LIC Housing Finance Limited (HFL) Home Loan

Highlights

  • LIC home loans available at 7.40% - 8.85%

  • 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. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

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 July 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.

    ParticularsDetails
    Interest Rate7.40% - 8.85%
    Processing Fee
    • Loan Amount Upto INR 1 crore: - 0.25% + GST or INR 10000 + GST which ever is less
    • Loan Amount More than INR 1 crore - INR 25000 + GST
    Loan AmountUpto 75%-85% of the property value
    Loan TenureFor Salaried: 30 years and for self-employed: 20 years
    Prepayment or Foreclosure ChargesNIL
    Upfront Fees INR 1,500 + GST

    Note: Term & condition apply for ROI- 7.40%. A further reduction of 10 bps is applicable across the above category, in case borrowers assign new/ existing single premium term assurance policy with sum assured equal to the loan amount.

    Interest Rates Based on Loan Quantum & CIBIL Score for Salaried & Professionals and Non-Salaried & Non Professionals

    Loan Quantum (In INR)CIBIL Score ScoreSalaried & ProfessionalsNon-Salaried & Non Professionals
    All Loan Amounts>=8007.50%7.50%
    Upto 30 Lakh>=7007.90%8.10%
    >=6008.15%8.40%
    <6008.35%8.55%
    Above 30 Lakh to 50 Lakh>=7007.90%8.20%
    >=6008.25%8.40%
    <6008.40%8.55%
    Above 50 lakh to 5 Crore>=7007.90%8.35%
    >=6008.35%8.50%
    <6008.50%8.75%
    Above 5 Crore to 15 Crore>=7008.25%8.25%
    >=6008.45%8.45%
    <6008.70%8.70%

    Interest Rates for Salaried & Professionals and Non-Salaried & Non Professionals Whose CIBIL Score is Zero and Less

    Loan Quantum (In INR)Salaried & ProfessionalsNon-Salaried & Non Professionals
    Upto 50 Lakh8.25%8.35%

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

    Important Notes:

    • 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 AmountInterest 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. 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.

    PurposeDocuments
    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 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0008.25%1₹ 1,74,208₹ 90,498₹ 20,90,498
    ₹ 20,00,0008.25%2₹ 90,683₹ 1,76,387₹ 21,76,387
    ₹ 20,00,0008.25%3₹ 62,904₹ 2,64,531₹ 22,64,531
    ₹ 20,00,0008.25%4₹ 49,061₹ 3,54,923₹ 23,54,923
    ₹ 20,00,0008.25%5₹ 40,793₹ 4,47,550₹ 24,47,550
    ₹ 20,00,0008.25%6₹ 35,311₹ 5,42,401₹ 25,42,401
    ₹ 20,00,0008.25%7₹ 31,422₹ 6,39,458₹ 26,39,458
    ₹ 20,00,0008.25%8₹ 28,528₹ 7,38,702₹ 27,38,702
    ₹ 20,00,0008.25%9₹ 26,297₹ 8,40,112₹ 28,40,112
    ₹ 20,00,0008.25%10₹ 24,531₹ 9,43,663₹ 29,43,663
    ₹ 20,00,0008.25%11₹ 23,101₹ 10,49,328₹ 30,49,328
    ₹ 20,00,0008.25%12₹ 21,924₹ 11,57,077₹ 31,57,077
    ₹ 20,00,0008.25%13₹ 20,942₹ 12,66,879₹ 32,66,879
    ₹ 20,00,0008.25%14₹ 20,111₹ 13,78,700₹ 33,78,700
    ₹ 20,00,0008.25%15₹ 19,403₹ 14,92,505₹ 34,92,505

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

    YearPrincipalInterestBalance Amount
    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:

    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

    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

    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?

    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.

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