You can take the construction loan for a residential house on a land owned by a borrower.
Considering to buy a new property or a re-sale one? We offer loans for ready to move-in houses or even those under construction.
You can now take a loan to get your existing home in good shape through repairs and maintenance.
Take a loan to extend your existing residential unit either by constructing an additional room or even a floor.
The extention should be an increase in FSI.
This facility allows your to transfer your existing home loan from an approved institution and also offers a feature of top up loan.
(Please refer to the annexure of the approved institutions)
This facility is to help you finance the purchase of a plot (Refinance the plot amount on start of construction after receipt of sanction plan) and construction of residential house thereon within a specific time.
It is to cater cash intensive business segment & also specifically to cater to the affordable housing customer segment.
Applicable to self employed non-professionals & professional customers based on regular income programme from only approved financial institutions.
Loan tenor up to 30 years
Loans ranging from Rs 3 lakh to Rs 10 crore
Attractive rate of interest
Choose from a fixed or floating rate of interest
Home loans upto 90% of property value
Flexible repayment options like Tranche-based EMI and Part Prepayment Scheme
Loan consideration includes registration fees and stamp duty
Income-based product offering (Gross Receipt Product, Gross Margin Product, Banking Based Product, etc.)
*Loan tenure is subject to meeting eligibility and age of the applicant
Salaried or self employed professionals and non-professionals
Above 23 years and up to 65 years when the loan matures
Actual eligible loan amount is dependent on applicant's income and repaying capacity, age, assets and liabilities cost of the proposed house/flat etc.
Eligibility can be increased by adding other sources of income (Rent, Co-applicant's income, other regular source of income)
The different types of Home Loans available from LTHFL are as follows:
Home Purchase Loan: This is the most common loan for purchasing a flat/independent home
Home Construction Loan: This loan is available for construction of a new home
Composite Loan: Composite Loan is a loan given for purchase of a plot of land as well as for construction of a house on it
Home Improvement and Extension Loan: Home Improvement Loan is given for carrying out repairs and renovations in a house and home extension loan is given for expanding or extending an existing home. For example, addition of an extra room, an extra floor, etc.
LTHF assesses a 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.
To qualify for a home loan, you should be:
A resident of India or an NRI, salaried or self-employed
Above 23 years of age at the commencement of a loan
Below 65 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.
A Co-Applicant(s) is/are the Co-Owners of the property in respect of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife, father/son, mother/daughter etc.
We are committed to giving the best in class service. We will ensure the fastest turnaround time for processing the loan is 6-10 working days ensuring faster TAT.
*Subject to complete documentation and due diligence.
Our EMI payment cycle is the 7th of the month for fully disbursed cases.
We have direct debit instructions such as Electronic Clearing Services
*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 required we might change EMI, we will intimate you on the necessary change in your 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 the 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 monthly till the final disbursement is made, after which the EMIs 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.
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.
The minimum loan amount for HL is 5 lacs and for LAP it is 3 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 15 years depending on customer profile.
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).
Yes. A co-applicant is mandatory for availing home loan.
Yes, Home Loan customers, for floating Rate of Interest can repay the Loan ahead of schedule by making lump sum payments or choose our
Part Pre-payment Option at charges as per fee mentioned in SFC.(Schedule Fee & Charges).
There is one part pre-payment option available for each quarter.
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 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 the 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.
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.
You could get additional loan in your existing loan subject to your repayment history and credit norms of the company. Kindly get in touch with our Sales Representative for further details.
Top Up loan computation is subject to the customer's current credit profiling, repayment track record and the current valuation of the property. Kindly get in touch with our Sales Representative for further details.
Top Up loan will be at a rate different than the original home loan rate. For further clarification please contact our call centre.
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. A fixed rate customer can also reschedule the loan to a lower fixed interest rate when interest rates fall. Charges for changing from fixed to floating rates of interest is as per SFC (Schedule of Fees and Charges).
You may apply for the same at the nearest branch OR call our customer care number.
It is not possible for us to predict future interest rate movement.
Please refer to our SFC – Schedule of Fees and Charges.
Please refer to our SFC – Schedule of Fees and Charges.
There is fixed component of login fees of 4999/- non-refundable (exclusive of service tax) along with processing fees:
Minimum processing fee for Home Loan is 0.25% plus taxes for salaried.
Minimum processing fee for Home Loan is 0.25% plus taxes for self employed.
Though this may vary from case to case basis depending upon customer profile
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 following conditions:
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 are done via equally monthly instalments.