Loan on industrial property is provided to cater to all self employed non professional customers who are running a manufacturing facility in major industrial zones in India and offering industrial property as collateral.
We provide this facility in 24 locations.
Major Industrial zones such as NCR, Bangalore, Chennai, Ahmedabad & Pune have a good market for this product
The different types of "Loan on Industrial Property" which can be availed from LTHFL are as follows:
Loan against Factory Office
Loan against Factory Multiuse Property
Loan against Heavy Manufacturing Buildings
Loan against Light Manufacturing Buildings
Loan against Research and Development Parks
LTHF assess the customer's repayment capacity based on various criteria - including income, age, qualifications, assets, liabilities, stability and continuity of occupation, and funds flow history, etc.
A resident of India or NRI, salaried or self employed professional or non-professional
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 for processing the loan in 6-10 working days ensuring faster *TAT.
*Subject to complete documentation and due diligence.
An EMI refers to an equated monthly installment. It is a fixed amount which you pay every month towards your loan. It comprises of both, principal repayment and interest payment.
Our EMI payment cycle is the 7th of the month for fully disbursed cases.
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 required we might change EMI, we will intimate you on the necessary change in your EMI.
We will intimate any change in the EMI amount as and when it happens. Please note that the revised loan EMI would be dependent on the number of years remaining for repayment of loan and the rate of interest. Please contact your loan servicing branch 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 regular EMIs would commence.
The first PEMI is payable by cheque by the end of the month in which the disbursement is made and each subsequent PEMI at the end of every month till the commencement of EMI.
Loan Against Property:
The minimum age criteria for salaried is 23 years and a maximum of 65 years while for self employed non professionals/ professionals the limit varies from 25 to 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 LAP: It varies depending upon type of LAP starts from 50%.
Yes, LAP 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 against which the loan is being provided, normally by way of deposit of title deeds and / or such other collateral security as may be necessary.
The title of the property has to be clear, marketable and free from any encumbrance. To elaborate, there should not be any existing mortgage or Loan Against the Property or a litigation involving the property.
Yes. You will have to insure the property for fire and other appropriate hazards, as required by us 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 clarification 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 floating rate loans.
You could get a higher loan on your existing loan subject to your repayment pattern and credit norms of the company. Kindly get in touch with our Sale Representative for further details.
Top Up loan computation is subject to the customer's current credit profiling, repayment track record of the existing loan and the current valuation of the property. Kindly get in touch with our Sale Representative for further details.
Top Up loan is at differential rate than original 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, the same is also permissible. Charges for changing from fixed to floating rates of interest is as per SFC – Schedule Fee & Charges.
You may apply for the same by submitting your application to your nearest Branch OR calling our customer care.
It is not possible for us to predict future interest rate movement.
As per SFC – Schedule Fees & Charges.
As per SFC – Schedule Fees & Charges.
There is fixed component of login fees of 4999/- non refundable (exclusive of service tax) along with processing fees:
Minimum processing fee for LAP is 1.00% for self employed non professionals/ professional customers.
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 20 years provided you do not reach the age of 65 years or retire within that period.
All loan repayment are done via equally monthly installments.