L&T Finance Home Loan


L&T Finance Limited provides home loans with interest rates starting from 8.60% per annum onwards for loan amounts up to Rs 7.5 crore and tenures of up to 25 years. Their home loan schemes include New Home Loan, House Purchase Loan, Home Loan for Self-Construction, House Improvement Loan, House Extension Loan, Composite Loan, and Home Loan Balance Transfer (with a top-up facility) for existing home loan borrowers from other banks/HFCs at lower interest rates.

L&T Finance Home Loan Highlights
Interest Rate 8.60% p.a. onwards
Processing Fees Up to 3% of the loan amount
Tenure Up to 25 years
Loan Amount Up to Rs 7.5 crore

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by L&T Finance
Processing Fees & Charges
Eligibility Criteria for L&T Finance
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

L&T Finance Home Loan Interest Rates

Loan Type Interest Rate(p.a.)
Home Loan Balance Transfer 8.65% p.a. onwards
Home Loan for Self-employed 8.75% p.a. onwards
Home Loan for Salaried 8.60% p.a. onwards

Types of L&T Finance Home Loan

L&T Finance New Home Loan

Purpose: L&T Finance provides regular home loans to finance various purposes such as constructing a new home, purchasing a home property, improving an existing dwelling unit, and extending an already existing home.

Loan Amount: Rs 20 lakh-Rs 7.5 crore

Tenure: Up to 25 years

LTV Ratio: Up to 90% of property value

L&T Finance Home Loan Balance Transfer

Purpose: Existing home loan borrowers from other banks and housing finance companies (HFCs) have the option to transfer their existing home loans to L&T Finance through the Home Loan Transfer facility. By doing so, they can benefit from lower interest rates, thereby reducing their Equated Monthly Installments (EMIs) and overall interest costs.

L&T Finance Composite Loan Scheme

Purpose: Consumers can access L&T Finance Composite Loans for purchasing a plot and subsequently constructing a home on it, provided that the construction commences within a specific timeframe.

L&T Finance Home Loan for Self-Construction

Purpose: Individuals can avail Home Loan for Self-Construction from L&T Finance to raise funds for constructing a residential house on plots owned by them.

L&T Finance Balance Transfer plus Top-up

Purpose: L&T Finance provides a Home Loan Balance Transfer service along with a top-up facility for existing home loan borrowers from other lenders who wish to transfer their balance and avail additional funds.

L&T Finance House Purchase Loan

Purpose: L&T Finance offers Home Purchase Loans to applicants for financing the purchase of both under-construction properties and ready-to-move-in houses.

L&T Finance House Extension Loan

Purpose: Individuals can avail House Extension Loans from L&T Finance to construct additional rooms or floors in their existing residential units.

L&T Finance House Improvement Loan

Purpose: L&T Finance provides House Improvement Loans to applicants for renovating, repairing, and maintaining their existing homes.

Also Read : Best Home Loan EMI Calculator

 

L&T Finance Home Loan Fees and Charges

Particulars Charges
Processing Fees Up to 3% of loan amount
List of Documents Rs. 300
Penal Charges 3% p.a. on instalment overdue
Check bounce charges Rs. 1,000
Foreclosure Charges Nil on floating
Photocopies of Documents Rs. 500
Loan Cancellation Charges Rs. 5000 + GST
Legal Recovery Charges At Actuals
Interest Rate Conversion Charges 0.5% of balance loan amount (+ GST) or min. Rs. 10,000 whichever is higher

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for L&T Finance Home Loan

L&T Finance considers the following eligibility criteria for home loan applicants:

  • Age between 23 to 62 years
  • Indian residency
  • Salaried, self-employed professionals, and self-employed non-professionals
  • Eligibility also depends on the applicant's income and repaying capacity
  • Additionally, L&T Finance may assess the monthly income and credit score of applicants, similar to other banks/HFCs, when evaluating home loan eligibility.

Also Read : Best Home Loan Eligibility

Documents Required to Apply for L&T Home Loan

For Self-employed Professionals

  • Age Proof/Photo ID Proof- Aadhar Card. PAN card
  • Address Proof- Aadhar card, Driving license, passport, voter ID, utility bill, rent agreement
  • Income Proof-
    • Latest 2 Income Tax Returns (ITRs) for both personal and business, along with computation of income.
    • Advance tax challans, if available.
    • Bank account statement for the last 1 year.
    • Latest 2 years Profit & Loss account and Balance Sheet for both personal and business, duly certified by a Chartered Accountant.

For Self-employed Non-Professionals

  • Age Proof/Photo ID Proof- Aadhar Card. PAN card
  • Address Proof-  Aadhar card, voter ID, Driving license, passport, utility bill, rent agreement
  • Income Proof-
    • For individual applicants and co-applicants: Latest 2 years Income Tax Returns (ITRs) with computation.
    • When the borrower is a firm/company: Latest 2 years audited or Chartered Accountant (CA) certified Profit & Loss accounts and Balance Sheets of the firm/company.
    • Bank account statement for the last 1 year for all applicants.

For Salaried

  • Age Proof/Photo ID Proof- Aadhar Card. PAN card
  • Income Proof-  Salary account bank statement for last 1 year, salary slip for last 3 months
  • Address Proof- Driving license, Aadhar card, voter ID, passport, utility bill, rent agreement

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.