L &T Housing Finance – Financial Aid for having your House

L&T finance

A subsidiary of the L&T Finance Holdings Limited, L&T Housing Finance is a registered company that is solely directed towards lending retail loans for the housing purpose. The company was initially incorporated as Weizmann Homes Limited in 1994. It was registered with  National Housing Bank under the National Housing Bank Act, 1987. The aim of the company is to provide the loan to the people at the moderate rate of interest and let them fulfill their dream of having a own house. The company extends the loan for the flexible repayment period lasting up to 30 years.

The loan is provided for the amount ranging from Rs. 3 lakhs to Rs. 10 crores. The home loan rates facility is available for the purpose such as construction of the house, for the purchase of the new house and improvement or extension of the existing house. There are various lending schemes proposed by the company to make it easy and convenient for the borrowers.

The disbursal amount depends on the value of the property and on the repayment capacity of the borrower. Also, the interest rate is decided on the basis of the amount, tenure and credit history of the individual. The individuals with good earnings and clear track record may avail the loan at the low rates. The company has formed the eligibility norms on the basis of which the application is evaluated. If the details match the basic standards set by the institute, then the application is further processed.

The potential borrowers interested in getting the credit from the company can apply for the loan after checking the L&T Housing Finance eligibility criteria to avoid the decline of the application. For applying the customer can visit the nearest branch or can contact on the customer care number. With the application form the applicant must attach the requisite documents that are required for the verification. The list of documents is given below:

Documentation Required

The documents that are to be presented at the time of applying for the loan are as follows:

  • Application form with photograph: Duly filled-in application form signed by all applicants/co-applicants.
  • Age proof (any one document): School Leaving Certificate, PAN Card, Passport, Driving License, Election ID Card, Birth Certificate, Employee ID Card(only for PSU/Government Employees), School/College passing certificate, SSC/HSC admit card, SSC/HSC marksheet.
  • Photo ID Proof (any one document): PAN Card, Passport, Driving License, Letter from existing banker, Valid Arms License issued by Central / State Government / Union Territory (with Name, Photograph & Signature), and Valid Freedom Fighter’s Pass issued by Home Ministry of Government of India or by any other Government body.
  • Address Proof (any one document): Passport, Driving License, Election ID Card, Electricity / Telephone / Mobile Bill (not more than 3 months old), Latest (not more than 3 months old) statement of account / Passbook maintained with any scheduled bank, True copy of Gas connection book, Certificate issued by Ward Officer maintaining election roll certifying address of the applicant, Letter from employer certifying residential address( for salaried employees)

The category specific documents that the applicant has to submit are as follows:

Important Documents to be submitted by the Salaried

  • Job Confirmation Proof required for applicant below 23 years of age
  • Income Proof – Fixed income salaried, Last one month’s salary slip or Last month’s salary certificate with deductions or Last month’s salary certificate with deductions, Form 16 / ITR, Variable income salaried, Last four months salary slips, Last month’s salary certificate with statement of variable components of income for last four months, Form 16 latest / ITR
  • Bank statement / Pass book copy for applicants whose income is being considered for eligibility – Bank statement required for the last six months from salary a/c (for cheque salary) or from operating a/c (for cash salary)
  • Login Fee Cheque – From Salary Account/Operating Account (for cash salary)

Mandatory Documents to be submitted by the Self-employed professionals

  • Proof of Existence – Partnership deed copy / MOA / Article of Association if applicable
  • Office Address Proof – Utility bill, Telephone bill, Electricity bill (maximum 3 months old), Shop & Establishment Act certificate, Sales Tax certificate
  • Income Proof – Latest two ITRs, both personal and business along with computation of income, Latest two years P&L accounts and B/S (with schedules) duly certified by a CA, Both personal and business, Advance tax challans if available
  • Bank Statement / Passbook copy of past six months of the applicants whose income is being considered for eligibility
  • Login Cheque fee from the operating account

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