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.
Types of Home Loans offered by LIC HFL:
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.
| 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.
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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
| 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 |
| 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 |
| 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 |
| 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 |
| 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.
| 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
|
| 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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