Faqs - L&T Finance

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Are there any Foreclosure Charges for Micro LAP?

Yes, Loan prepayment is permitted, with foreclosure charges clearly outlined in the KFS provided by the company. For more details, please view Micro LAP Fees and Charges.

Who is eligible for Micro Loan Against Property?

Any individual or business entity that owns a property can avail of a Micro Loan Against Property. This includes farmers, self-employed individuals, salaried professionals, and business owners who meet the L&T Finance's eligibility criteria.

What is the interest charged on Micro LAP?

The interest rate for a Mortgage Loan starts from 14%* p.a.

What is the maximum tenure for which I can avail myself of a Micro Loan Against Property?

Micro LAP tenure will be as outlined in the Key Fact Statement (KFS) shared by the company. The maximum tenure for a Micro LAP with L&T Finance is up to 20 years*. This flexible tenure allows you to choose a repayment period that suits your financial planning and repayment capacity.

What are the documents required for a Micro LAP Loan?

Valid ID Proof - Aadhaar Card & Voter ID / MGNREGA card
Valid Address Proof - Aadhaar Card & Voter ID / MGNREGA card / Rent Agreement copy / Utility Bills
Income Proof - Any Valid income proof

What is the maximum loan amount I can get under L&T Finance for Micro Loan Against Property?

The maximum loan amount under L&T Finance for Micro Loan Against Property depends on the property’s market value and repayment capacity. You can borrow up to 75%* of the property’s value, with the exact amount determined during the loan approval process.

How can I apply for Micro LAP finance?

You can apply for Micro LAP finance by:
1. Click here to Apply Now.
2. Get in touch with our customer representative
3. Wait for your eligibility and document check
4. Get Loan Disbursed.

Can I prepay my Micro Loan Against Property Loan?

Yes, you can prepay for your Micro Mortgage Loan. However, foreclosure charges will apply.

What are the fees and charges for a Micro Loan Against Property?

Fees & Charges List of all fees and charges
Processing Fees: 1% on loan Amount + applicable taxes
Application fees: Rs. 4000/- + applicable taxes

EMI Dishonour/ Bounce Charges:
Loan sanction amount (in INR) : Charges in (in INR)
< ₹ 5 lakh: ₹ 500
₹ 5 Lakh – ₹ 50 Lakh: ₹ 1000
> ₹ 50 Lakh – ₹ 2 Crore: ₹ 1500
> ₹ 2 Crore :₹ 2000

Penal Charges/Late Payment Charges (LPC):
2% per month (p.m.) on overdue EMI + applicable taxes
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023
*Taxes applicable on LPC w.e.f.1st Apr 2024

Foreclosure Charges: 3% on principal outstanding + applicable taxes

Will there be a processing fee for Micro Loan Against Property financing?

Yes, there is a processing fee for Micro Loan Against Property of up to 1% on loan Amount + applicable taxes.

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