| L&T 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 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 |
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Table of Contents
L&T Finance LAP Interest Rates
L&T Housing Finance offers Loan Against Property interest rates @ 9.50% 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 | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | 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 | 10.40-12.75 | Apply Now |
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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
Check LAP Interest Rates For Various Lenders Click Here
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