LIC Housing Finance Limited (HFL) Home Loan
Last Updated : Sept. 26, 2017, 5:25 p.m.
LIC Housing Finance Limited has come with a lucrative offer for borrowers seeking home loans this festive season. As part of its offerings, the housing finance major has waived off the processing for loans upto INR 50 lakh. Loans more than INR 50 lakh to upto INR 5 Crore will attract a 50% waiver on the processing fee. The offer will be valid for cases logged in from October 1 to November 30, 2020. The first disbursement should happen before December 31, 2020.
LICHFL 6 EMI Waiver Offer
Good News! LIC Housing Finance Limited has come with attractive home loan offers for both under-construction and ready-to-move-in projects. It has announced that there will be no principal repayment till one gets the possession of under-construction projects. For all those looking to buy a ready-to-move-in property, the lender has gifted them a 6 EMI waiver offer.
LIC Home Loan Details
LIC Housing Finance Limited is a leading housing finance company which provides home loans at affordable interest rates. It offers home loans under Griha Siddhi/Apna Ghar brand name. Apart from giving funds for a regular home loan, it also provides funds to professionals for purchase and construction of clinics, nursing homes, diagnostic centers, office spaces, and also for the purchase of equipment. LIC home loan is one of the best options for a home loan borrower, to know more and apply for it online, check the details below:
LICHFL Home Loan Interest Rate April 2024
Below is the table showing the rate of interest, maximum tenure and loan amount available. You should also note that the processing fee would also attract 18% GST which is a one-time payment.
| Particulars | Details |
|---|---|
| Interest Rate | 8.50% - 10.75% |
| Processing Fee | For loan amount below INR 1 Crore - 0.25% of the loan amount + AT or INR 10,000 + AT. whichever is lower Loan Amount Above INR 1 Crore to Up to INR 15 Crore - INR 20,000 + AT |
| Loan Amount | Upto 75%-85% of the property value |
| Loan Tenure | For Salaried: 30 years and for self-employed: 20 years |
| Prepayment or Foreclosure Charges | NIL |
| Upfront Fees | 0.25% of the loan amount, subject to a maximum of INR 10,000, + GST |
Interest Rates Based on Loan Quantum & CIBIL Score for Salaried & Professionals and Non-Salaried & Non Professionals
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | Up to 2 crs | 8.50% | 8.60% |
| More than 2 crs & up to 15 crs | 8.70% | 8.80% | |
| CIBIL 700-749 | Up to 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 15 crs | 8.95% | 9.05% | |
| CIBIL 600-699 | Up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% | |
| More than 2 crs & up to 15 crs | 9.90% | 10.00% | |
| CIBIL <600 | Up to 50 Lakhs | 10.00% | 10.10% |
| More than 50 Lakhs & up to 2 crs | 10.20% | 10.30% | |
| More than 2 crs & up to 5 crs | 10.40% | 10.50% | |
| 150≤CIBIL≤200 | Up to 50 Lakhs | 9.30% | 9.40% |
| More than 50 Lakhs & up to 2 crs | 9.50% | 9.60% | |
| 101≤CIBIL<150 | Up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% |
Advantage Plus Scheme
| CIBIL Score | Loan Slab (In INR) | Salaried & Professionals | Non-salaried & Non-professionals |
|---|---|---|---|
| CIBIL ≥ 750 | More than 10 lakhs & upto 2 crs | 8.50% | 8.60% |
| More than 2 crs & up to 10 crs | 8.70% | 8.80% | |
| CIBIL 700 - 749 | More than 10 lakhs & upto 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 10 crs | 8.95% | 9.05% |
Griha Suvidha, Griha Suvidha – Apna Ghar
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | More than 10 lakhs & up to 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 3 crs | 8.95% | 9.05% | |
| CIBIL 700-749 | More than 10 lakhs & up to 2 crs | 9.0% | 9.10% |
| More than 2 crs & up to 3 crs | 9.20% | 9.30% | |
