L & T Housing Finance Home Loan Interest Rates 2020

LT Housing Finance offers various products on home loan. LT Housing Finance home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

• LT Housing Finance Home Loan Interest Rate starts from 9.90%.
• LT Housing Finance charges a processing fees of Upto 2.00%, Minimum ₹ 4,999 and .
• Loan Tenure of Home Loan ranges from 5 years to 30 years.
• Lowest EMI per lakh on home Loan from LT Housing Finance is ₹ 870 per lakh offered at the lowest interest rate of 9.90% at the longest loan tenure of 30 years.
• LT Housing Finance allows prepayment of home loans with Nil charges on floating rate loans.
• LT Housing Finance has an average customer rating of 4/5.0 from customers who have taken a home loan from the bank.

Current LT Housing Finance home loan interest rates are in the range of 9.90% to 10.75%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.90%. The table below gives the interest rates on various housing finance schemes of LT Housing Finance.

LT Housing Finance Home Loan Scheme	Interest Rates
L and T Finance Home Loan Floating	9.90% - 10.75%

Latest L & T Housing Finance home loan interest rate starts from 9.90% , as applicable based on the PLR, which is 17.50%, last announced on 26th Apr 18. Any change in repo rate will change the PLR and will translate into a similar change in the bank’s home finance rate. LT Housing Finance housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

• Loan amount: LT Housing Finance home loan rate depends upon the loan amount you apply for.
• Occupation: LT Housing Finance offers lower rate for salaried borrowers as compared to self employed borrowers.
• Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
• Gender: LT Housing Finance also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from LT Housing Finance.
• Type of loan: LT Housing Finance runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
• Existing customers: LT Housing Finance offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

LT Housing Finance Home Loan Processing Fee

LT Housing Finance home loan processing charges are upto 2.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 4,999. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to LT Housing Finance housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

LT Housing Finance charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to LT Housing Finance for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from LT Housing Finance, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with LT Housing Finance.

Documents for Salaried employees

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 2 years
• Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

• Filled up loan application form
• 2 Passport Size Photo
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at LT Housing Finance if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Maximum Annual Percentage Rate (APR)

9.9% to 10.75%

Representative example of the total cost of the loan, including all applicable fees

Here is an illustration of the total cost of the loan: Total amount borrowed: ₹ 1 Lakh Time period: 5 years to 30 years LT Housing Finance Home Loan Interest Rate: 9.90% to 10.75% Processing Fee payable to LT Housing Finance: Upto ₹ 10,000. Current offer for processing fee is Upto 2.00% Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 870 for a 30 years ₹ 1 Lakh loan at 9.90% (lowest rate, longest time period) to ₹ 2,162 for a 5 years ₹ 1 Lakh loan at 10.75% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 9.9% to 10.75% Total cost payable over loan tenure: ₹ 39,708 for 5 years loan to ₹ 2.23 Lakh for 30 years loan LT Housing Finance’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of LT Housing Finance.

✅What is L & T Housing Finance Home Loan interest rate?

L & T Housing Finance Home Loan interest rate ranges between 9.90% to 10.75%.LT Housing Finance cuts Home Loan rates by 9.9% from 10.75%.

✅Why should I opt for balance transfer to LT Housing Finance?

LT Housing Finance offers competitive Home Loan rates with the best EMI of ₹ 870 per lakh availed at a low-interest rate of 9.90% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 870 per lakh, you should consider the option for a loan transfer to LT Housing Finance from your existing bank. EMIs can be calculated through LT Housing Finance Home Loan EMI calculators.

✅Do I get tax benefits on a Home Loan from LT Housing Finance?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

✅What is the effect of part prepayments on LT Housing Finance housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

✅How to increase my eligibility on LT Housing Finance housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

✅How will LT Housing Finance housing loan rate of interest change in the future?

• Floating rate on '.LT Housing Finance.' housing loan is linked to its '..' '.PLR.' Rate, which is currently at '.17.50.'%. When Bank offers a Home Loan at '..'%, it applies a '.discount of 17.5.'% to its '.PLR.' Rate to arrive at this Home Loan rate.
• When RBI increases rates, the bank may increase its '.PLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.PLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

✅What is the current LT Housing Finance Home Loan rate?

The current L & T Housing Finance Home Loan rate starts from 9.90% with a processing fee of Upto 2.00%, Minimum ₹ 4,999 and