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Balance Transfer

Transfer your loan from elsewhere and benefit from better interest rates.

 

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Key Features

Applicable for all categories of customers


Only approved financial institutions


Top Up loan facility which is over and above your original loan


Legal and technical verification to be done

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Balance Transfer

Buying a home can be quite tempting initially. And later on, the interest on your loan could be a burden for you. Now with Balance Transfer from L&T Housing Finance, you can transfer your existing loan from any other financial institution to help you save on interest expenses. What’s more, you could also take a Top Up Loan or an additional loan to help with your other expenses

 

Eligibility Criteria

 

Minimum repayment track record of 12 months

 

Balance transfer from only approved financial institutions

 

Applicable for residential properties only

 

Title document  ownership should remain with the applicant

 

Customer Undertaking: To submit original docs to LTHF within 20 days from date of disbursement

 

Letter of Authority: Customer authorizing LTHF representative to collect original title docs & mortgage release letter on his behalf from previous Bank/HFC

 

Irrevocable POA: Required from customer in favor of LTHF empanelled lawyer. POA to be executed on stamp paper of requisite value and should be duly notarized from a notary public

 

Balance transfer cheque will be handed over to the approved financier Over the Counter (OTC). Customer indemnity will be taken in lieu of the list of documents from the financier

 

Photocopies of the property papers will be collected from the customer along with the indemnity

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EMI Calculator

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Eligibility & Documentation

 FAQ’s

LTHF assess the customer's repayment capacity based on various criteria - including income, age, qualifications, number of dependents, spouse's income, assets, liabilities, stability and continuity of occupation, savings history, etc.

A resident of India or NRI, salaried or self employed.


Above 23 years of age at the commencement of the Loan.


Below 65 years of age when the loan matures. 

To increase your eligibility you can include other sources of income (rent, dividend, agriculture income, bonus, monthly incentive) or you can also include a co-applicant income.

We are committed to giving the best in class service. We will ensure the fastest turnaround time for processing the loan in 6-10 working days ensuring faster TAT.

*Subject to complete documentation and due diligence* 

All loan repayments for fully disbursed cases are done via equated monthly installment (EMI). So EMI payments cycle is the 7th of the month.

We have direct debit instructions such as Electronic Clearing Services (ECS).

*There is no other option for paying EMI.ECS mandatory*    

Tenure change is the default option. From customer ease point of view, we understand that tenure change remains the preferred method, but wherever necessary we might change the EMI. We will intimate the customer when there is a change in the EMI.

We shall intimate such changes in EMI as and when there is a change. Please note that the new loan EMI would be dependent on the number of years that are remaining for your loan and your rate of interest. Please contact your home loan servicing branches for more information on the exact EMI.

In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI) and is payable every month till the final disbursement is made, after which the regular EMI would commence.

The first PEMI is payable by cheque by the 7th of the month in which the disbursement is made and each subsequent PEMI at the 7th of every month through ECS facility till the commencement of EMI.

Home Loan:
The minimum age criteria for salaried is 23 years and a maximum of 65 years while for Self Employed Professional /Self Employed Non Professional the limit varies from 25 to 65 years.

 

Loan against Property:
The minimum age criteria are 25 years and a maximum of 65 years.

The minimum loan amount for HL is 5 lacs and for LAP it is 10 lacs. For Balance Transfer, corresponding limits will apply.

Maximum loan amount is subject to credit appraisal.

For salaried the minimum work experience should be continuous 1 year in current organization and for self employed non professionals/
professionals it is two years in the profession/business.

The tenor should be a minimum of 3 years. For HL we have a tenor upto 30 years and LAP the maximum tenor would be 20 years.

For Home Loan:
If the loan amount is less than or equal to Rs 30 lacs, it is the minimum of (90% of COP (Cost of Property) or 85% of market value) and if the loan amount is greater than Rs 30 lacs, it is the minimum of (80% of COP (Cost of Property) or Market value).

 

For Loan against Property:
It is upto 80% depending on the type of property.

