Apply for L&T Housing Finance Loan @ 8.10% Interest Rates
L&T Housing Finance Home Loan Details
Highlights of L & T Housing Finance Home Loan are as below:
| Loan amount | Up to 90% of the property cost |
| Rate of interest |
|
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 794 Per Lakh |
| Processing fee | Up to 3% of Loan Amount |
L&T Home Loan Interest Rates
| L&T Home Loan Type | Interest Rate (p.a.) |
|---|---|
| Home Loan for Salaried | 8.10% |
| Home Loan Balance Transfer | 8.65% |
L&T Home Loan Comparison with Other Lenders
Let’s compare HDFC bank home loan rates with ROI offered by other banks-
| Lender | Maximum Loan Amount | Interest Rate | Processing Fee |
|---|---|---|---|
| L&T Home Loan | Up to 90% of property cost | 8.10% | Up to 3.00% + applicable taxes |
| HDFC Home Loan | Up to 90% of property cost | 7.90% – 9.00% | Up to 0.50% or Rs. 3000 (whichever is higher) + applicable taxes |
| SBI Home Loan | Up to 90% of property cost | 7.50% – 8.45% | Up to 0.35% + applicable GST |
| ICICI Bank Home Loan | Up to 90% of property cost | 7.70% | 0.50% – 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| Axis Bank Home Loan | Rs. 5 Crores | 8.75% – 11.60% | Up to 0.50%, minimum Rs.10,000 |
| Bank of Baroda Home Loan | Rs. 10 Crores | 7.45% | Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000) |
L&T Home Loan - Fees and Other Charges
| Type of Charges | Individual Borrowers | Non-Individual Borrowers |
|---|---|---|
| Loan Processing Fees | Up to 3% of the Sanctioned Amount | |
| Bounce Charges | Rs. 1000 | |
| Penal Charges | 3% pm on Overdue Instalment | |
| Foreclosure Charges on Home Loans | Floating Rate – NIL Fixed Rate – Own Source of Funds – NIL Fixed Rate – From other sources – 3% on Principal Outstanding if closed within 1 year from disbursement OR 2% on Principal Outstanding if closed after 1 year. | Fixed and Floating Rate Within 1 year of disbursement – 3% on Outstanding Principal After 1 year of disbursement – 2% on Outstanding Principal |
| Pre-payment Charges on Home Loan | Floating Rate – NIL Fixed Rate – Own Source of Funds – NIL Fixed Rate – From other sources – 3% on Partial pre-payment amount if closed within 1 year from disbursement OR 2% on Partial pre-payment amount if closed after 1 year. | Fixed and Floating Rate Within 1 year of disbursement – 3% on Partial Pre-payment amount After 1 year of disbursement – 2% on Partial Pre-payment amount |
| Interest Rate Conversion Charge | 0.5% of the Balance Amount or Minimum Rs. 10,000 whichever is higher | |
| SARFAESI Charges | Issue of Loan Recall Notice – Rs. 500 Issue of Demand Notice – Rs. 1000 Issue of Possession Notice – Rs. 2000 Applying District Magistrate’s Order – Rs. 8000 Taking Physical Possession – Rs. 10000 Printing notices in newspapers – Actuals | |
| Legal Recovery Charges | Actuals | |
| Loan Cancellation Charges | Rs. 5000 | |
| Proportionate actual expenses in case of pre-closure | Home Loan – Up to 0.75% of the total disbursed amount in case of closure within 18 months LAP – Up to 1% of the total disbursed amount in case of closure within 24 months | |
L&T Housing Finance Home Loan Features and Benefits
Eligibility criteria:
- Clean repayment track record or 12 to 24 months as the case may be.
- Loan quantum is subject to a ceiling of 10% or 20% of the original sanction amount depending on the repayment track record.
- Loan tenure for salaried employees is 20 years maximum.
- Self-employed individuals are required to repay the loan within 15 years.
Home Loan – Pradhan Mantri Awaas Yojana
- LTHFL is one of the nominated housing finance companies that provide loans under PMAY. It is a Central Government formulated housing loan product monitored by National Housing Bank.
- It is a credit linked subsidy scheme to enable people who do not have any house in their name to have one by the end of March 2022.
- There are four categories: the economically weaker section, low-income group, Middle-income group I and Middle-income group 2.
- The maximum subsidy available is 2.67 Lakhs.
- The maximum loan tenure is 30 years, but the interest subsidy is available only for 20 years.
- The maximum loan quantum is four times the average annual income subject to different ceilings for different categories.
How to Calculate L&T Home Loan EMI?
MyMoneyMantra EMI Calculator helps you calculate your home loan EMI within a few clicks. It is an easy tool to operate. You only have to provide the following information:
- Loan Amount
- Rate of Interest
- Loan tenure
And the EMI calculation is automated instantly along with the amortization schedule.
Documents Required
- In order to secure a Protium business loan from Protium Finance Ltd, a customer is required to furnish a handful of necessary documents, including a PAN and an Aadhaar.
- As a business unit, the firm should have proof of registering the business and government-validated documents that can act as proof of address for the business owner, as well as for the enterprise.
- A copy of the latest income tax return is required for a business loan over a loan amount of Rs 15 lakh, while a 9-month bank statement of the firm’s account is needed irrespective.