L&T Finance Loan Against Property

L&T Finance Loan Against Property Highlights
Interest Rates	9.55% p.a. onwards
Loan Amount	Rs 10 lakh-Rs 10 crore (LAP on commercial property) Rs 25 lakh-Rs 7.5 crore (LAP on Residential Property)
Tenure	Up to 18 years (LAP on commercial property) Up to 15 years (LAP on Residential Property)
Processing Fee	Up to 2% of loan amount

L&T Finance LAP Interest Rates

L&T Housing Finance offers Loan Against Property interest rates @ 9.55% p.a. onwards. While the HFC has not disclosed its differential interest rates based on the credit score, loan amount, loan tenure, occupation profile, employer’s profile, etc., many lenders consider these factors while setting their Loan Against Property interest rates.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	9.20-10.50	Apply Now
Bank of Baroda	10.85-18.35	Apply Now
PNB Housing Finance	9.25-15.00	Apply Now
IDFC First Bank	9.00-16.50	Apply Now
HDFC Bank Limited	9.50-11.00	Apply Now
L&T Housing Finance	9.50 onwards	Apply Now
LIC Housing Finance	9.50-11.55	Apply Now
Godrej Housing Finance	9.75 onwards	Apply Now
ICICI Bank	10.85-12.50	Apply Now
Tata Capital	9.00 onwards	Apply Now
Axis Bank	10.50-10.95	Apply Now
Punjab National Bank	10.15-14.00	Apply Now

L&T Finance LAP Fees and Charges

Processing Fee	Up to 2% of loan amount
Bounce Charges	Rs 1,000
Foreclosure Charges	NIL
Pre-payment Charges	NIL
Loan Cancellation Charges	Rs 5,000
Interest Rate Conversion Charge	0.5% of balance amount or min. Rs 10,000, whichever is higher

Types of L&T Finance LAP

LAP on Residential Property

Purpose: Loan against self-occupied, rented and vacant residential property

Loan Amount: Rs 25 lakh-Rs 7.5 crore

Tenure: Up to 15 years

LAP on Commercial Property

Purpose: Loan to owners of commercial property for meeting their business and personal needs

Loan Amount: Rs 10 lakh to Rs 10 crore

Tenure: Up to to 18 years

Eligibility Criteria for L&T Finance Loan Against Property

LAP on Residential Property

Salaried individuals:

• The applicant should be Indian resident
• Minimum age of the applicant at the time of loan application should be 23 years and maximum age at the time of loan maturity should be 62 years
• The applicant should be employed with any public, private or multi national organization.

Self-employed Non Professionals:

• The applicant should be Indian resident
• The age of the application should be 25 years at the time of loan applications and 70 years at the time of loan maturity
• Self-employed individual earning a steady income from the business is eligible for L&T Finance Loan Against Property.

LAP on Commercial Property

Self-employed Professionals:

• Doctors
• Chartered Acvountants
• Company Secretaries
• Consultants
• Architects Lawyers

Self-employed Non Professionals:

• Applicant should be 25 years old at the time of loan application and 70 years old at the time of loan maturity
• They should have proof of stable income
• Traders, Commission agents, Contractors are eligible for L&T Finance Loan Against Property

In addition to the above mentioned eligibility criteria, L&T Housing Finance may also consider the credit score, monthly income, occupation profile, EMI/NMI ratio, etc. of its applicants, just like many lenders do while evaluating their Loan Against Property eligibility.

Documents Required for L&T Finance LAP

The list of loan against property documents required for availing L&T Housing LAP are mentioned below:

For Salaried Individuals:

• Recent salary slips
• Bank account statement for past 3 months
• ID Proof
• Address Proof
• PAN card/Form 60
• Income Tax Returns
• Documents of property to be mortgaged
• Title Documents

For Self-employed Professionals:

• ID Proof
• Address Proof
• PAN Card/Form 60
• Bank account statement for past 6 months
• Title documents
• Income Tax Returns or Financial Statements
• Documents of property to be mortgaged

For Self-employed Non-Professionals:

• PAN Card
• Aadhar Card
• Title documents
• Documents of property to be mortgaged
• Income documents such as financial statement and Income Tax Returns