Home Loan Apply69138 views
LIC home loans available at 8.10% - 8.95%
Minimal documentation and processing fee for LIC home loans
In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.
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.
Table of Contents
- 1 LIC Home Loan Details
- 2 LIC HFL Home Loan Interest Rate April 2020
- 3 How to apply for LIC HFL Home Loan at Wishfin?
- 4 What is the eligibility criteria for LIC HFL Home Loans?
- 5 LIC Housing Finance EMI Calculator
- 6 What are the schemes available at LIC HFL?
- 7 LIC HFL Home Loan customer care 24×7
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:
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
LIC HFL Home Loan Interest Rate April 2020
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.
|Interest Rate||8.10% - 8.95%|
|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||₹1500 + GST|
LIC Balance Transfer Home Loan (Zero Processing Fee)
The user can transfer their existing home loan to LIC Housing Finance Limted at a lower interest rate without paying any processing fee. The LIC Housing Finance Limited Prime lending rate is 14.70%. To know the balance transfer interest rate, look at the table below.
|Loan Amount||CIBIL Score||For Salaried & Professional||For Non-Salaried & Non-Professional|
|Upto 50 lakh||700 & More||8.10%||8.30%|
|Above 50 lakh to 5 crore||700 & More||8.20%||8.40%|
- For customers having a 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
- Cases above INR 5 crore is referred to corporate office
- Other terms and conditions will remain the same on the marketing circular as dated on 02.07.2018
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.
|Loan Amount||Interest Rate|
|Upto 50 Lakh||9.70%|
|Above 50 lakh to 5 crore||10.00%|
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. It makes sure you get the lowest rate and a higher loan amount from LIC HFL 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 LIC HFL 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.
|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
|For Salaried persons||Salary slips for last 6 months|
|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|
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.|
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
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 20,00,000||8.25%||1||₹ 1,74,208||₹ 90,498||₹ 20,90,498|
|₹ 20,00,000||8.25%||2||₹ 90,683||₹ 1,76,387||₹ 21,76,387|
|₹ 20,00,000||8.25%||3||₹ 62,904||₹ 2,64,531||₹ 22,64,531|
|₹ 20,00,000||8.25%||4||₹ 49,061||₹ 3,54,923||₹ 23,54,923|
|₹ 20,00,000||8.25%||5||₹ 40,793||₹ 4,47,550||₹ 24,47,550|
|₹ 20,00,000||8.25%||6||₹ 35,311||₹ 5,42,401||₹ 25,42,401|
|₹ 20,00,000||8.25%||7||₹ 31,422||₹ 6,39,458||₹ 26,39,458|
|₹ 20,00,000||8.25%||8||₹ 28,528||₹ 7,38,702||₹ 27,38,702|
|₹ 20,00,000||8.25%||9||₹ 26,297||₹ 8,40,112||₹ 28,40,112|
|₹ 20,00,000||8.25%||10||₹ 24,531||₹ 9,43,663||₹ 29,43,663|
|₹ 20,00,000||8.25%||11||₹ 23,101||₹ 10,49,328||₹ 30,49,328|
|₹ 20,00,000||8.25%||12||₹ 21,924||₹ 11,57,077||₹ 31,57,077|
|₹ 20,00,000||8.25%||13||₹ 20,942||₹ 12,66,879||₹ 32,66,879|
|₹ 20,00,000||8.25%||14||₹ 20,111||₹ 13,78,700||₹ 33,78,700|
|₹ 20,00,000||8.25%||15||₹ 19,403||₹ 14,92,505||₹ 34,92,505|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 70,458||₹ 1,62,375||₹ 19,29,541|
|2||₹ 76,496||₹ 1,56,338||₹ 18,53,045|
|3||₹ 83,051||₹ 1,49,783||₹ 17,69,994|
|4||₹ 90,168||₹ 1,42,666||₹ 16,79,826|
|5||₹ 97,894||₹ 1,34,939||₹ 15,81,931|
|6||₹ 1,06,283||₹ 1,26,550||₹ 14,75,648|
|7||₹ 1,15,391||₹ 1,17,443||₹ 13,60,256|
|8||₹ 1,25,279||₹ 1,07,554||₹ 12,34,977|
|9||₹ 1,36,014||₹ 96,819||₹ 10,98,962|
|10||₹ 1,47,670||₹ 85,164||₹ 9,51,292|
|11||₹ 1,60,324||₹ 72,509||₹ 7,90,968|
|12||₹ 1,74,062||₹ 58,771||₹ 6,16,905|
|13||₹ 1,88,978||₹ 43,855||₹ 4,27,926|
|14||₹ 2,05,172||₹ 27,661||₹ 2,22,754|
|15||₹ 2,22,886||₹ 10,079||₹ 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 LIC HFL?
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 LIC HFL and get it sorted out.
LIC HFL 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.