L&T Housing Finance Loan Against Property

L&T Housing Finance Loan Against Property Highlights
Interest Rates	9.50% p.a. onwards (LAP on Commercial Property) 9.60% p.a. onwards (LAP on Residential Property)
Loan Amount	Rs 10 lakh-Rs 7.5 crore
Tenure	Up to 18 years
Processing Fee	Up to 2% of loan amount

L&T Housing Finance LAP Interest Rates

L&T Housing Finance LAP interest rates start from 9.50% p.a. onwards. The final interest rates offered to the applicants depend upon age, monthly income, job profile, employer’s profile, credit score, loan repayment history, etc.

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

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.65-13.00
IDFC First Bank	9.00-16.50
HDFC	8.95-10.25
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	9.90-10.35
Kotak Mahindra Bank	9.15 onwards

L&T Housing 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 Housing Finance LAP

LAP on Residential Property

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

Loan Amount: Rs 10 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 25 lakh onwards

Tenure: 15 to 18 years

Eligibility Criteria for L&T Housing 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 Housing 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 Housing Finance Loan Against Property

Documents Required for L&T Housing Finance LAP

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