L&T LAP Bank Home Loan Apply Online 2024

Loan up to 1 crore | 100% Digital Process | Quick Approval

L&T LAP Bank Ltd (Aadhar) is one of the largest low-income housing finance companies in India servicing the home financing needs of the low-income sections of society—Aadhar endeavours to empower underserved millions to own their first homes.

L&T LAP Bank Limited offers home loans @ 11.25% p.a. onwards for tenures up to 30 years and for loan amounts of up to Rs 1 crore. No prepayment charges. Transparent application process. Apply on FinMarket for more benefits and offers!

L&T LAP Bank Home Loan Details

Interest rate11.00% to 15.00% p.a. onwards.
Eligibility Age 23 years and above the maximum of 65 years at loan maturity
Loan Amount Up to 80% of the property cost.
Eligible Monthly Income Minimum ₹25,000 p.m.
Processing Fees Up to 2.00% of loan amount + taxes
Loan Tenure Up to 30 years

L&T LAP Bank Home Loan Interest Rate

L&T LAP Bank provides home loans to its customers starting from an interest rate of 11.25% per annum. The interest rates for Aadhar Housing Finance's home loans may differ based on the specific loan slabs presented by the Bank. The below table shows the present home loan rate of interest offered by Aadhar Housing Finance.

Interest Rate11.00% - 15.00%

Eligibility Criteria for L&T LAP Bank Home Loan

L&T LAP Bank extends home loan facilities to customers based on their income and the repayment capacity of the loan. The table provided below outlines the eligibility criteria set by Aadhar Housing Finance for home loans, which individuals must meet to qualify for obtaining the loan amount from the bank.

CriteriaSalariedSelf-Employed
Citizenship All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan.
Net Monthly Income ₹25,000 ₹200000 Lakh per annum
Age 23 to 65 years. 23 to 65 years.
CIBIL Score 750 > The better the CIBIL score the lower the interest rate. 750 > The better the CIBIL score the lower the interest rate.

Documents Required for L&T LAP Bank Home Loan

Aadhar Housing Finance requires all applicants for home loans to provide a specific set of documents as part of the loan application process. The following is a comprehensive list of the necessary Aadhar Housing Finance home loan documents that must be submitted to the bank for the loan application.

CriteriaSalariedSelf-Employed
Citizenship All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan.
Identity Proof for KYC PAN Card, Aadhaar Card, Voters ID or Driving License PAN Card, Aadhaar Card, Voters ID or Driving License
Address Proof Aadhaar Card, Passport, Driving Licence or Utility Bills Aadhaar Card, Passport, Driving Licence or Utility Bills
Payslips Last 3 months salary slips/latest salary certificate. Profit & Loss account statements and Balance Sheet for the last 3 years.
Income DocsForm 16 IT Returns for the last 3 years (Attested by a professional CA)
Bank Statements for the past 3 months (Bank passbook for last 6 months) Current account statements of the business and savings accounts for the last 6 years.
Property Documents
  • Title Deeds including the previous property link documents.
  • An allotment Letter or / Agreement from the buyer.
  • Copy of the plan and permission approved by Local Authorities.
  • Title Deeds including the previous property link documents.
  • An allotment Letter or / Agreement from the buyer.
  • Copy of the plan and permission approved by Local Authorities.

Other documents:

  • Latest from 26AS for proof of tax.
  • Partnership deed (in case of applicable) .
  • Documents related to property for salaried and self-employed.

For home resale - receipt of payment to the builder, title deed, and copy of sale agreement.

For new homes - receipt of payment to builder and copy of buyer agreement.

For the construction of the home - proof of ‘no encumbrance’ on the property, title deed of the plot, and estimate of construction provided by the architect.

Comparison of Home Loan Interest Rates of L&T LAP Bank with other Banks/NBFCs

Bank NameInterest Rate RangeProcessing Fees
HDFC Home Loan8.75% to 10.001.00% to 1.50
AXIS Home Loan8.75% to 10.001.00% to 1.00
ICICI Home Loan8.75% to 10.001.00% to 2.00
Kotak Home Loan8.75% to 10.001.00% to 1.00
Standard Chartered Home Loan8.95% to 10.001.00% to 1.00
Bajaj Finserv Home Loan8.95% to 13.001.00% to 2.00
SBI Home Loan8.75% to 10.001.00% to 2.00
IDFC Home Loan8.75% to 10.001.00% to 3.00
Tata Capital Home Loan8.75% to 10.001.00% to 2.00
YES Home Loan10.25% to 15.000.25% to 2.00
BOB Home Loan8.90% to 15.000.25% to 1.00
PNB Home Loan8.75% to 10.750.25% to 1.00
IndusInd Home Loan8.60% to 10.750.25% to 2.00
Aditya Birla Home Loan9.00% to 14.000.25% to 2.00
Poonawalla Home Loan8.50% to 22.000.25% to 2.00
DCB Home Loan9.75% to 15.000.25% to 2.00
Piramal Home Loan11.00% to 15.000.25% to 2.00
Aadhar Finance Home Loan11.00% to 15.000.25% to 2.00
L&T Home Loan11.00% to 15.000.25% to 2.00

Fees and Other Charges of L&T LAP Bank Home Loan

Rate of Interest 11.00% to 15.00% p.a onwards
Processing Fees 0.25% to 2.00% on the loan amount
Prepayment and foreclosure charges Up to 2% of the outstanding balance.
Stamp Duty and other statutory charges As per the laws of the state
Cheque swapping charges Up to ₹500 + applicable charges
Amortisation Schedule Charges ₹200
Overdue EMI interest A monthly penalty of 2% will be applied to the principal amount or on overdue EMI.
Cheque bounce charges
  • First return: Rs.450 + taxes per instance
  • Second return in a month: Rs.500 + taxes
  • 3rd return onwards: Rs.550 + taxes
Document Retrieval Charges ₹75 per document set (after disbursement).
Cost of Photocopies of Title Documents Up to ₹500

Features and Benefits of the L&T LAP Bank Home Loan

  • The maximum selectable tenure is approximately 30 years.
  • L&T LAP Bank offers home loans with interest rates ranging from 11.25% p.a onwards, and any adjustments in the repo rate will be reflected in the bank's modified loan rates.
  • The Loan-to-Value (LTV) ratio for home loans continues to be lower.
  • L&T LAP Bank provides a land loan covering up to 80% of the total property cost.
  • A loan processing fee is applied as part of the Aadhar Housing Finance home loan approval process.
  • A plot loan does not provide any sort of tax relaxation. However, if you take the plot plus construction loan, then the tax benefits will be offered to the applicant.
  • Use this Aadhar Housing Finance plot loan calculator to check monthly EMI and tenure.
  • No prepayment charges are applicable if you choose to repay the entire loan amount during the loan tenure.

* Note: Wherever the details regarding interest rates, processing fees and tenure are mentioned, they may differ as per the lenders' discretion. The actual eligibility will be determined based on the borrowers' risk profile during the loan application process.