When you apply for a L&T Finance Home Loan there are a few steps that you need to follow. They are given below: 

1. Fill in the application form of L&T Finance
2. Submit key documents such as KYC, Financial, and Property
3. The loan processing will be initiated along with technical and legal verification
4. Eligibility of the loan applicant is determined after which L&T Finance will provide a sanction letter. It will be inclusive of a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
5. In the final step after all the documents are submitted a home loan disbursement request is raised, which L&T Finance responds by issuing your home loan disbursement cheque.

Given below in the table are the documents required to be submitted while applying for a L and T Finance Home Loan.

A major reason you should select L and T Finance Home Loan is that it provides you with the lowest downpayment available. Besides, L and T Finance also offers you a 100% seamless ‘Digital’ loan processing and guidance every step of the way by a professional ‘Relationship Manager’.

On completing submission of documents along with filling of the home loan application form, L and T Finance Home can sanction your home loan within six working days.

To apply and secure a L and T Finance Home Loan it is essential that you possess a minimum CIBIL score in the range of 650-700.

A maximum loan amount of Rs 10 crores and minimum of Rs 3 lakhs is usually sanctioned by L and T Finance Home Loan.

It is not necessary that you need a co-applicant while applying for a L and T Finance Home Loan. However, having one will only help enhance your loan eligibility and prove your ‘Creditworthiness’ and chances to improve terms and conditions.

The L and T Finance Home Loan rate of interest will change depending on the type you select. For example, if you select a floating rate then the rate of interest will regularly change. Moreover, if you take a fixed interest rate then the rate of interest on your L and T Finance Home Loan will not change.

It is a fact that possessing IT returns documents of three financial years will improve your chance of getting a L and T Finance Home Loan. Moreover, even if you do not have IT returns documents of three financial years you are still eligible for a L and T Finance Home Loan. Although, this is possible only if you are seeking a small loan, and you have a good CIBIL score to prove that you are ‘Creditworthy’.

After application of the L and T Finance Home Loan form, submission of necessary documents, and verification, it will usually take twenty-four hours for the home loan to get disbursed by L and T Finance.

1. Different types of L and T Finance Loans:

   Usually, L and T Finance provides for a wide range of Home Loan types. They are eight in number and are given below: 

   1. Home Loan for Self-Construction:

      It is a type of loan L and T Finance gives an individual for the construction of a home on a plot owned by them. 

   2. New Home Loan:

      Typically, this is a regular home loan provided by L and T Finance to help individuals either purchase a home or renovate/repair an existing house. 

   3. House Purchase Loan:

        This type of loan is provided by L and T Finance for the purchase of ready-to-move in-house and under-construction property. 

   4. House Improvement Loan:

      It is to help an individual renovate/repair a home that L and T Finance provides this type of loan.  

   5. House Extension Loan:

      It is for an individual who wants to construct an additional room or floor in the existing residential unit that L and T Finance provides this loan type. 

   6. Balance Transfer Home Loan:

      Present Home Loan borrowers from other banks can transfer their loan amount to this L and T Finance Balance Transfer Home Loan facility at a lower interest rate. Thereby reducing their EMI and overall interest costs.

   7. Balance Transfer plus Top Up:

      For those individuals who are existing clients of other lenders wanting a top-up along with a balance transfer, L and T Finance provides the Balance Transfer Plus Top-Up Scheme. 

   8. Composite Loan Scheme:

       This L and T Home Loan scheme helps an individual purchase a plot during home construction.