A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • L&T Housing Finance Home Loan

    L&T offers eligible borrowers housing finance options with loan amount ranging from Rs.5 lakh to Rs.10 crore at attractive interest rates. The loans come with flexible loan repayment options and extended loan tenures up to 30 years.

    Features and Benefits

    • Can be availed by prospective customers looking to purchase/construct a new house/property or improve/extend an already existing property/house.
    • Competitive rate of interest.
    • Loan amount up to Rs.10 crore.
    • Loan available at both floating and fixed rate of interest.
    • Margin as low as 10% i.e. loans up to 90% of the market value of the property can be availed.
    • Simple documentation
    • Product offered based on your income.
    • Easy repayment schemes.
    • Extended loan tenures up to 30 years.

    Eligibility Criteria for L&T Finance Home Loans

    Eligibility Criteria Requirement
    Age Minimum Age: 23 years Maximum Age: 65 years
    Residential Status Indian Resident
    Employment Status The applicant be:
    • Salaried
    • Self-employed professional
    • Self-employed non-professional

    * The maximum loan amount an individual is eligible is dependent on the applicant’s repayment capacity, monthly income, age, assets and liabilities, etc.

    * You can consider adding a co-applicant to improve your housing loan eligibility as the total income of all the applicants/co-applicants will be considered while determining the maximum loan amount you are eligible for.

    Documents Required for L&T Finance Home Loans

    Documents Required for Salaried Applicants

    Age Proof (any one)
    • PAN Card.
    • Valid Passport.
    • Voter ID Card.
    • Valid Driving License.
    • Birth Certificate.
    • School Transfer or Leaving Certificate.
    • Aadhar Card.
    Address Proof (any one)
    • Valid Passport.
    • Voter ID Card.
    • Valid Driving License.
    • Telephone/Electricity/Utility Bills during the last 3 months.
    • Bank account statements during the last 3 months.
    • Bank account passbook.
    Photo ID Proof (any one)
    • Aadhar Card.
    • Valid Driving License.
    • Valid Passport.
    • PAN Card.
    Income Proof
    • Salary slips for the last 3/6 months.
    • Salary certificated for the last month showing deductions.
    • Income Tax Returns/Form 16 for the last 2 assessment years
    Other Documents
    • Duly filled loan application form with passport size photographs affixed and signed by all applicants/co-applicants.
    • Login Fee Cheque

    Documents Required for Self-employed Professionals

    Age Proof (any one)
    • Aadhar Card.
    • Valid Passport.
    • Voter ID Card.
    • Valid Driving License.
    • Birth Certificate.
    • PAN Card.
    • School Transfer or Leaving Certificate.
    Address Proof (any one)
    • Telephone/Electricity/Utility Bills during the last 3 months.
    • Valid Passport.
    • Voter ID Card.
    • Valid Driving License.
    • Bank account statements during the last 3 months.
    • Bank account passbook.
    Photo ID Proof (any one)
    • Valid Passport.
    • PAN Card.
    • Aadhar Card.
    • Valid Driving License.
    Existence Proof
    • Memorandum of Association & Articles of Association.
    • Partnership deed copy if the business entity is a partnership firm.
    Income Proof
    • Advance tax challans (if applicable)
    • Bank account statements of both the Current and Savings accounts for last 1 year
    • Profit and Loss account and B/S (with schedules and annexures) of both the business entity and individual audited by a certified CA.
    • Income Tax Returns of the individual and the business entity along with the computation of the income advance tax challans for the last 2 assessment years
    Other Documents
    • Duly filled loan application form with passport size photographs affixed and signed by all applicants/co-applicants.
    • Login Fee Cheque.

    Documents Required for Self-employed Non-Professionals/Businessmen

    Age Proof (any one)
    • Valid Driving License.
    • Birth Certificate.
    • PAN Card.
    • Aadhar Card.
    • School Transfer or Leaving Certificate.
    • Valid Passport.
    • Voter ID Card.
    Address Proof (any one)
    • Valid Driving License.
    • Bank account statements during the last 3 months.
    • Bank account passbook.
    • Telephone/Electricity/Utility Bills during the last 3 months.
    • Valid Passport.
    • Voter ID Card.
    Photo ID Proof (any one)
    • PAN Card.
    • Aadhar Card.
    • Valid Driving License.
    • Valid Passport.
    Existence Proof
    • Partnership Deed if the business entity is a partnership firm.
    • Memorandum of Association & Articles of Association if the entity is a company.
    • Form 32.
    • Copy of professional degree.
    • Membership certificate.
    Pattern of Ownership
    • List of directors and shareholding pattern certified by the Company Secretary (CS).
    Office Address Proof
    • Telephone/electricity bill not more than 3 months old.
    • Utility bills not more than 3 months old.
    • Shop and Establishment Act Certificate.
    • Sales Tax Certificate.
    Income Proof
    • Bank account statements of both the Current and Savings accounts for last 1 year.
    • Profit and Loss account and Balance Sheet (with schedules and annexures) of both the company/firm (if the borrower is a firm or company) by a certified CA.
    • Income Tax Returns of the applicants and the co-applicants along with the computation for the last 2 assessment years.
    Other Documents
    • Duly filled loan application form with passport size photographs affixed and signed by all applicants/co-applicants.
    • Login Fee Cheque.

