Buying a home is one of the most expensive thing in one's life and it becomes equally important to choose a Home loan partner which can perform all your home loan transactions. LIC Housing Finance is one such NBFC which provides secured housing finance at an affordable cost.

Apart from regular home loan offerings made towards purchase, construction, repair and renovation of existing flat/houses, the company also extends finance to professionals for purchase and construction of Clinics, nursing homes, diagnostic centres, office spaces and also for the purchase of equipment. Normally, home loans constitute 20-30 years of tenure, the terms are easy to understand with and the process becomes simplified with utmost transparency. It is the sense of security which one gets while choosing LIC home loans.

LIC Home Loan Interest Rate

LIC Home Loan Details
Interest Rate ₹10 lakhs to ₹15 lakhs - 8.50% p.a. (Women), 8.55% p.a. (Others)
Above ₹15 lakhs to ₹20 lakhs – 8.55% p.a. (Women), 8.60% p.a. (Others)
Above ₹20 lakhs to ₹50 lakhs - 8.65% p.a. (Women), 8.70% p.a. (Others) (Limited Period Offer - 1st January-31st March 2017)
Processing Fee NIL
Loan Amount Upto 75%-85% of the property value, Minimum- 1,00,000
Loan Tenure For Salaried: 30 years and for self-employed: 20 years
Prepayment or Foreclosure Charges NIL
Upfront Fees As applicable from time to time
Loan to Value 85% of total cost of property for loans upto ₹ 20 lakhs(including Stamp Duty and Registration Charges)
80% of total cost of property for loans above ₹ 20 lakhs(including Stamp Duty and Registration Charges)
75% of total cost of property for loans upto ₹ 75 lakhs and above(including Stamp Duty and Registration Charges)

Features and Benefits of LIC Home Loans

  • Availability of skilled professionals for guiding you throughout the process by providing door-step services
  • Pan India presence and offices abroad at Dubai & Kuwait
  • Competitive Interest Rates
  • Loan approval based on your financials for helping you select the property as per your Budget
  • No hidden cost

LIC Home Loan Eligibility Criteria

  1. An individual residing in India, non-resident Indian and pensioners are entitled to avail LIC Home Loans.
  2. Individuals either being salaried employees, self-employed professionals and businessmen are also eligible for availing LIC Home Loans.
  3. 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. 

Eligibility Norms and Maximum Loan Limit for Salaried NRI/PIO Customers

Purpose Minimum Loan Amount Maximum Loan Amount Limit Maximum Loan Tenure Interest Rate Upfront Fee
Purchase ₹1 lakh 85% of the market value of property and above ₹75 lakhs Qualified professionals: 15 years Others: 10 years As per Bank As applicable from time to time
Construction of property ₹1 lakh 85% of the market value of property and above ₹75 lakhs Qualified professionals: 15 years Others: 10 years As per Bank As applicable from time to time
Extension of property ₹1 lakh 85% of the market value of property and above ₹75 lakhs Qualified professionals: 15 years Others: 10 years As per Bank As applicable from time to time
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 As per Bank As applicable from time to time
Plot purchase No Minimum Amount 75% of property value Qualified professionals: 15 years Others: 10 years As per Bank As applicable from time to time

LIC Home Loan Eligibility Calculator

LIC Home Loan Eligibility calculator permits an applicant to know about the different combinations that the company offers as repayment towards their home loans. Moreover, an analysis can also be made which one will accommodate their needs as per their own repayment capacity. An applicant needs to fill the below details in order to know about his/her eligibility-

  • Net monthly income
  • Existing EMI
  • Rate of Interest
  • Loan Tenure

As the general rule suggests, higher the capacity of the borrower to repay the loan, higher would be the amount that would define the borrower's eligibility. However, the loan amount will be higher for bigger tenures and have lower interest rates.

Types of LIC Home Loan

In order to fulfill the diverse needs of different customers, LIC offers a variety of home loans to following individuals :

  • Resident Indian
  • Non-resident Indian
  • Pensioners

LIC Home Loans for Resident Indians

Home loans are offered to resident Indians for meeting the objectives of purchasing a new house/residential unit, for the construction of a new house or residential unit or for making an extension to an existing residential unit.

LIC Home Loans for Non-Resident Indian

LIC Home Loans understand the need of a non-resident Indian to have their own house, in their own country. In order to fulfill this objective, LIC provides NRI customers with home loans which are available for the purchase of a new house, for the construction of a new house or for making an extension to an existing home.

LIC Home Loans for Pensioners

It is easy for a young workforce to obtain a home loan, but the same might not be comparatively easy for someone who might be reaching their retirement age or has already retired. LIC Home loans make it simpler as they provide home loans for individuals who are in the process of retirement age or have crossed the limit of retirement. These home loans come with simpler terms and offer multiple benefits such as easy repayment, low-interest rates, comfortable tenure etc.

Pensioners -Before Retirement

  • The applicants seeking this home loan for the purpose of purchase and construction of a new house or flat. The loans will be utilized for building and making extension to an existing house or residential unit.
  • This home loan is offered for a term of up to 15 years or till the applicant attains the age of 70 years, whichever is earlier.

Pensioners -After Retirement

  • The applicants seeking this home loan for the purpose of purchase and construction of a new house or flat. The loans will also be utilized for building and making extension to an existing house or residential unit.
  • An applicant needs to repay this loan before he/she attains 70 years of age.
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 Loan EMI Calculator

LIC Home loan EMI calculator helps you to calculate your EMI for a particular loan at lower interest rates. Now conversion of loan amount into simple EMI comes easy and hassle free. Just enter the details such as loan amount, the number of months and interest rate applicable on your loan. The final value derived from the calculator will be your actual EMI payable after a specified period of time.

Let us understand with the help of few examples :

Rakesh is working with a top-notch firm and he applies for a 20-year home loan of 20 lakhs at LIC Housing Finance. As per the current rates, he could get a home loan at 8.60% p.a. In that case, the EMI, interest and overall repayments come out to be 17,483, 21,95,981 and 41,95,981, respectively, over the period of 20 years.

LIC Home Loan Online Payment

For making an online payment to the LIC, an applicant must comply the following steps :

  1. An applicant must provide the correct valid mobile number and email ID
  2. A digitally signed receipt would be mailed to the registered applicants' email ID.
  3. Online premium payment should be made by every policyholder themselves. No third party payment should be made using this mode of payment.
  4. 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 at the email address of LIC housing finance company.
  5. In case of failure in making transaction, 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 earlier transaction. If debited/charged, then in such case no payment is required to be made again. Receipt will also be sent to an applicant's email ID.

Documents Required for LIC Home Loans

The following documents are required by the applicants under 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 Pass-book or statements for the last two years.
  • Power of Attorney, wherever applicable
Additional Requirements
For Salaried persons
  • Salary slips for last 6 months
  • Form 16
F For Businessmen/Self-employed
  • Three years' income tax returns/assessment orders alongwith computation of income and statements of accounts certified by C.A.
  • Three years financials – Profit and Loss account, Balance Sheet, Audit Reports, etc.
P 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.
D 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
D 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
P 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
R 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