The L&T Finance Balance Transfer facility is a facility that allows borrowers to move their existing loan from one financial institution or bank to L&T Housing Finance. The facility also allows a Top Up loan which is provided additionally, along with your existing loan.
By switching your home loan to L&T Finance at a better rate, you will have the following advantages:
The customer should fulfil the following eligibility criteria to be able to apply for the L&T Finance Balance Transfer:
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.
The following charges are levied by LTHF for various purposes:
|Fee Description||Fee Amount|
|Login Fee||Rs.4999 (Non-refundable and exclusive of GST)|
|Loan Processing||Up to 2% (Plus GST)|
|Penalty||3% per month on overdue installment|
|Partial pre-payment fee||
|Interest rate conversion fee||Rs.5000|
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)
LTHF offers various repayment options to its customers, they are:
EMI (Tranche Based)