It is necessary that you apply for a L and T Mortgage Loan that you need to take the following steps:

1. Submit the L and T online home loan application form
2. There are few documents such as KYC, Financial, and Property that need to be submitted 
3. It is then that this NBFC initiates the mortgage loan process that includes legal and technical verification 
4. The mortgage loan eligibility of yours is determined. Following which Land T provides you with a sanction letter. It includes the following details: 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. Once all the documents are verified, a mortgage loan disbursement is raised, and a disbursement cheque is issued.

A few documents that you need to submit while applying for a L and T Mortgage Loan are given in tabular form below:

L and T provide a mortgage loan at the minimum interest rate available. Besides, they also offer you an effective and fast loan processing service. In terms of mortgage loan repayment too they ensure flexibility.

After the necessary documents you submit to secure a mortgage loan are verified L and T provides you with a quick approval providing you with a sanction letter within 17 – 15 Working days.

A minimum CIBIL score of 650 and above is what you need to secure a L and T Mortgage Loan.

The minimum mortgage loan amount that is sanctioned by L and T is Rs 20 Lakh. While the maximum mortgage loan amount is Rs 10 crore.

Many banks or other financial institutions like L and T require a co-owner to be a co-applicant for a mortgage loan. However, it is not necessary that you have a co-applicant to apply for a L and T Mortgage Loan. If you do have one it only helps in enhancing your loan eligibility and proving to your lender your ‘Creditworthiness’.

The rate of interest for L and T Mortgage Loan is Floating interest rate which is linked
to MCLR ( MARGINAL COST OF FUNDS BASED LENDING RATE )
Therefore it will change every time the repo rates get reused by the regulator.

The chances of you being eligible for a L and T Mortgage Loan improves significantly, if you have IT returns of three financial years to show. Moreover, you can secure it even if you do not have IT returns, if you are seeking a small mortgage loan amount and you have a good CIBIL score to prove that you are ‘Creditworthy’.

After applying and submitting all the necessary documents for L and T Mortgage loan it will take about 2 – 4 working days for this NBFC to disburse this mortgage loan.

There are a few important details about the L and T  Mortgage Loan that you need to know that are given below: 

1. Types of L and T Mortgage Loan:

   There are a few types of L and T Mortgage Loan. They are as follows: 

   1. LAP on Residential Property:

      Typically, this type of mortgage loan is provided by L and T for rented and vacant residential property. 

   2. LAP on Commercial Property:

      This L and T mortgage loan package is offered specifically to owners of commercial property.