    Type of Home Loan Offered by L&T Finance

    Home Construction Loan Can be availed by those looking to construct a residential house on a plot owned by them.
    Home Purchase Loan Suitable for eligible borrowers looking to purchase a ready-to-move-in house/flat or houses under construction.
    Home Improvement Loan The loan can be availed by those looking to repair/improve/alter the structure of an existing house/property.
    Home Extension Loan Suitable for prospective borrowers looking to extend an existing residential property such as the construction of an additional room or even a new floor.
    Composite Loan Offered to eligible customers who wish to purchase a plot/land and construct a residential unit on it.

    Use BankBazaar L&T Finance Home Loan EMI Calculator to Know Your EMI

    Calculate the Equated Monthly Instalments (EMIs) payable against your loan by using the automised BankBazaar Home Loan EMI calculator. All you have to do is key in the basic details of your loan such as loan amount, interest rate, loan tenure, and processing fees, and click on ‘Calculate’.

    The tool will compute the EMI payable during the tenure along with the break-up of the total amount you shall be paying for your home loan. The calculator will also provide you with an amortisation schedule indicating the portion of your repayments being directed towards the principal and the interest component of the loan EMIs on an annual as well a monthly basis.

    For example, if you are availing a loan of Rs.30 lakh at an interest rate of 10.25% p.a. on a tenure spread over 20 years. (Assume processing fee to be 2% of the loan amount), then the BankBazaar EMI Calculator will take the values you have entered and compute the EMIs payable i.e. Rs.29,449 in this case.

    You shall also be provided a breakup of the total loan amount payable as follows:

    Loan Amount Rs.30,00,000
    Total Interest Due Rs.40,67,832
    Processing Fee Rs.60,000
    Total Amount Payable during the Tenure Rs.71,27,832

    FAQs

    1. How do I increase my home loan eligibility?
    2. In order to improve your eligibility, you can consider including other sources of income such as rent, incentives, bonus, agricultural income, etc. You can also consider adding a co-applicant to loan application. In such cases, the lending institution shall also take the co-applicant's income into consideration when determining your eligible loan amount.

    3. Whom can I add as a co-applicant?
    4. A co-applicant can be an immediate family member such as your spouse, parents, children, etc. All co-owners of the concerned property are required to be the co-applicants. However, all co-applicants need not be the co-owners of the property.

    5. What is the processing time for L&T Finance housing loans?
    6. L&T Finances are working deliberately towards providing the best financial services. Proper documentation and due diligence can result in a turnaround time for processing the loan in 6-10 working days.

    7. Will a change in the interest rate result a change in loan tenure or the EMIs?
    8. The lending institution offers housing loans with the default option of tenure change in cases where the interest rate has been revised. Though, change in tenure is the preferred method, the lender can also choose to change the Equated Monthly Instalments (EMIs) payable against your loan. In such cases, the lender shall inform you of the change in payable EMIs.

    9. What is Pre-EMI?
    10. Pre-EMI is defined as the monthly interest payable only on the partly disbursed amount of the loan. The Pre-EMI shall be payable on a monthly basis until the last disbursement is transacted. Once the entire loan amount has been disbursed, the regular EMIs shall commence.

    11. How much loan can I avail?
    12. L&T Finance offers eligible borrowers housing finance ranging from Rs.5 lakh to Rs.10 crore depending on the applicant’s credit score, repayment capacity, eligibility, etc.

    13. Is it necessary to insure the property?
    14. Yes, the property in question will have to be insured for fire or any other hazards as required by the lending institution during the tenure of the loan. However, when insuring the property, the lender shall be named the beneficiary and the borrower will be required to produce related documents to the bank whenever required.

    15. Where can I get the final/provisional interest certificate?
    16. You can get the provisional/final interest certificate by visiting the nearest branch and applying for one. You can also get in touch with the customer relation executives by dialing their customer number.

    17. What is the processing fee for L&T Finance home loans?
    18. The login fee which includes the processing fee is fixed at Rs.4,999. The fee is non-refundable and exclusive of service tax. The minimum processing fee stands at 0.25% of the loan amount plus applicable taxes for salaried and self-employed applicants.

    19. What are the tax benefits that I can avail against my loan?
    20. As per Section 24 of the Income Tax Act, tax payers are eligible for tax deductions up to Rs.2 lakh on the total interest paid against the home loan.

      You are also eligible for tax benefits up to Rs.1.50 lakh on the principal amount repaid as per Section 80C of the IT Act.

