LIC Housing Finance Limited (HFL) Home Loan

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  • LIC home loans available at 8.10% - 8.95%

  • Minimal documentation and processing fee for LIC home loans

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:

Home Loan

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    LIC HFL Home Loan Interest Rate January 2020

    Below is the table showing the rate of interest, maximum tenure and loan amount available for LIC home loans. You should also note that the processing fee would also attract 18% GST which altogether is one-time payment.

    Interest Rate8.10% - 8.95%
    Processing FeeUpto ₹1 crore: - 0.25 Paise + GST or ₹10000 + GST which ever is less
    More than ₹1 crore - ₹25000 + GST

    No processing fee on applications made between 1st Oct-31st Oct, 2019. Also, the disbursement must happen on or before 31st Dec, 2019, for the waiver to be applicable
    Loan AmountUpto 75%-85% of the property value
    Loan TenureFor Salaried: 30 years and for self-employed: 20 years
    Prepayment or Foreclosure ChargesNIL
    Upfront FeesAs applicable from time to time

    LIC Balance Transfer Home Loan (Zero Processing Fee)

    The user can transfer their existing home loan to LIC Housing Finance Limted at low interest rate without paying any processing fee. Then take the benefit of low interest rate and pay the outstanding amount in EMI. The LIC Housing Finance Limited Prime lending rate is 14.70%. To know the balance transfer interest rate look at the table below. 

    Loan Slab
    Cibil Score
    Salaried & Professional
    Non-Salaried & Non-Professional
    Upto 50 lakh

    700 & More8.10%8.30%
    Above 50 lakh to 5 crore700 & More8.20%8.40%

    Important Notes:

    • For customer having a low CIBIL score below 700 the rate of interest will be applicable as per the ROI mentioned in the marketing circular 943, dated 20.12.2019
    • For cases above INR 5 crore is referred to corporate office decision
    • Other terms and condition will remain the same on the marketing circular as dated on 02.07.2018

    Special Offer:

    Your 2 EMIs waived off at the closure of loan or at the end of a 5 years tenure, if you have zero default and didn’t make prepayment in the initial 5 year repayment period.

    LIC Housing Finance Advantage Plus (Top up Loan) Scheme

    LIC Housing Finance Ltd. provides an additional loan to the exisiting loan customer. The user is eligible for the Top-up if he paid the loan EMIs timely without any dues. The top-up interest rate for the loan amount is mentioned below. 

    Loan SlabInterest Rate
    Upto 50 Lakh9.70%
    Above 50 lakh to 5 crore10.00%

    How to apply for LIC HFL Home Loan at Wishfin?

    Wishfin is a leading online platform that helps you get the best rate on a home loan. They makes sure you get the lowest rate and a higher loan amount from LIC HFL if you match the criteria for it so that you can enjoy your journey towards home ownership. Thus, if you want your wish to come true, apply online at Wishfin for home loans at instant approval facility to enjoy a hassle-free loan journey. Have a look at the home loan eligibility at LIC based on which the applications are accepted at the housing finance company.

    What is the eligibility criteria for LIC HFL Home Loans?

    Just like any other lender, LIC also has a set criterion based on which it offers home loans. You may look at the eligibility below:

    • An individual residing in India, non-resident Indian and pensioners are entitled to avail LIC home loans.
    • Individuals either being salaried employees, self-employed professionals and businessmen are also eligible for availing 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?

    The following documents are required by the applicants under the home loan scheme.

