A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
| Eligibility Criteria | Requirement |
|---|---|
| Age | Minimum Age: 23 years Maximum Age: 65 years |
| Residential Status | Indian Resident |
| Employment Status |
The applicant be:
|
* 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 Salaried Applicants
| Age Proof (any one) |
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| Address Proof (any one) |
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| Photo ID Proof (any one) |
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| Income Proof |
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| Other Documents |
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| Age Proof (any one) |
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| Address Proof (any one) |
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| Photo ID Proof (any one) |
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| Existence Proof |
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| Income Proof |
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| Other Documents |
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| Age Proof (any one) |
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| Address Proof (any one) |
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| Photo ID Proof (any one) |
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| Existence Proof |
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| Pattern of Ownership |
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| Office Address Proof |
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| Income Proof |
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| Other Documents |
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| 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. |
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 |
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
29 September 2015
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