L&T HFL Home Loan Process

Step 1: Fill the application form

The application process starts with filling up the home loan application form. You will find the form in online channels or your nearest L&T branch. The application forms contain fields that need to be filled up by the applicant. You will be required to key in some basic personal details like name, residential address, PIN code, contact details, and age.

The form will also ask for details like your employment status, additional sources of income, monthly salary, and type of home loan scheme you want to avail. The process to fill up an application form is quite simple and involves the following steps —

• Start with entering your full name
• Key in the name of co-applicants (if any)
• Use the correct format to enter your date of birth
• Fill in your contact details (phone number, email ID)
• Write your type of employment
• Write your address proof details like PAN Card or Aadhar Card number
• Enter your residential address along with the correct PIN Code
• Enter the name of your company or employer
• Key in your monthly salary ( in case of salaried individuals) or profits (self-employed in case of professionals or businessman)

Applicants for an L&T home loan can apply in the following three ways –

• Through Magicbricks: Magicbricks offers a hassle-free home loan application process. You need to visit the official Magicbricks portal to get started with the process. Go to the L&T HFL page to apply for a home loan easily. Follow the above-mentioned steps to complete the form fill-up.
• Through the L&T HFL website: The L&T HFL website enables applicants to check various home loan schemes and pick the one that suits their finances. You can then apply for a home loan.
• Through an L&T HFL Branch: If you feel more confident and safe in the traditional offline system, you can visit your nearest L&T HFL branch. L&T HFL has several branches across India to cater to the needs of various borrowers.

Step 2: Documents Collection at your doorstep

Magicbricks provides a doorstep service to their home loan applicants for document collection. You can mention a place of your choice to the Magicbricks representatives. They will come and collect the required documents as per your date and place instruction.

Applicants are required to submit the following necessary documents for a home loan application process –

Age Proof

• Aadhar Card
• PAN Card
• Driving license
• Passport
• Voter ID Card
• School Leaving Certificate
• Birth Certificate

Address Proof

• Aadhar Card
• Driving license
• Voter ID Card
• Passport
• Latest statement of account (not older than 3 months)
• Telephone bill, mobile bill, or electricity bill (not older than 3 months)
• Passport maintained with any scheduled bank

Photo ID Proof

• Passport
• Aadhar Card
• PAN Card
• Driving License

Income Proof (For Salaried Individuals)

• Salary Slips of the last six/one/three months
• The last 2 year's IT returns and Form-16
• Salary Certificate with deductions (last one month)

Income Documents (Professionals and Businessman)

• ITRs both business and personal (last 2)
• Duly certified or audited B/S and P/L accounts (last 2 years)
• Last year's bank Account Statement (Savings and Current Accounts)

Duly signed application form with photograph

Step 3: Application Processing

The application processing step will verify the documents submitted by applicants along with their home loan application form. The authenticity of your credit reports and other important documents will be examined here. L&T HFL will charge a processing fee of 0.25% plus applicable GST to process your application documents.

Step 4: Loan Sanction Letter

After verifying the authenticity of your home loan documents, L&T HFL will issue a loan sanction letter. Factors like credit score, age, income, and employment type will affect the loan sanction letter.

The loan sanction letter will contain details relating to your loan amount sanctioned, rate of interest, and other applicable terms and conditions. If you have applied through Magicbricks or the official portal of L&T HFL, you can download the e-sanction letter.

Step 5: Performing Legal & Technical Checks

Before approving your home loan application, L&T HFL will conduct legal and technical checks. A team of lawyers will check and examine if there is any legal hassle associated with your property. All the important property documents like title deeds and NOCs will be scrutinized to check their authenticity.

Another team of technical experts will examine the physical health and soundness of the property. The technical team will also gauge the market value and property specifications. If the legal and technical team feels that the property suffers from some technical or legal issues, your application will get rejected.

Step 6: Loan Disbursal

If the legal and technical health of your property is sound, L&T HFL will proceed to the last step of the application process. You will receive a home loan agreement from your bank stating all the important factors. You must sign the agreement and send it back to your branch. L&T HFL will disburse the amount of the loan now.

Useful Links -