L&T Housing Finance Home Loan Balance Transfer

Find More on:L and T Home Loan

Eligibility

The customer should fulfil the following eligibility criteria to be able to apply for the L&T Finance Balance Transfer:

1. Applicant should have a repayment record of a minimum of 12 months.
2. The balance transfer is available only for residential properties.
3. Home Balance transfer can only be availed from approved banks/institutions.
4. Applicant should have the title document ownership.
5. Applicant must furnish the original documents to LTHF in a period of 20 days from the day of disbursement.
6. A letter of authority should be provided by the customer that authorizes a LTHF representative, who will contact the previous bank to obtain the original title documents and release letter of mortgage.
7. A POA from the applicant, which is irrevocable and in favour of an empanelled lawyer at LTHF. The POA should be on a stamp paper and be notarized.

Documents Required for Home Loan Transfer to L&T Finance

1. Duly filled application form with a photograph of the applicant with signatures of applicants and co-applicants.
2. Age proof such as PAN card, Passport, Driving License, SSC/HSC Mark sheet, or any other.
3. ID proof such as Passport, letter from the present bank, any government issued ID, etc.
4. Address proof such as Election card, Electricity bill, Mobile bill or passbook of any scheduled bank, or any such proof.
5. For applicants who are less than 23 years of age, a job confirmation proof.
6. Income proof:

Salaried with fixed income - Previous month's pay slip or salary certificate along with deductions or ITR or Form 16.

Salaried with variable income - Previous four months' salary or salary certificate with variable components or the latest ITR or Form 16.

1. In case where income is taken as eligibility, a passbook copy or bank statement of the applicant from recent six months.
2. A login fee cheque is required to be payable by the applicant from his or her salary account or operating account.

L&T Finance Home Loan Transfer Fees and Charges

The following charges are levied by LTHF for various purposes:

LTHF charges actuals for legal recovery charges, other than those part of SARFAESI.

Charges under SARFAESI Act 2002 (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest)

1. Possession notice - Rs.2000
2. Physical possession - Rs.10,000
3. Loan recall notice - Rs.500
4. Demand notice - Rs.1000
5. District Magistrate Order application - Rs.8,000

L&T Finance Loan Repayment Options

LTHF offers various repayment options to its customers, they are:

EMI (Tranche Based)

1. Applicants who have bought a property under construction or have invested in a loan for self-construction, are required to pay an interest on the amount lent based on the construction level until the property is fully constructed.
2. The installment is started on an agreed interest rate with the lender. Usually, 18 months is the cut off period for construction, post which the company will make a decision on the disbursal of Tranches.
3. After the final disbursement of the loan, the customer will have to start paying EMIs as mentioned in the sanction letter.

Part Prepayment Scheme:

1. This scheme offers customers an opportunity to make a faster loan repayment by either decreasing the outstanding principal amount or increasing the installment.
2. In case there is an increase in your disposable income, you can use that lump sum amount for loan repayment in part and benefit by increasing your EMI and saving on your interest.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score