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Top Up Loan

Sometimes life presents you with situations that exceed your financial capacity. In times like these, an additional loan can be of great value. A Top Up Loan is a facility that enables you to take a loan over and above your existing loan, against the mortgage of your property. So when it comes to buying a new car, or a new home appliance, emergency medical bills, or business requirements, you will be prepared.

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Key Features

Loan tenor up to 20 years  


Original sanction amount up to 100% (subject to credit appraisal)


Loan at attractive rate of interest

 

Simple documentation 



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Top Up Loan

Top Up loan is a facility that L&T Housing Finance offers to enable you to borrow an additional amount over and above the existing loan against the mortgage of a property.

 

LTHF provides Top Up Loans for:


• Buying of consumer durables / furniture / vehicle
• Finance for children education / marriage
• Meeting medical expenses
• Business requirement
• Any other personal expenses

 

Eligibility criteria:

 

Clean repayment track record of 12 months/24 months

Cap as a percent of original loan is at 10%/20% depending on the repayment track record

 

Loan tenure:


For Salaried : 20 years
For self employed non professionals/professionals: 15 years

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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.

Aresident of India or NRI, salaried or self employed

 

Above 23 years of age at the commencement of the 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

We are committed to giving the best-in-class service. We will ensure the fastest turnaround time of 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 Service

 

*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. Wherever required we might change the EMI. We will intimate you when there is a change in the EMI amount.

We will intimate you whenever there is a change in the EMI amount. The revised EMI would be dependent on the number of years remaining for repayment of your loan and the applicable rate of interest. Please contact your loan servicing branch for more information.

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 monthly till the final disbursement is made, after which the regular EMIs would commence.

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

Home loan

The minimum age criteria for salaried is 23 years and a Maximum of 65 years 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 maximum loan amount for HL is 5 lacs and minimum 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).

For Loan against Property:
It is up to 80% depending on the type of property

Yes, a co-applicant is mandatory for availing the loan.

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 no extra 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.

There is one part-prepayment option available for each quarter.

The security for the Loan is the 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 any encumbrance. To elaborate, there should not be any existing mortgage, loan on the property or any litigation against the property.

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

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 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 if any, spread, i.e., the difference between the R        PLR and the rate actually charged on the loan, charges for conversion from one loan rate structure to another and the reset period clause for the floating rate loans.

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.

The rate of interest on a Top Up loan is different than that on original loan. For further clarification please contact our call centre.

The floating rate of interest is linked to L&T Housing Finance’s retail prime lending rate (RPLR) .The RPLR is a benchmark rate fixed after taking into consideration various components like cost of funds, interest rates prevailing in the market, cost of operations and provisioning requirements, etc. The RPLR currently is 17.35%. The same is subject to change from time to time.

Switching from 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, the same is also permissible. Charges for changing from fixed to floating rate of interest is as per the SFC – Schedule of Fees and Charges.

You may apply for the same by submitting an application at our nearest branch OR call our customer care.

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

The minimum part prepayment amount should be at least three EMIs.

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

       1. Minimum processing fee of 0.25% for Home loans        

       2. Minimum processing fee of 1.00% for LAP customers

The actual amount may vary on a case to case basis depending upon 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.

Loan repayment done via equated monthly instalments.

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 balance transfer your existing home loan from other financial institution to us (approved list). Also you can take TOP UP facility on this loan subject to clear repayment track record of 12 months.

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Fees & Charges