L&T Housing Finance Limited earlier known as Indo Pacific Housing Finance Limited is a solely owned subsidiary of L&T Financial Holdings Limited. The organization was formed dated 31st August 1994 under the Companies Act- 1956 as Weizmann Homes Limited. The organization got registration under National Housing Bank under National Housing Bank Act – 1987. LTHFL offers a large variety of housing finance products such as home loans, home expansion loans, home improvement loans, Balance transfers, top up loans, loan against property, and construction funding. The organization focuses on offering home loan products to people from all walks of life such as salaried, self employed, builders, etc.
Key Features of Home Loan offered by L&T finance Limited:
• Loan Tenure: L&T housing finance offers housing loans for loan tenure of 20 years.
• Loan Amount: The organisation offers home loans from 3 to 10 Crores for purchase of your home. You can avail housing finance starting from 80% upto 90% of the total value of your house.
• Rate of Interest: You can avail housing finance for your home at both fixed as well floating rate of interest. L&T housing finance offers housing finance at 8.50% rate of interest per annum.
• No prepayment charges: if you wish to fore close the loan at any point of time you can without bearing any penalty to do so.
• Flexible payment options: You can choose to repay the loan through flexible mode of payments which is either through equated monthly instalments or through post dated cheques.
• Easy to Avail: Home loans offered by L&T housing finance are easy to avail and available for everyone depending on your eligibility.
• Processing Fee: The bank may charge you a processing fee of 0 – 2% for processing your loan document.
Enlisted below are purposes for which you can avail L&T Housing Finance:
• Home Loans for Construction of your home: You can avail home loans at L&T housing finance for construction of your residential building at your own plot, land or property you hold. You can also avail home loan for purchase of an already constructed house built by anyone else or by the builder if you are a builder or individual home loans are available for everyone for construction of your home. If you are a builder or an individual home loans are available for everyone for construction of your home. You can also buy a ready to move in flat, house or villa through L&T housing Finance.
• Home Improvement Loans: You can avail L&T housing finance home loans for improvement of your existing home. The improvement works in your home can be anything from painting, setting up Solar panels, adding tiles, renovation of home, getting a modular kitchen for your home or improvement of any sort that would help you beautify your house.
• Home Loan Balance Transfer: If you have availed a home loan and you think your EMIs are not as affordable owing to high rate of interest being charged on the loan borrowed by you or get away from paying higher EMI every month. Balance transfer can help you save good deal of money which would have otherwise been charged. You can consider saving the money you would have otherwise on your loan and make a pre-payment without bearing any penalty towards fore-closure charges.
• Home Expansion Loans: Home expansion loans are loans that can be availed for adding on a room, balcony, bathroom, etc that would lead to expansion of your home. These loans can be availed at any point of the loan tenure. If the bankers are satisfied with your repayment history and find you reliable you can easily be offered loan for expansion purposes too.
• Top- Up loans: If you are a customer with good credit score you can be offered a top-up on your existing home loan. You can avail this loan for any purpose from setting up your business, to make improvements in your existing home, etc. Sometimes availing a top-up on your existing loan can be cheaper than using your credit card or availing a personal loan as the rate of interest for home loan is cheaper than personal loans or credit cards.
• Loan against Property: You can also mortgage your property also known as loan against property for any purpose.
Eligibility to Avail Home Loan at L&T Housing Finance:
• You should be atleast 22 years of age to avail home loan
• You should have not crossed 65 years of age or the age of your retirement at the end of your loan tenure
• You should be a resident of India
• You can be either self-employed or salaried
• Eligibility can be enhanced by taking into consideration your spouse’s or blood relation’s income into consideration.
• Documents required for you to avail home loan at L&T are your KYC, income proof; if you are considering your spouse’s income in that case you need to attach her KYC and income proof too.
These days you can apply for home loans sitting at your home through a simple and quick online process. Compare home loan offers from a number of partner banks and fetch the best Home Loan or yourself. Your online application will help you get a waiver on service fee if you send your application through Letzbank. If you wish to apply for Home Loan at L&T housing Finance –Visit Letzbank!