L & T Housing Finance Home Loan Interest Rate

Last Updated 31st May 2019

LT Housing Finance Home Loan Rate Aug 2019

7th August 2019 – RBI cuts repo rate by 35 bps to 5.40%

LT Housing Finance's home loan interest rate starts from 9.90%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan Amount	L and T Finance Home Loan Floating Interest Rate	Rate for Female Borrower	Rate
Upto ₹ 30 Lakh	9.90%	N/A	N/A
₹ 30 Lakh - ₹ 75 Lakh	9.90%	N/A	N/A
₹ 75 Lakh - ₹ 3 Cr	10.75%	N/A	N/A
Above ₹ 3 Cr	10.75%	N/A	N/A

LT Housing Finance Home Loan

LT Housing Finance offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Compare Home Loan Rates of All Banks in India

L & T Housing Finance Home Loan Details

Interest Rate	9.90% onwards Compare with Other Banks
Processing Fee	Upto 2.00% Minimum ₹ 4,999
Max Tenure	30 years
Lowest EMI	₹ 870 per lakh
Prepayment Charges	Allowed with Nil charges for floating rate loans Check Prepayment Rules
Age	Min 23 and Max 65 years for Salaried Min 25 and Max 65 years for Self Employed

Home Loan Interest Rates LT Housing Finance

LT Housing Finance home loan interest rates are in the range of 9.90% to 10.75%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 9.90%.

Products	Interest Rates
L and T Finance Home Loan Floating	9.90% - 10.75%

Latest L & T Housing Finance home loan rate starts from 9.90% , as applicable based on the PLR, last announced on 01st Jan 70. Any change in LT Housing Finance benchmark PLR rate will translate into a similar change in the bank’s home loan rate. For instance, if LT Housing Finance slashes PLR rate by 0.15%, its current home loan rate will be cut from 9.90% to 9.75%

LT Housing Finance housing loan interest depends upon

Loan amount: Housing loan rate in LT Housing Finance depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
Type of loan opted for: LT Housing Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
Existing bank customers: LT Housing Finance offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

LT Housing Finance Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from LT Housing Finance also carry some other charges which include:

Processing Fee - LT Housing Finance applies 2.00% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
Technical and Legal Charges - LT Housing Finance also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on LT Housing Finance rules.
Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to LT Housing Finance. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with LT Housing Finance at Nil charges.

L & T Housing Finance Housing Loan: Apply

If you want to get a housing loan from LT Housing Finance, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and LT Housing Finance’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from LT Housing Finance.

You can also do a comparison of HDFC Bank LT Housing Finance’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

L & T Housing Finance Home Loan 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

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

Illustration on Home Loan LT Housing Finance

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: Rs. 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 Rs. 10,000. Current offer for processing fee is Upto 2.00%
Minimum Rs. 4,999
Fee payable to MyLoanCare: NIL
Total Monthly Cost – From Rs. 870 for a 30 years Rs. 1 Lakh loan at 9.90% (lowest rate, longest time period) to Rs. 2,162 for a 5 years Rs. 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: Rs. 39,708 for 5 years loan to Rs. 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.

Frequently Asked Questions

What is LT Housing Finance home loan procedure?

You can apply for a LT Housing Finance home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your LT Housing Finance home loan status by logging in your customer account with MyLoanCare.

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

LT Housing Finance offers competitive home loan rates with best EMI of ₹ 870 per lakh availed at 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 option for a loan transfer to LT Housing Finance from your existing bank.

What is the maximum loan tenure I can opt under LT Housing Finance house loan?

LT Housing Finance offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from LT Housing Finance?

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

Can I foreclose my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to LT Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to LT Housing Finance can allow you to save interest, pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in LT Housing Finance is PLR.

What is the effect of part prepayments on LT Housing Finance housing loan 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 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 loan.

How will interest rate on LT Housing Finance housing loan change in future?

Floating rate on LT Housing Finance housing loan is linked to its PLR Rate, which is currently at 17.35%. When Bank offers a home loan at 9.90%, it applies a discount of 7.45% 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.

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Lt Housing Finance Home Loan Interest Rates

Loan Amount	Cashback
Rs. 1 cr and above	Rs. 5,000
Rs. 75 lakh - less than Rs. 1 cr	Rs. 3,000
Rs. 50 lakh - less than Rs. 75 lakh	Rs. 2,000
Rs. 35 lakh - less than Rs. 50 lakh	Rs. 1,000
Rs. 20 lakh - less than Rs. 35 lakh	Rs. 500
Less than Rs. 20 lakh	Rs. 200