    Common requirement for all applicantsApplication 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 personsSalary slips for last 6 months
    Form 16
    For Businessmen/Self-employedThree 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 BuilderCopy 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 SocietyAllotment 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 AgencyAllotment 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 individualsAllotment letter from Public Agency
    Tripartite Agreement between the borrower, LICHFL and the Public Agency in the prescribed format
    For ResaleCopy 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 EMIs in advance for a particular loan. Once you mention the loan amount, the interest rate and the tenure in the online EMI calculator, you get the details of the monthly EMI, the total interest outgo, and the total payment (interest+principal). Other than this, you get an amortization table which shows the balance amount after each year for the whole tenure period. Below is an example for your reference.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0008.95%1₹ 1,74,857₹ 98,279₹ 20,98,279
    ₹ 20,00,0008.95%2₹ 91,324₹ 1,91,767₹ 21,91,767
    ₹ 20,00,0008.95%3₹ 63,553₹ 2,87,906₹ 22,87,906
    ₹ 20,00,0008.95%4₹ 49,723₹ 3,86,686₹ 23,86,686
    ₹ 20,00,0008.95%5₹ 41,468₹ 4,88,092₹ 24,88,092
    ₹ 20,00,0008.95%6₹ 36,001₹ 5,92,105₹ 25,92,105
    ₹ 20,00,0008.95%7₹ 32,127₹ 6,98,704₹ 26,98,704
    ₹ 20,00,0008.95%8₹ 29,249₹ 8,07,861₹ 28,07,861
    ₹ 20,00,0008.95%9₹ 27,033₹ 9,19,547₹ 29,19,547
    ₹ 20,00,0008.95%10₹ 25,281₹ 10,33,728₹ 30,33,728
    ₹ 20,00,0008.95%11₹ 23,866₹ 11,50,367₹ 31,50,367
    ₹ 20,00,0008.95%12₹ 22,704₹ 12,69,424₹ 32,69,424
    ₹ 20,00,0008.95%13₹ 21,736₹ 13,90,856₹ 33,90,856
    ₹ 20,00,0008.95%14₹ 20,920₹ 15,14,617₹ 35,14,617
    ₹ 20,00,0008.95%15₹ 20,226₹ 16,40,660₹ 36,40,660

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 66,390₹ 1,76,320₹ 19,33,609
    2₹ 72,582₹ 1,70,129₹ 18,61,027
    3₹ 79,351₹ 1,63,359₹ 17,81,676
    4₹ 86,751₹ 1,55,959₹ 16,94,924
    5₹ 94,842₹ 1,47,868₹ 16,00,081
    6₹ 1,03,688₹ 1,39,022₹ 14,96,393
    7₹ 1,13,358₹ 1,29,352₹ 13,83,034
    8₹ 1,23,930₹ 1,18,780₹ 12,59,103
    9₹ 1,35,489₹ 1,07,221₹ 11,23,614
    10₹ 1,48,125₹ 94,585₹ 9,75,489
    11₹ 1,61,940₹ 80,770₹ 8,13,548
    12₹ 1,77,043₹ 65,667₹ 6,36,505
    13₹ 1,93,555₹ 49,155₹ 4,42,949
    14₹ 2,11,607₹ 31,103₹ 2,31,342
    15₹ 2,31,492₹ 11,368₹ 0

    LIC Home Loan EMI Payment Online

    For making an online payment of LIC home loan EMI, an applicant must follow the below steps:

    • Provide the correct valid mobile number and email ID
    • A digitally signed receipt would be mailed to the registered applicants’ 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 at the email address of LIC housing finance company.
    • In the 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.
    • The receipt will also be sent to an applicant’s email ID.

    What are the schemes available at LIC HFL?

    LIC Housing Finance Ltd is the first choice a home loan borrower and one of the reasons behind it is that it has focused on different segments of the society. The schemes available at LIC are mentioned below:

    • 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 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. The eligibility criteria for pensioners before and after retirement is as follows:

    CriteriaBefore RetirementAfter Retirement
    ProcessPurchase, construction, extension of House/FlatPurchase, construction, extension of House/Flat
    EligibilityAge 50 year or more and having a pension scheme after retirementPensioners having a stable income throughout their life from pension
    Terms & ConditionsAn 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 termUp to 15 years or 70 years of age whichever is earlierBefore the applicant attains the age of 70 years

    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.

    Salaried NRI/PIO Customers

    PurposeMinimum Loan AmountMaximum Loan Amount Maximum Loan Tenure
    Purchase₹1 lakh85% of the market value of property and above ₹75 lakhsQualified professionals: 15 years Others: 10 years
    Construction of property₹1 lakh85% of the market value of property and above ₹75 lakhsQualified professionals: 15 years Others: 10 years
    Extension of property₹1 lakh85% of the market value of property and above ₹75 lakhsQualified professionals: 15 years Others: 10 years
    Renovation and repair of property₹1 lakh85% of the market value of property and above ₹75 lakhsQualified professionals: 15 years Others: 10 years
    Plot purchaseNo Minimum Amount75% of property valueQualified professionals: 15 years Others: 10 years

    Where can you check your loan statement?

    The loan statement for each month is sent to the registered email ID of the borrower. This is a regular practice by LIC HFL as it helps the customer check his/her payment details and in case of query, the customer care department can be contacted.

    LIC HFL Home Loan customer care 24×7

    If you are a new home loan applicant at LIC, 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.

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