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LT Housing Finance Home Loan Balance Transfer

Home Loan Transfer to LT Housing Finance

Last Updated 31st May 2019

Interest Rate7.70%
Processing Fee₹ 4,999
Lowest EMI per lakh₹ 713
Loan Tenure30 years
  • LT Housing Finance offers home loan balance transfer facility at low interest rates starting at 7.70% for a tenure of upto 30 years.
  • Transfer home loan to LT Housing Finance to reduce EMIs and save more on interest.
  • Avail top up from LT Housing Finance at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

L & T Housing Finance Home Loan Transfer

L & T Housing Finance, the largest HFC in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to LT Housing Finance at lowest interest rates. To transfer your housing loan to LT Housing Finance, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of L & T Housing Finance.

LT Housing Finance Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to LT Housing Finance, compare and calculate all the costs of loan transfer. The table below mentions LT Housing Finance home loan transfer interest rate and other home loan transfer charges of LT Housing Finance.

Home Loan Rates 6.75%
Processing Fees Upto 2.00% Minimum ₹ 4,999
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of LT Housing Finance Home Loan Transfer

To transfer your existing home loan to LT Housing Finance, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to LT Housing Finance upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to LT Housing Finance and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • LT Housing Finance will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to LT Housing Finance will be completed.

Eligibility for LT Housing Finance Home Loan Transfer

To transfer your home loan to LT Housing Finance, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for L & T Housing Finance.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to LT Housing Finance.
  • You must be an Indian resident and fulfil the age criteria of LT Housing Finance. The minimum & maximum age to avail a LT Housing Finance home loan is 23 and 65 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of LT Housing Finance Home Loan Transfer

Here are key features of LT Housing Finance Home Loan Transfer:

  • Lower Interest Rates: LT Housing Finance offers lower home loan rates starting at 6.75% along with ₹ 4,999 processing on home loans. Thus, you can save on your home loan by transferring your loan to LT Housing Finance.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of LT Housing Finance, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With LT Housing Finance home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the LT Housing Finance.

Document Required for L & T Housing Finance Home Loan Transfer

To avail of home loan balance transfer from L & T Housing Finance, you need to submit the following documents to L & T Housing Finance.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to L & T Housing Finance?

Yes, transferring your home loan to LT Housing Finance is a good idea for home loan borrowers as LT Housing Finance provides lower home loan rates starting at 7.70%.

How can I transfer my L & T Housing Finance home loan from one branch to another?

To transfer your LT Housing Finance home loan from one branch to another, you can place your request through net banking/mobile banking. LT Housing Finance also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for L & T Housing Finance home loan balance transfer?

Yes, LT Housing Finance charges home loan transfer fees such as ₹ 4,999 for LT Housing Finance home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a L & T Housing Finance home loan balance transfer?

If you apply for a home loan transfer to LT Housing Finance, you can clear off your existing home loan at lower rates and save more on interest. Besides that, LT Housing Finance home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my LT Housing Finance home loan balance transfer?

To know your LT Housing Finance home loan status, you can call LT Housing Finance home loan customer care number or visit L & T Housing Finance official website to check the status.


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L & T Housing Finance Home Loan News - Jun 2021
  • 2018-02-19 : IFC to invest up to $75m in L&T Housing Finance
    International Finance Corp has recently proposed to invest up to $75 million in L&T Housing Finance Ltd. The proceeds will be used to finance developers of affordable housing as per the the Pradhan Mantri Awas Yojna.
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