Larsen & Toubro Limited is a very renowned name in India. The company is involved in a number of specialist spheres of operation, including Construction, Engineering, Information Technology, Financial Services, etc. For this versatile company, home loan was a natural next step, and a chance to step into one of the most competitive operative spheres in India. L&T Housing Finance offers three types of loans that are collectively marked under the single umbrella- 1) Home Loans, 2) Home Improvement Loans, and 3) Home Extension Loans. Comprehensive, highly customer centric and backed by superior customer support, L&T Housing Finance is definitely a major contender when it comes to your choice partner who will help you acquire your dream home.
As marked above, L&T Finance offers three versions of its popular home loan product, namely-
Herein, let’s examine each of these components, individually-
The traditional home loan, this can be utilized for- construction of a new house, purchase of a new house/flat/apartment, transfer of existing home loan from an approved lender onto L&T Finance, as a composite loan wherein land will be purchased and construction of a residential house within a set duration and finally, to refinance an existing home loan.
As the name specifies, an L&T Finance Home Improvement Loan will help you improve the condition, aesthetics and functionality of your cherished home. Broadly speaking, this includes- Internal and external home repairs, Roofing, Waterproofing, Flooring, Electrical work, Painting, etc.
In these modern times, plans change instantly and new situations demand newer solutions. Are you the patriarch of an expanding family? Looking to add new dimensions to your same old home? Or, trying to build yourself a home office? The aptly named Home Extension Loans, provides you timely funds to expand your existing residential space.
The following eligibility criteria must be satisfied, followed by the submission of all the marked documents to avail any of the three L&T Finance Home Loans.
Currently, any of the L&T Finance Home Loan products are available at a starting interest rate of just 9.90%. This competitive L&T Housing Finance interest rate puts the offering in a select group of home loan products that offer convenience, simplicity, a comprehensive approach and affordability in a single package.
L&T Finance has been cited for its quick turnaround times. Expect a final confirmation for your applied home loan in 3-7 working days.
A co-applicant is someone who shares in the responsibility, liability and financial impetus associated with a typical home loan. The co-applicant need not necessarily be a co-owner, and is usually brought into the picture when the main applicant is falling just short in terms of the eligibility, or wishes to share in the responsibilities associated with the acquisition of a home loan. Ideally, the co-applicant must be someone who you are intimately connected with and are comfortable with- spouse, sibling, son/daughter or parents.
In simple terms, a ‘composite loan’ takes care of the purchase of a property and the subsequent construction of a residential home in a specified time span.
Currently, the loan processing fee stands at 2% of the disbursed amount, plus service tax.
After L&T Finance failed to get an universal bank license last year, it has set up an ambitious growth plan for home loans and retail lending. Among the 25 financial entities that applied for a full-fledged bank license, only Bandhan and IDFC won the licenses. Now, L&T Finance is concentrating on growing big as a NBFC Company (non-banking finance company). Among the six core businesses that contribute to L&T Finance's plan of action include home loans, micro finance, two wheeler loans, SME Loans and loans for tractors. In Housing loans, the company has now crossed Rs.4000 crore in the loan book and is now targeting to grow by Rs.6000 crore by the end of this year. The company is also shifting the focus on having the perfect mix of home loans, construction financing and loans against property apart from also having a right mix of salaried and self-employed customers. L&T Finance is also looking to set up more branches and expand its presence geographically.
29th September 2015