L & T Housing Finance Home Loan Interest Rate

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. LT Housing Finance Housing loan rate of interest is best in the market.

Lowest L & T Housing Finance Home Loan Rate	9.90% Compare with Other Banks
Interest Rate Linked to	PLR
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 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, which is 17.50%, last announced on 26th Apr 18. Any change in PLR will translate into a similar change in the bank’s home finance rate.

• 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 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.
• Type of loan opted for: LT Housing Finance also offers differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
• 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 finance 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 apply 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.

Affordable Housing Loan Scheme by LT Housing Finance

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) Pradhan Mantri Awas Yojna: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at LT Housing Finance if you fulfil the eligibility criteria.

b) Pradhan Mantri Gramin Awas Yojna: 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: Its a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojna: Launched in 2009 with the aim of bringing illegal construction under the formal system and encourage 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.

If you want to get a housing loan from LT Housing Finance, the process of getting 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 finance. You will also be assisted by MyLoanCare’s 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 make a comparison of LT Housing Finance’s Home Loan Interest rates and other charges using the 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

• 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

• 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

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