L&T Finance Loan Against Property

L&T Finance provides Loan Against Property starting from 9.50% p.a. for loan amounts up to Rs 7.5 crore, with repayment periods extending up to 18 years. Additionally, LAP against residential properties (whether self-occupied, rented, or vacant) starts from 9.60% p.a. for tenures up to 15 years. Other properties accepted as collateral for LAP include warehouses, godowns, banquets, nursing homes, farmhouses, guest houses, etc.

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

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

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:

1. ID Proof
2. Address Proof
3. PAN card/Form 60
4. Recent salary slips
5. Title Documents
6. Income Tax Returns
7. Bank account statement for the past 3 months
8. 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:

1. Title documents
2. ID Proof
3. Address Proof
4. PAN Card/Form 60
5. Bank account statement for the past 6 months
6. Income Tax Returns or Financial Statements
7. Documents of the property to be mortgaged

For Self-employed Non-Professionals, the documents needed are:

1. PAN Card
2. Aadhar Card
3. Title documents
4. Documents of the property to be mortgaged
5. Income documents such as financial statements and Income Tax Returns

Also Read : Best Loan Against Property Documents Required