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LIC Housing Finance Home Loan

Rajat
  • Updated
 
Bank Name
Interest Rate Range 
Processing Fee Range 
Loan Amount 
Tenure Range 

LIC Housing Finance Home Loan

 8.95% - 9.05%
Floating
Up to ₹1 Cr - 0.25% of Loan Amount, subject to maximum ₹10,000/- (Plus GST), Above ₹1 Cr and up to ₹5 Crs - 0.25% of Loan Amount, subject to maximum ₹25,000/- (Plus GST)
 
30L - 5Crs
 
    5 - 30 Years

 

Things you'll love
  • No guarantor required
  • No pre-closure and part-payment fee
  • Maximum loan amount and tenure
Documents
  • Any two of the following - Driving License, Aadhaar Card, Passport, Latest Electricity/Telephone/Water Bill
  • PAN Card
  • Last 6 months bank statements
  • Last 2 years ITR
Perks
  • E-approval
  • Part-payment available
  • No guarantor required
  • Balance transfer
 
Fees & Charges
  • Preclosure fee = 0
  • Part payment fee = 0 
Good To Know
  • Branches 2048

Benefits  of LIC HFL Home Loan Benefits 

Owning a house is dream for every person. However, LIC Housing Finance has introduced a variety of home loans which are accompanied by numerous benefits to the user.

  • These home loans are intended to cater to the home financing needs of resident Indians, NRIs and pensioners.
  • These loans come with simple terms such as comfy repayment periods, low interest rates, easy repayment options, minimal instruction, quick loan processing and more.

 

Interest Rates LIC Home Loan

LIC Home Loan Details
Loan Tenure 5-30 Years
Guarantor Requirement No guarantor required
Processing Fees

Up to 1 Cr - 0.25% of Loan Amount (max 10,000/- (Plus GST))

1 Cr to 5 Crs - 0.25% of Loan Amount (maximum 25,000/-(Plus GST))
Pre Closure Charges Nil
Partial PrePayment Charges Nil
   
 

Types of Home Loans offered by LIC HFL:

   
Griha Siddhi For resident Indians For non-resident Indians (NRIs) For pensioners (pre-retirement and post retirement)
 

LIC Housing Finance Home Loan Eligibility Criteria

 
LIC Housing Loan for Resident Indians Open to all individuals who are residents of India
LIC Housing Loan for NRIs Only available to salaried individuals who hold an NRI (non-resident Indian) or PIO (person of Indian origin) status.
LIC Housing Loan for Pensioners (before retirement) Available to those individuals who are 50 years or above in age and hold a pension scheme post retirement.
LIC Housing Loan for Pensioners (after retirement) Available to those individuals who are pensioners drawing a pension which forms a stable source of income.
 

Interest Rate LIC Housing Finance Home Loan

The LIC reaffirms its position as a people centric organization by offering home loans in an attractive rate of interest of 8.95% to 9.15% (drifting ) on a monthly reducing balance version. No wonder, LIC home home loans have many takers in regards to a competent and comprehensive home loan.
  Upto Rs.50 lacs Above Rs.50 lacs & upto Rs.5 crs
Salaried 8.95% 9.05%
Non-Salaried (Professional) 8.95% 9.05%
Non-Salaried (Non-Professional) 9.05% 9.15%

Note:- 8.80% - for women borrower for loan upto Rs.10 lacs

 

Documentation Required for LIC Housing Loan 

LIC provides a number of housing loans to assist you fund the cost of a new house, whether it for purchasing, structure or for creating an extension to an existing housing unit. The documentation requirements are different for midsize applicants and self-employed applicants. For further details about the essential documentation, please contact your nearest LIC branch.

Basic Documents
  • Duly filled and signed application form.
  • Passport sized photographs.
  • Cheque with processing fee amount.
  • Bank statements for the last 6 months.
Salaried Applicants In addition to the aforementioned documents, salaried applicants wishing to apply for this home loan must provide:
  • Salary slips for the last 3 months
  • Form 16 or Income Tax Returns
Self-Employed Applicants
  • Certificates of educational qualifications.
  • Proof of existence of said business.
  • Income Tax Returns for last 3 years along with computation of Income.
  • Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.

