L&T Housing Finance Home Loan Eligibility Calculator

L&T Housing Finance offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.

So now, here’s how to check your L&T Housing Finance home loan eligibility.

L&T Housing Finance Home Loan Eligibility Criteria

Criteria	Details
Age	Salaried and Self-Employed: 23 – 62 years
Employment Type	Salaried, Self-Employed (Professionals and Non-Professionals)
Minimum Income	Salaried: Rs.25,000 per month , Self-Employed: Rs.25,000per annum

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Factors Affecting L&T Housing Finance Home Loan Eligibility

Several factors affect your eligibility for an L&T Housing Finance home loan, including:

Factor	Impact on Eligibility
Age of the applicant	Younger applicants get longer repayment tenures
Financial position	Strong financials improve eligibility
Repayment record	Also good repayment history boosts eligibility
Credit score	Higher scores increase chances of approval
Existing liabilities	Higher liabilities reduce eligibility
Applicant’s profile	Stable profiles are favored
Property specifications	Newer, well-located properties have better eligibility
Loan guarantor status	Being a guarantor to another loan can affect eligibility

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Eligibility Based on Age

Applying for an L&T Housing Finance home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.

Applicant Age	Maximum Eligible Tenure
23 – 37 years	25 years
38 years	24 years
39  years	23 years
40  years	22 years
41 years	21 years
42 years	20 years
43 years	19 years
44 years	18 years
45 years	17 years
46 years	16 years

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Eligibility Based on Property Value

The value of your property also influences your loan eligibility. Here’s how:

Property Value	LTV Ratio
Up to Rs.30 lakh	90.00% of the property cost
From Rs.30 lakh to Rs.75 lakh	90.00% of the property cost
Above Rs.75 lakh	90.00% of the property cost

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Eligibility Based on Credit Score

Your credit score is a crucial factor in determining your eligibility.

Rating	Credit Score
Good	750 and above
Average	600 – 750
Poor	Below 600

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Eligibility for Women

For women applicants, the eligibility criteria are the same as for other applicants. However, women applicants are eligible for a variable interest rate concession on the loan.

What is Home Loan Eligibility?

Home loan eligibility is defined as a set of criteria by which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. It depends on various parameters, including age, financial position, credit history, credit score, and other financial obligations. test test test

Tips to Improve L&T Housing Finance Home Loan Eligibility

Strategy	Description
Adding a Co-Applicant	Adding an earning family member as a co-applicant can improve your eligibility.
Opt for Longer Tenure	A longer tenure reduces the EMI burden, improving your eligibility.
Improve Your Credit Score	Consistent repayments and rectifying errors in your credit report can enhance your score.
Adequate Funds for Down Payment	Making a higher down payment can increase your chances of loan approval.

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Conclusion

Checking your L&T Housing Finance home loan eligibility is a crucial step in securing a home loan. Also, by understanding the eligibility criteria and using the tools provided by L&T Housing Finance, you can ensure a smooth application process and improve your chances of approval. If you need assistance, L&T Housing Finance offers a facility of a pre-approved home loan even before you have identified your dream home. For any queries, feel free to contact our team of experts.

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