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 Details|
Up to ₹25 lakhs- 8.35% per annum (for women) and 8.40% (for others)
Above ₹25 lakhs to ₹1 cores- 8.50% per annum (for all)
Above ₹1 crores to ₹3 cores- 8.70% per annum (for all)
Above ₹3 crores to ₹5 cores- 8.80% per annum (for all)
|Loan Amount||Upto 75%-85% of the property value, Maximum- ₹5 Crores|
|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)
|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 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-
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.
In order to fulfill the diverse needs of different customers, LIC offers a variety of home loans to following individuals:
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 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.
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.
|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 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 8.35% p.a. In that case, the EMI, interest and overall repayments come out to be ₹17,176, ₹21,20,094 and ₹41,20,094 respectively, over the period of 20 years.
For making an online payment to the LIC, an applicant must comply the following steps
The following documents are required by the applicants under the Home Loan scheme.
|Common requirement for all applicants||
|For Salaried persons||
|F For Businessmen/Self-employed||
|P For Purchase from Builder||
|D For Direct allotment in a Co-operative Housing Society||
|D For Direct allotment in a Co-operative Housing Society by Public Agency||
|P For Public Agency's allotment to individuals||
|R For Resale||