Happiness is buying your dream home. Are you living the dream yet? Explore Home Loans 

Griha Siddhi Housing Loan

Features:

  • Griha Siddhi loan may be availed for the use of purchase/construction of a property and renovation/repairs into an existing house.
  • The loan can be availed for a maximum tenure of 30 decades or before the applicant attains age 60 years whichever is earlier.
  • Women borrowers eligible for concession in rates of interest.
  • Zero pre-payment charges
 

LIC Housing Finance Home Loan for Resident Indians

 

LIC HFL provides home loans tailored to the client's requirements such as to buy a new residential home, to construct a new home or to extend/renovate an existing property. LIC HFL offers plot loan to clients who are looking to purchase a residential plot from statutory authorities. LIC HFL also has home loan balance transfer alternative if a borrower wants to transfer his/her existing home loan from a different bank/financial establishment to LIC HFL.

LIC Housing Finance Loan for purchase of a new house/flat
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For salaried individuals - 30 years
  • For self-employed individuals - 20 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC Housing Finance Loan for construction
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For salaried individuals - 30 years
  • For self-employed individuals - 20 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC Housing Finance Loan for extension
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For salaried individuals - 30 years
  • For self-employed individuals - 20 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC Housing Finance Loan for renovation/repair
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For salaried individuals - 30 years
  • For self-employed individuals - 20 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC Housing Finance Loan for purchase of a plot
Loan Tenure Maximum loan tenure: 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost 75% of the property value
 
LIC Housing Finance Home Loan Balance Transfer
Loan Tenure Maximum loan tenure:
  • For salaried individuals - 30 years
  • For self-employed individuals - 20 years
Loan-to-Property Cost Applicable from time to time
 

LIC Housing Finance Home Loan for Non-Resident Indians (NRIs)

LIC HFL additionally offers home loans to NRI debtors seeking to purchase/construct a new house/flat, extend/renovate an current property. LIC HFL also supplies plot loan to customers who are looking to buy a residential plot from statutory authorities.

This scheme can only be availed by salaried individuals who have NRI/PIO status

LIC HFL for purchase of a new house/flat
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For individuals with professional qualification - 20 years
  • For others - 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC HFL for construction
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For individuals with professional qualification - 20 years
  • For others - 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC HFL for extension
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For individuals with professional qualification - 20 years
  • For others - 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC HFL for renovation/repair
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For individuals with professional qualification - 20 years
  • For others - 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost For loans up to Rs.20 lakh – 85% of the total cost of property For loans above Rs.20 lakh and up to Rs.75 lakh – 80% of the total cost of property For loans above Rs.75 lakh – 75% of the total cost of property
 
LIC HFL for purchase of a plot
Minimum Loan Amount Rs.1,00,000
Loan Tenure Maximum loan tenure:
  • For individuals with professional qualification - 20 years
  • For others - 15 years
Upfront Fees Applicable from time to time
Mode of Repayment Equated Monthly Installments (EMIs)
Loan-to-Property Cost 75% of the property value
 

LIC Home Loan for Pensioners 

LIC HFL also offers individuals who have spanned or approaching their retirement with different advantages such as easy repayment choices, affordable rates of interest, easy documentation and comfy loan tenures.

LIC Home Loan pre-retirement
Purpose

Purchase, Contruction of brand new home or Extension of an Present home
Loan tenure

The loan tenure may be extended up to 15 years or 70 years of the candidate's age whichever is earlier
Eligibility

The applicant should be 50 years old or more and have a pension scheme after retirement
Terms and Conditions
  • A letter of undertaking saying that the entire loan/at least 30 percent or an amount decided by the Area Office shall be repaid out of their debtor's retirement benefits
  • The balance is expected to be repaid from Somebody's Pension Income
  • The Pension Amount of the applicant will be taken into consideration while deciding the Principal Amount that is to be repaid at the time of retirement
 
LIC Home Loan post-retirement
Purpose Purchase, Construction of new home or Extension of an Present house
Loan tenure The loan should be repaid before the applicant closes 70 years old
Eligibility Pensioners should have a steady income throughout their lifetime from pension
Terms and Conditions
  • Guarantor required
  • Commutation of Pension not allowed under this scheme
 

 

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