Faqs - L&T Finance

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What is a mortgage loan and how does it work?

It is a secured loan where you pledge your property to borrow funds from a lender.

What are the current mortgage loan interest rates offered by L&T Finance?

Interest rates start from 9.40% p.a.

What documents are required to apply for a mortgage loan?

You need ID proof, address proof, age proof and income proof.

What is the typical mortgage loan tenure and repayment schedule?

Tenure ranges from 3 to 20 years. Repayment is done monthly through EMIs.

What are the charges associated with a mortgage loan?

Processing fee, prepayment charges, late EMI fees, and legal charges apply.

What is the minimum mortgage loan amount I can borrow?

Minimum amounts for a Loan Against Property with L&T Finance is ₹ 30 Lakh.

Is it mandatory to purchase insurance policies with a mortgage loan?

It is not mandatory to purchase insurance policies with a mortgage loan, but it may be recommended.

How to apply for a Loan Against Property?

Apply online by filling the form, submit required documents after connecting with our representative. After that, you can configure your mode of payment and get the loan disbursed directly into your bank account.

What is considered as a good credit score for mortgage loan?

A score of 700 and above is considered good for smooth loan approval.

Does mortgage loan affect your CIBIL Score?

Yes, timely repayments improve your score while defaults reduce it.

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