 

Home Loan customers, on Variable Rate of Interest can repay the Loan ahead of schedule by making lump sum payments or choose our Part Pre-payment Option at charges mentioned in SFC- Schedule Fee & Charges.

Home Loan customers, on Fixed Rate of Interest can repay the Loan ahead of schedule by making lump sum payments or choose our Part Pre-payment Option at no extra charges provided such amount is paid through their own source of Funds.

Customer (other than described above) can avail this facility by making payment of nominal charges based on our Schedule of Charges. For further details please contact our call center.

The security for the Loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and / or such other collateral security as may be necessary.

 

Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to LTHF of life insurance policies, the surrender value of which is at least equal to the Loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other
investments that are acceptable to LTHF.

 

Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, Loan or litigation, which is likely to affect the title to the property adversely.

Yes, you will have to insure that the property for fire and other appropriate hazards, as required by the lender during the Loan tenure. The lender will be the beneficiary of the insurance. You will also have
to produce proof/evidence, whenever required by the banks.

In many states in India, the Agreement for Sale between the builder and purchaser is required by law to be registered. You are advised, in your own interest to lodge the Agreement for Sale for registration within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.

In terms of Chapter XX C of the Income Tax Act, 1961, the Central Government has the first option to purchase certain immovable properties exceeding certain value and as such transactions covered by this Chapter can be proceeded with only after complying with the requirements prescribed therein.

Top Up loan computation is subject to the customer's current credit profile, repayment track record of the existing loan and the current valuation of the property. Kindly get in touch with our Sales Representative for further details.

Top Up loan is at differential rate than original home loan rate. For further clarification our sales person and contact you.

The Home loan floating rate of interest is linked to L&T Housing finance retail prime lending rate (RPLR) .The RPLR is a benchmark rate fixed by the Competent Authority, after taking into consideration various components like cost of funds, interest rates prevailing in the market, cost of operations and provisioning requirements etc. among others. The RPLR is 17.35%. The same is subject to change from time to time.

Switching from the floating rate scheme to the fixed rate scheme and vice versa is permissible. If a fixed rate customer wants to reschedule the loan to a lower interest rate, we do allow it. Change in fixed to floating or vice versa and to a lower rate within fixed rate scheme, charges are applicable as per the Schedule of Fees and Charges (SFC).

You may apply for a provisional/final interest certificate by submitting an application at out nearest branch or by calling our customer care number.

Yes. You can avail of the facility of transferring your existing loan from other approved financial institutions. Also, you can take a TOP UP loan subject to a clear repayment track record of 12 months.

It is not possible for us to predict future interest rate movement.

As per Schedule of Fees and Charges.

There is a fixed component of login fees of Rs. 4,999, non-refundable (exclusive of service tax) along with processing fee payable:


Minimum processing fee is 0.25% for Home loans

Minimum processing fee is 1.00% of LAP 


Though this may vary from a case to case basis depending on the customer profile.

Yes, you can always go ahead with this option, in which your complete EMI charge to you will be of total sanction loan. In which the Interest portion will be charged on the partly disbursed amount to you & Rest will be Principal portion.

Repayment tenure is the tenure for the number of year for which the loan gets sanctioned. We offer you a wide range of options for the tenure of the loan. You can take a home loan for up to 30 years provided you do not reach the age of 65 years or retire within that period.

All loan repayment is done via equally monthly installments.

One should seek clarifications regarding the fees for processing the Loan, prepayment charges, spread, i.e., the difference between the RPLR and the rate actually charged on the Loan, charges for conversion from one loan rate structure to the other and the reset period clause for the floating rate Loans.

The total interest payable by you i.e. inclusive of the interest amount would qualify for deduction under Section 24 for Income Tax purpose up to overall limit of Rs. 200,000. So you will continue to enjoy the tax benefits.

Principal repayments would qualify for deduction from taxable income under Section 80C up to overall limit of Rs. 1,50,000/-.
According to the Finance Budget 2014, those availing a
Home Loan in the Financial Year 2014- 2015 are eligible for an
additional deduction of Rs 1 Lakh from the Gross Annual Income in addition to the deductions mentioned above subject to the conditions

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Fees & Charges