L&T Finance Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 9.50% p.a. onwards (LAP on Commercial Property, Residential Property) |
| Processing Fees | Up to 2% of loan amount |
| Loan Amount | Rs 10 lakh-Rs 7.5 crore |
| Tenure | Up to 18 years |
L&T Finance LAP Interest Rates
L&T Housing Finance provides Loan Against Property with interest rates starting from 9.50% p.a. onwards. While the specific details about differential interest rates based on factors like credit score, loan amount, tenure, occupation profile, employer's profile, etc., are not disclosed by the HFC, it's common for lenders to consider these factors when determining Loan Against Property interest rates.
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Types of L&T Finance LAP
LAP on Residential Property
- Purpose: You can get a loan against residential properties whether you live in them, rent them out, or they are vacant.
- Loan Amount: Rs 10 lakh-Rs 7.5 crore
- Tenure: Up to 15 years
LAP on Commercial Property
- Purpose: The loan is provided to owners of commercial properties to meet both their business and personal financial requirements.
- Loan Amount: Rs 25 lakh onwards
- Tenure: 15 to 18 years
Also read: Best Loan Against Property EMI Calculator
L&T Finance LAP Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fee | Up to 2% of loan amount |
| Bounce Charges | Rs 1,000 |
| Pre-payment / Foreclosure Charges | Nil |
| Loan Cancellation Charges | Rs 5,000 |
| Interest Rate Conversion Charge | 0.5% of balance amount or min. Rs 10,000, whichever is higher |
Eligibility Criteria for L&T Finance Loan Against Property
LAP on Commercial Property
L&T Finance offers Loan Against Property (LAP) on commercial properties for both self-employed professionals and non-professionals.
Self-employed Professionals:
- Eligible professionals include doctors, chartered accountants, company secretaries, consultants, architects, and lawyers.
- There should be proof of stable income.
Self-employed Non-Professionals:
- Applicants should be between 25 and 70 years old at the time of loan application and maturity.
- Proof of stable income is required.
- Traders, commission agents, and contractors are also eligible for L&T Finance Loan Against Property.
LAP on Residential Property
Loan Against Property (LAP) on Residential Property is available for both salaried individuals and self-employed non-professionals:
Salaried Individuals:
- Must be Indian residents.
- Minimum age at the time of loan application is 23 years, and maximum age at loan maturity is 62 years.
- Employment with any public, private, or multinational organization is required.
Self-employed Non-Professionals:
- Must be Indian residents.
- Age requirement: 25 years at the time of loan application and 70 years at loan maturity.
- Self-employed individuals with a steady income from their business are eligible for L&T Finance Loan Against Property.
In addition to the mentioned eligibility criteria, L&T Housing Finance may also take into account factors such as credit score, monthly income, occupation profile, and EMI/NMI ratio while assessing the eligibility of applicants for Loan Against Property, similar to other lenders.
Also read: Best Loan Against Property Eligibility
Documents Required for L&T Finance LAP
For Salaried Individuals, the documents required to avail of L&T Housing Loan Against Property (LAP) are as follows:
- ID Proof
- Address Proof
- PAN card/Form 60
- Recent salary slips
- Title Documents
- Income Tax Returns
- Bank account statement for the past 3 months
- Documents of the property to be mortgaged
For Self-employed Professionals, the documents required for availing L&T Housing Loan Against Property (LAP) are as follows:
- Title documents
- ID Proof
- Address Proof
- PAN Card/Form 60
- Bank account statement for the past 6 months
- Income Tax Returns or Financial Statements
- Documents of the property to be mortgaged
For Self-employed Non-Professionals, the documents needed are:
- PAN Card
- Aadhar Card
- Title documents
- Documents of the property to be mortgaged
- Income documents such as financial statements and Income Tax Returns
Also Read : Best Loan Against Property Documents Required
L&T Finance Loan Against Property FAQs
1. Is there a pre-payment option for L&T Finance LAP?
Yes, you can prepay the loan, subject to the terms and conditions specified at the time of the loan application.
2. What is the maximum loan amount that I can avail?
The maximum loan amount is determined by the market value of the property as assessed by L&T Finance. The exact amount will be specified after approval and successful verification.
3. Who is eligible to apply for a loan?
Any salaried or self-employed Indian national who is creditworthy, possesses a suitable net worth, and has the capacity to repay the loan is eligible to apply for a loan against property from L&T Finance. The applicant should be over 22 years of age at the commencement of the loan.
4. When can I apply for a loan against property?
If you urgently need funds for personal or business purposes, applying for a Loan Against Property (LAP) can be a better option than opting for a personal loan. LAP typically offers competitive interest rates, and the use of funds is flexible, making it a suitable choice for various financial needs.
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