      Furthermore, borrowers who have availed housing loans in the financial year 2014-15 can avail additional benefits of Rs.1 lakh from their gross annual income as per the Finance Budget, 2014.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Customer Reviews

    • L&T Housing Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have been taken a home loan in L&T FINANCE LIMITED for the past 2 to 3 months. The loan amount was sufficient as per my expectation for the duration of 30 years. The rate of interest is nominal.The customer service is good and responsiveness on time.
      Was this review helpful? 1
      , pune
      Reviewed on May 17, 2019
    • L&T Housing
      L&T Housing Home Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I work for L&T and I had taken a home loan earlier from L&T finance Limited. The process was smooth and without much of formalities and I got the loan within ten days. They need to improve on the interest rate and charges. When the rates drop, the housing board companies to not reduce the same.
      Was this review helpful? 5
      , delhi
      Reviewed on Aug 09, 2017
    • L&T Housing Home Loan
      "Satisfactory service"
      0.5 5.0/5 "Blown Away!"
      I got personal loan with L& T finance company around past 2 years ago and I have also closed it as well. I am happy with the loan amount with L& T finance. But I have faced some problems with the ECS mode payments, after that I have done cash payment in person with L& T finance company. They gave me the justification for the error so overall, it was a satisfactory service.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 03, 2017
    • L&T Housing Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Services and the interest rate are the major aspects with the L&T finance, which made me to transfer the loan from there. Rate of interest was huge with the L&T finance and I got the loan amount from them in two months of time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 10, 2017
    • L&T Housing Home Loan
      "Should give proactive response and clear documentatio update"
      0.5 3.0/5 "Satisfactory"
      Last year I had taken the housing loan in L & T Finance limited, they offered the best interest of 9.6% but I am not happy with their process. They had made a lot of follow ups to approve my home loan and they were not clear in documentation part, they were asking for a lot of documents from my end, but it was very inconvenient for me to arrange those documents immediately, finally they disbursed the amount in two shots as per project, recently I switch over to PNB housing there I got least interest compared when compared with L & T finance.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 15, 2017
    • L&T Housing Home Loan
      "Easy process "
      0.5 5.0/5 "Blown Away!"
      I am a happy home loan seeker, as I was able to the loan with ease from LNT housing finance. The turn around time taken to process my loan was hardly a weekâ??s time. They had provided a loan amount of 17 lakhs. I got the property documents on time. In a nutshell, I am very much happy with their service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 01, 2016
    • L&T Housing Home Loan
      "Not proactive enough "
      0.5 3.0/5 "Satisfactory"
      With L&T Finance, I have availed a home loan in 2012 for a rate of interest of 11% on floating basis for a tenure of 20 years. I had chosen them when my friends recommended and did not consider checking or comparing with other bank offers at the time. They had waived my processing fee off and it was a resale property so the documentation had to be done fresh. Therefore it took 45 days. They should be proactive and update the customer constantly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2016
    • L&T Housing Home Loan
      "Delayed disbursal!"
      0.5 3.0/5 "Satisfactory"
      Initially the executive who interacted with me explained the process clearly. Though I applied for the loan in the month of December, L&T executives disbursed the home loan in the month of February. As it took more than 2 month, I would suggest them to speed up the process in providing home loans.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 03, 2016
    • L&T Housing Home Loan
      "Happy in taking loan.."
      0.5 5.0/5 "Blown Away!"
      L&T housing finance has delivered the home loan so very happy about that. If I say about the rate, I am happy as they gave 9.65%. I felt the service charge that collected was more for the home loan where I paid around five thousand but I have not compared with others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 26, 2016
    • L&T Housing Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have closed my housing loan with the L&T finance because of the rate of interest is too high which is around 11.25%. They have asked around 1% as the processing charges to transfer the loan. The services are very good like they used to do all things on time.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 12, 2015
    • L&T Housing Home Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      From L&T I availed my home loan . Till now they process was very fast and quick. The executives are very coperative. The cordination was good over the phone and the email. Documentation part was minimum. Interest rate and processing fee still expecting for something lower. I am happy with the response of their executive , they were very humble.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 28, 2015
    • L&T Housing Home Loan
      "Much appreciable"
      0.5 5.0/5 "Blown Away!"
      I am really happy with the service offered by LNT Housing finance. They are basically very friendly they were providing all the information to the customer. I would certainly recommend this to others mainly because of their Representatives. As they have gone out of their way to help me. Its mainly because of them I had got some discounts on the interest rate they have spoken with their Manager and they have done the needful for
      Was this review helpful? 2
      , gurgaon
      Reviewed on Aug 18, 2015
    • L&T Housing Home Loan
      "Average "
      0.5 4.0/5 "Great!"
      The loan process was really smooth with L&T while I got the home loan and they processed the sanction letter within 3days of the application been submitted.The customer service provided was really good and I got immediate call with response from them.They offered a interest rate of 10% as floating rate for the loan.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 10, 2015
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