| CIBIL 600 - 699 | More than 10 Lakhs & up to 50 Lakhs | 9.80% | 9.90% |
| More than 50 Lakhs & up to 2 crs | 10.00% | 10.10% | |
| More than 2 crs & up to 3 crs | 10.15% | 10.25% | |
| CIBIL <600 | More than 10 Lakhs & up to 50 Lakhs | 10.25% | 10.35% |
| More than 50 Lakhs & up to 2 crs | 10.45% | 10.55% | |
| More than 2 crs & up to 3 crs | 10.65% | 10.75% | |
| 150 ≤CIBIL ≤200 | More than 10 Lakhs & up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% | |
| 101 ≤CIBIL<150 | More than 10 Lakhs & up to 50 Lakhs | 9.80% | 9.90% |
| More than 50 Lakhs & up to 2 crs | 10.00% | 10.10% |
Griha Bhoomi Loan – Towards Purchase of Residential Plots/Residential Plots and Construction
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | Up to 2 crs | 8.70% | 8.80% |
| More than 2 crs & up to 15 crs | 8.90% | 9.00% | |
| CIBIL 700-749 | Up to 2 crs | 8.95% | 9.05% |
| More than 2 crs & up to 15 crs | 9.15% | 9.25% | |
| CIBIL 650-699 | Up to 50 Lakhs | 9.75% | 9.85% |
| More than 50 Lakhs & up to 2 cr | 9.95% | 10.05% | |
| More than 2 cr & up to 15 crs | 10.10% | 10.20% | |
| 150≤CIBIL≤200 (only P+C) | Up to 50 Lakhs | 9.50% | 9.60% |
| More than 50 Lakhs & up to 2 cr | 9.70% | 9.80% | |
| 101≤CIBIL<150 (only P+C) | Up to 50 Lakhs | 9.75% | 9.85% |
| More than 50 Lakhs & up to 2 cr | 9.95% | 10.05% |
Terms & Conditions for LIC Home Loan Processing Fee
LIC Housing Finance has extended the Processing Fee waiver for home loans till Feb 28, 2021. Loan amounts up to INR 50 Lakh will come with a Zero Processing Fee. When the loan amount is between INR 50 Lakh and INR 5 Crore, you will get a 50% waiver on the processing fee. The first disbursement should happen by March 31, 2021.
LICHFL Home Loan Balance Transfer (Zero Processing Fee)
The user can transfer their existing home loan to LIC Housing Finance Limited at a lower interest rate of 8.50% - 10.75% without paying any processing fee for loans upto INR 50 lakh. Plus, a 50% waiver of processing fee will apply for loans between INR 50 Lakh and INR 5 Crore. The LIC Housing Finance Limited Prime lending rate is 17.05%.
LIC Housing Finance Advantage Plus (Top up Loan) Scheme
LIC Housing Finance Ltd. provides an additional loan to existing loan customers. The user is eligible for the Top-up if he has paid the loan EMIs on time. Minimum 12 EMIs should be paid, property should be under possession. Total exposure to LTC norms. The top-up interest rate for the loan amount is mentioned below.
| CIBIL | Interest Rate |
|---|---|
| CIBIL ≥ 750 | 9.70% |
| 750>CIBIL ≥ 700 | 10.30% |
| 700>CIBIL ≥ 600 | 11.55% |
How to apply for LICHFL Home Loan at Wishfin?
Wishfin is a leading online platform that helps you get the best rate on a home loan . It makes sure you get the lowest rate and a higher loan amount from LICHFL if you match the criteria for it. Thus, if you want your wish to come true, apply online at Wishfin for home loans & get instant approval. Have a look at the LIC home loan eligibility
What is the eligibility criteria for LICHFL Home Loans?
Just like any other lender, LIC also places some criteria based on which it offers home loans. You may look at the eligibility criteria below:
- An individual residing in India, non-resident Indian and pensioners are entitled to avail LIC home loans.
- Salaried employees, self-employed professionals and businessmen are also eligible to apply for LIC home loans.
- Pensioners in the age group of 70 years are classified as before-retirement individuals and pensioners in the age group of 70 years or above are classified as post-retirement individuals, both are eligible to avail LIC home loans.
What is the documentation required to apply for the loan?
An applicant needs to submit the following documents while applying for the home loan scheme.
