1425x387__LAP_for_residential
LAP on Residential Property

Live your dreams with a Loan Against Property

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Key Features

Loan tenure up to 20 years


Funding available from Rs 10 lacs to Rs 10 crores 


Loan available against self-occupied, rented and vacant residential property and commercial purchase & commercial LAP self-occupied and rented


Quick and efficient processing


Affordable and attractive interest rates


Income based product offering


Flexible repayment options like Tranche based EMI and Part Prepayment Scheme

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LAP on Residential Property

Loan against Property is the best way to know the value of your property. If you have a dream, we at L&T Housing Finance Ltd. will ensure that nothing comes in the way of fulfilling that dream.

 

Live your dreams with a Loan Against Property! We are only a call away.

 

This multi-purpose Loan puts funds at your disposal to use as you wish. What's more, this Loan is available at a reasonable rate of interest and can be repaid comfortably over a period of 15 years.

 

LTHF provides Loan Against Property for:

 

Fund Working Capital Requirement

Debt Consolidation

Purchase of Capital goods

Personal Requirement such as marriage, child’s education etc.

 

Loan against Property can be provided for: 

 

Normal LAP: Residential-self-occupied, rented & vacant along

       
Commercial Property Purchase & LAP on Commercial Property: Under construction commercial property purchase transaction herein minimum project completion is 50% can be sourced with LTV cap of 70% for both ready possession and under construction commercial property with commercial self-occupied & rented

        
LAP on Land: Self employed, non professional/professional customer having
residential plot within municipal limits wherein registered mortgage is mandatory for these proposals. Maximum tenor will be 10 years for all locations and all  product programs

         
      

Industrial property: For  all self employed non professional customers running a manufacturing facility in major industrial zones in India and offering industrial property as collateral

        
Balance transfer plus Top-Up: Applicable to self employed non professionals/professional customers based on regular income program from only approved financial institutions

 

Other properties that can be accepted as collateral, subject to certain conditions:

 

• Godown

• Warehouse

• Banquet Halls

• Farm House (plot should to be N.A)

• Nursing Home (without ICU),

• Guest House without any change in property structure

 

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Home Loan EMI Calculator

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Eligibility Documentation - LTFS
Document Checklist

 FAQ’s

The different types of Loan Against Property which can be availed from LTHFL are as follows:


Residential: This is the Loan given against the Residential Property.


Commercial:  This is the Loan given against the Commercial Purchase and commercial rented and self occupied.


Industrial: For self employed non professional customers having
manufacturing facility, providing industrial facility as collateral.


Land: This is to cater to self employed non professionals/professionals customers who want a LAP against a residential plot within municipal limits.

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

A resident of India or NRI, who is salaried, self-employed professional or self-employed 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.

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 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.

Every customer has to give a mandate for direct debit of EMI through the Electronic Clearing Service (ECS).

*There is no other option for payment of EMI.

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 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. The lowest LTV is 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 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 encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to have an adverse bearing on the title of the property.

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 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, 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 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 floating rate of interest is linked to L&T Housing finance 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%. It 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 loan customer can also reschedule the loan to a lower fixed interest rate. Charges for changing from fixed to floating rates of interest is as per our SFC – Schedule of Fees and Charges.

You may apply for the same at our nearest branch OR call 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.

Loan repayment is done through equated monthly instalments.

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Prime Lending Rate (PLR) for Loan against is property 18.25% applicable with effect from Oct 2018.