Faqs - L&T Finance

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What is a Rural LAP Loan?

A Rural Loan Against Property (LAP) allows you to borrow funds by mortgaging your rural property. The loan can be used for various purposes, such as business expansion, personal expenses, or agricultural activities.

Who can avail of a Loan Against Property for rural?

Any individual or business entity that owns a property in a rural area can avail of a Loan Against Property for rural. This includes farmers, self-employed individuals, salaried professionals, and business owners who meet the eligibility criteria.

Who is eligible for a rural Loan for LAP?

Eligibility for a rural Loan for LAP requires the applicant to be an Indian citizen aged between 23 and 70 years, with a stable income from agriculture, business, or salary.

What are the eligibility criteria for a Rural Mortgage Loan?
  • Residency:
    Indian resident
  • Age:
    Salaried: 23 years to 70 years
    Self-employed: 25 years to 70 years
  • Profession:
    Salaried / self-employed professionals and non-professionals
  • Other:
    Can be increased by adding co-applicant income or other verifiable income sources.
Will there be a processing fee for rural Mortgage Financing?

Yes, there is a processing fee for rural Mortgage Financing of up to 3% of sanctioned amount plus applicable taxes (this is inclusive of Login Fee).

Are there any tax benefits for Rural Mortgage Loans?

Yes. Depending on the loan usage, tax benefits can be claimed under Section 24(b) of the Income Tax Act.

What are the fees and charges for a Mortgage Loan?

The fees and charges for a Mortgage Loan include processing fees (up to 3% of sanctioned amount plus applicable taxes), prepayment charges (up to 3% of the outstanding loan amount), and late payment penalties if EMIs are not paid on time. Review the loan terms for a detailed fee structure for detailed information.

How long does it take to process a rural LAP Loan?

The processing time for a rural LAP Loan with L&T Finance is quick. Loan approvals are completed quickly after submitting the required documents.

Can I prepay my rural Mortgage Loan?

Yes, you can prepay for your rural Mortgage Loan. However, prepayment charges will apply.

Is a CIBIL score required to avail of an LAP Loan for rural?

Yes, a good CIBIL score is generally required to obtain a LAP in rural areas. A score of 700 or above is considered favourable and can help secure better interest rates and loan terms.

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