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    L&T Finance Home Loan Balance Transfer

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    L&T Finance Home Loan Balance Transfer is Rated as "Excellent!" by 7 Users

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    L&T Finance Home Loan Transfer:

    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:

    • Save a little more with the new loan scheme provided at a better rate.
    • Lower your EMIs, thereby lowering your overall loan repayments.
    • By availing lower interest rate than your previous loan plan, you can reduce the financial burden with the loan transfer option.
    • Customized repayment options and top ups also allow you to further make choices according to your requirements.

    Features and Benefits of L&T Finance Balance Transfer

    • L&T Finance Balance Transfer offers an attractive rate of interest enabling you to choose it over your existing home loan.
    • It also offers a Top Up loan over and above your loan to meet your other financial requirements.
    • The process of applying for a loan balance transfer from the present home loan plan to L&T Finance Balance Transfer, is non-complex and hassle free.
    • Loan transfer will only be allowed from approved financial lenders.
    • The facility can be availed by all categories of customers.
    • Approved lenders do not require a list of documents and the balance transfer cheque is handed over the lender over the counter after receiving the property documents. Identity proof is required in this case along with the copies of property papers.
    • Loan Security: Equitable mortgage by deposit of title deed is considered as security. LTHF may require you to provide an additional security in the form of Life Insurance policies or NSC.

    Eligibility:

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

    • Applicant should have a repayment record of a minimum of 12 months.
    • The balance transfer is available only for residential properties.
    • Balance transfer can only be availed from approved banks/institutions.
    • Applicant should have the title document ownership.
    • Applicant must furnish the original documents to LTHF in a period of 20 days from the day of disbursement.
    • 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.
    • 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:

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

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

    Fees and Charges:

    The following charges are levied by LTHF for various purposes:

    Fee Description Fee Amount
    Login Fee Rs.4999 (Non-refundable and exclusive of Service Tax)
    Loan Processing Up to 2% (Plus Service Tax)
    Penalty 3% per month on overdue installment
    Bounce fee Rs.1000
    Partial pre-payment fee
    • Payment with own funds – No charge
    • Payment from other sources:
      • Below one year from disbursement – 3% of outstanding principal amount.
      • Above one year from disbursement – 2% of outstanding principal amount.
    Foreclosure fee
    • On floating interest rate – No charges applicable.
    • Fixed interest, sources other than own:
      • Below one year from disbursement – 3% of outstanding principal amount.
      • Above one year from disbursement – 2% of outstanding principal amount.
    Document list Rs.300
    Document photocopies Rs.500
    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)

    • Possession notice – Rs.2000
    • Physical possession – Rs.10,000
    • Loan recall notice – Rs.500
    • Demand notice – Rs.1000
    • District Magistrate Order application – Rs.8,000

    Repayment Options:

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

    EMI (Tranche Based)

    • Applicants who have bought a property under construction or have invested in a loan for self-construction, are require to pay an interest on the amount lent based on the construction level, until the property is fully constructed.
    • 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.
    • After final disbursement of loan, the customer will have to start paying EMIs as mentioned in the sanction letter.

    Part Prepayment Scheme:

    • This scheme offers customers an opportunity to make a faster loan repayment by either decreasing the outstanding principal amount or increasing the installment.
    • 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.

    L&T Finance Home Loan Transfer Reviews

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