| Purpose | Documents |
|---|---|
| Common requirement for all applicants | Application form duly filled in Identity Proof such as PAN Card, Voter’s ID Card or Passport. Address Proof such as Ration Card, Electricity Bill, Telephone Bill, etc. Bank Passbook or statements for the last two years. Power of Attorney, wherever applicable |
Additional Documents
| For Salaried persons | Salary slips for last 6 months Form 16 |
| For Businessmen/Self-employed | Three years' income tax returns/assessment orders along with computation of income and statements of accounts certified by C.A. Three years financials – Profit and Loss Account, Balance Sheet, Audit Reports, etc. |
| For Purchase from Builder | Copy of Agreement for sale. Copy of registration receipt Copies of receipts of payment already made. NOC from builders Copy of Sanctioned plan and sanction letter. Copy of NA permission / ULC clearance, wherever applicable. |
| For Direct allotment in a Co-operative Housing Society | Allotment letter Share certificate Society registration certificate Copy of sale/lease deed in favour of the society NOC from society Copy of Sanctioned plan and sanction letter Copy of NA permission / ULC clearance, wherever applicable |
| For Direct allotment in a Co-operative Housing Society by Public Agency | Allotment letter, Share certificate, Society Registration certificate. Lease Agreement. Public agency's approved list of members NOC from Public Agency in favour of LICHFL NOC from society |
| For Public Agency's allotment to individuals | Allotment letter from Public Agency Tripartite Agreement between the borrower, LICHFL and the Public Agency in the prescribed format |
| For Resale | Copy of all previous vendors' registered documents along with copy of your purchase agreement duly stamped and registered and the registration receipt wherever applicable NOC from Society/Builder. Original Share Certificate wherever applicable |
LIC Housing Finance EMI Calculator
A home loan EMI calculator helps you check the loan EMIs in advance. Once you mention the loan amount, interest rate and tenure in the EMI calculator, you get the details of the monthly EMI, total interest outgo, and total payment (interest+principal). Other than this, you get an amortization table which shows the principal and interest payable year after year. Below is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 68,110 | ₹ 1,70,342 | ₹ 19,31,889 |
| 2 | ₹ 74,241 | ₹ 1,64,211 | ₹ 18,57,647 |
| 3 | ₹ 80,924 | ₹ 1,57,528 | ₹ 17,76,723 |
| 4 | ₹ 88,208 | ₹ 1,50,244 | ₹ 16,88,514 |
| 5 | ₹ 96,148 | ₹ 1,42,304 | ₹ 15,92,366 |
| 6 | ₹ 1,04,803 | ₹ 1,33,649 | ₹ 14,87,563 |
| 7 | ₹ 1,14,236 | ₹ 1,24,216 | ₹ 13,73,326 |
| 8 | ₹ 1,24,519 | ₹ 1,13,933 | ₹ 12,48,806 |
| 9 | ₹ 1,35,728 | ₹ 1,02,724 | ₹ 11,13,078 |
| 10 | ₹ 1,47,945 | ₹ 90,507 | ₹ 9,65,133 |
| 11 | ₹ 1,61,262 | ₹ 77,190 | ₹ 8,03,871 |
| 12 | ₹ 1,75,778 | ₹ 62,674 | ₹ 6,28,093 |
| 13 | ₹ 1,91,600 | ₹ 46,852 | ₹ 4,36,492 |
| 14 | ₹ 2,08,846 | ₹ 29,606 | ₹ 2,27,645 |
| 15 | ₹ 2,27,788 | ₹ 10,807 | ₹ 0 |
LIC Home Loan EMI Payment Online
You can pay the LIC home loan EMI using the following ways.
- Provide the valid mobile number and email ID
- You will get a digitally signed receipt on your registered email ID.
- Online premium payment should be made by every policyholder themselves. No third party payment should be made using this mode of payment.
- If the premium amount is debited from the Bank Account of an applicant but error page gets displayed, a digitally signed receipt will be sent to their email ID in three working days after receiving the confirmation from the bank. Moreover, an applicant can also report such occurrence by mailing it to LIC housing finance company.
- In case you fail to transact, re-try it again. An applicant needs to first check whether his/her bank account /card is already debited or charged with an amount of the earlier transaction. If debited/charged, you don’t need to make any payment.
- The receipt will also be sent to an applicant’s email ID.
What are the schemes available at LICHFL?
LIC Housing Finance Ltd is the first choice of a home loan borrower. The reason being it has focused on different segments of the society. Check out the following LIC Home Loan schemes.
- LIC Home Loan for Pensioners
- LIC Home Loan for Resident Indians
- LIC Home Loan for Non-Resident Indians
- LIC Home Loan for NRI/PIO Customers
LIC Home Loans for Pensioners
It is easy for young individuals to obtain a home loan, but the same might not hold true for someone reaching their retirement age or has already retired. LIC makes it simpler as they provide home loans to individuals who are near their retirement age or have retired. These loans come with simpler terms and offer multiple benefits such as easy repayment, low-interest rates, flexible tenure, etc. The eligibility criteria for pensioners before and after retirement are as follows:
| Criteria | Before Retirement | After Retirement |
|---|---|---|
| Process | Purchase, construction, extension of House/Flat | Purchase, construction, extension of House/Flat |
| Eligibility | Age 50 year or more and having a pension scheme after retirement | Pensioners having a stable income throughout their life from pension |
| Terms & Conditions | An undertaking letter that the entire loan or at least 30% or an amount as decided by the Area Office will be repaid out of the retirement benefits is required. The balance is to be repaid from the Pension Income. | Commutation of Pension or any portion thereof is not allowed under this scheme.A Guarantor acceptable to the Company is required. |
| Loan term | Up to 15 years or 70 years of age whichever is earlier | Before the applicant attains the age of 70 years |
LIC Home Loans for Resident Indians
Resident Indians can get home loans to purchase a new house/residential unit, construct a new house or residential unit or extend an existing residential unit.
