is best for home loan
L&T 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 Housing Finance Home Loan
L&T Housing Loan
Purpose: Regular home loan scheme for construction of a new home, purchase of a home property, improvement of an existing dwelling unit and extension of already existing home
Loan Amount: Rs 3 lakh-Rs 10 crore
Tenure: Up to 30 years
L&T Home Loan Balance Transfer
Purpose: Home loan transfer facility offered to existing borrowers of other banks & HFCs to avail home loan at lower interest rates and thereby, reduce their EMI and overall interest cost.
Composite Loan Scheme
Purpose: For plot purchase and home construction thereon, within a given time
Balance Transfer plus Top-up
Purpose: Home loan balance transfer facility for existing home loan borrowers who wish to avail top up home loan along with balance transfer
L&T Top-up Loan
Purpose: Top up home loan for existing home loan borrowers of L&T Housing Finance for meeting their various personal requirements such as purchase of consumer durables/ furniture/vehicle and meet the expenses for education, marriage, medical treatment, business, etc.
Tenure: Up to 20 years
Eligibility Criteria for L&T Housing 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
IDFC First Bank may also consider the monthly income and credit score of its applicants, just like other banks/HFCs do while evaluating the home loan eligiblity of their applicants.
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
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
1. Who can be the co-applicants to L&T Housing Finance Home Loans?
Ans. L&T Housing 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 Housing Finance?
Ans. L&T Housing 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.