LIC Home Loans for Non-Resident Indian
LIC understands the need of a non-resident Indian to have their own house, in their native country. In order to fulfill this objective, LIC provides NRI customers with home loans. They can get a loan to purchase, construct a new house or extend an existing home.
Salaried NRI/PIO Customers
| Purpose | Minimum Loan Amount | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|
| Purchase | ₹1 lakh | 85% of the market value of property and above ₹75 lakhs | Qualified professionals: 15 years Others: 10 years |
| Construction of property | ₹1 lakh | 85% of the market value of property and above ₹75 lakhs | Qualified professionals: 15 years Others: 10 years |
| Extension of property | ₹1 lakh | 85% of the market value of property and above ₹75 lakhs | Qualified professionals: 15 years Others: 10 years |
| Renovation and repair of property | ₹1 lakh | 85% of the market value of property and above ₹75 lakhs | Qualified professionals: 15 years Others: 10 years |
| Plot purchase | No Minimum Amount | 75% of property value | Qualified professionals: 15 years Others: 10 years |
Where can you check your loan statement?
You can get the loan statement every month on your registered email ID. LIC sends the statement showing the loan payments on a periodical basis. If you find any discrepancy, you can contact LICHFL and get it sorted out.
LICHFL Home Loan customer care 24×7
If you are a new home loan applicant, you can contact the housing finance company online. You have to fill in some basic contact details and the executive will get back to you as soon as possible.
LICHF Home Loan FAQs
1. How to apply for a LIC home loan online?
To apply for a LIC Home Loan Online, you can either apply directly at the official website of LIC or you can check your eligibility at the Wishfin website and apply online by simply filling out an application form.
2. Which is the best LIC home loan scheme?
The best LIC home loan scheme depends on the applicant’s requirements. Since every applicant has different requirements from home loan, similarly there are different schemes that are especially designed for applicants with different requirements.
3. Should you take a housing loan from LIC?
Yes, being a public sector lender LIC provides secured home loans at affordable interest rates. Therefore you should apply for a housing loan from LIC.
4. What are the different types of LIC home loan?
The different types of LIC home loans are Griha Varishtha – for purchase of house or flat where OC is obtained, Pradhan Mantri Awas Yojana – for purchase or construction of first house, Griha Suvidha, Home Loan for NRIs, Plot Loans, Home Extension Loans, Home Renovation Loans, etc.
5. What is maximum home loan tenure in LIC?
The maximum home loan tenure in LIC is up to 30 years.
6. How long does it take for LIC HFL home loan approval?
Generally, LIC takes around 3 to 4 weeks to sanction your home loan.
7. What Is LIC housing finance home loan processing fee?
The processing fee on a LIC home loan is up to 0.50% of the loan amount plus GST.
8. What is the minimum CIBIL score for a LIC home loan?
LIC requires a minimum CIBIL score of 650 for an individual to be eligible for home loan.
9. What is the minimum salary to apply for a home loan in LIC HFL?
The minimum salary to apply for a home loan in LIC HFL is INR 25,000.
10. What is the minimum home loan amount in LIC?
An applicant can apply for a minimum home loan of INR 1 lakh in LIC.
11. What is the maximum limit of LIC housing finance housing loans?
The maximum limit of LIC housing finance housing loans is up to INR 15 crores.
12. Can a pensioner get a housing loan from LIC housing finance?
Yes, a pensioner can get a housing loan from LIC housing finance.
13. How much home loan can I get on 50000 salary from LIC HFL?
The maximum amount that an applicant with a monthly salary of INR 50,000 can apply from LIC HFL is up to INR 75 lakhs approximately. However, the loan amount is highly influenced by the loan tenure.
14. How much housing loan can I get on 80000 salary from LIC housing finance?
An applicant with a monthly salary of INR 80,000 can apply for a home loan from LIC housing finance up to INR 1 Crores approximately depending on the tenure of the home loan.
To Know More Details:- https://www.lichousing.com/
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