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LIC home loans available at 8.35% - 8.95%
Minimal documentation and processing fee for LIC home loans
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
Table of Contents
- 1 LIC HFL Home Loan Interest Rate October 2019
- 2 How to apply for LIC HFL Home Loan at Wishfin?
- 3 What is the eligibility criteria for LIC HFL Home Loans?
- 4 LIC Housing Finance EMI Calculator
- 5 What are the schemes available at LIC HFL?
- 6 LIC HFL Home Loan customer care 24×7
LIC HFL Home Loan Interest Rate October 2019
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 Rate||8.35% - 8.95%|
|Processing Fee||Upto ₹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 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||As applicable from time to time|
Interest Rate Applicable to Griha Siddhi/Apna Ghar
|Loan Slab||Parameters||Salaried Women Borrowers||Salaried & Professional||Non-Salaried & Professional|
|Up to ₹50 Lakh||LIC Policy + CIBIL>=800||8.35%||8.40%||8.50%|
|LIC Policy + CIBIL>=700 <800||8.40%||8.45%||8.55%|
|LIC Policy + CIBIL<700>=600||8.45%||8.50%||8.60%|
|CIBIL<700=600 with no LIC Policy||8.50%||8.55%||8.65%|
|Above 50 Lakh-5 Crore||LIC Policy + CIBIL>=800||8.45%||8.50%||8.60%|
|LIC Policy + CIBIL>=700 <800||8.50%||8.55%||8.65%|
|LIC Policy + CIBIL<700>=600||8.55%||8.60%||8.70%|
|CIBIL<700 with no LIC Policy||8.60%||8.65%||8.75%|
|CIBIL<600 with no LIC Policy||8.70%||8.75%||8.95%|
LIC Housing Finance New Scheme – Superb 30 (Applicable Till 30th September, 2019)
LIC Housing Finance has launched a limited period scheme titled as ‘Superb 30’. The scheme will enable borrowers to get home loans at fixed interest rate for the first 6 months from the date of first disbursement. Afterward, the floating rates will apply as per the then prevailing LHPLR.
Interest Rate for Superb 30
|Loan Slab (In ₹)||Interest Rate (In Per Annum)|
|Up to 50 Lakh||8.40%|
|Above 50 Lakh to Up to 5 Crore||8.50%|
|Above 5 Crore||Interest rate will be decided by the corporate office on a case to case basis|
The rate shown above would remain fixed for the first 6 months from the date of disbursement. Thereafter, the rate will be linked to the floating rate based on the then prevailing LHPLR
Note – The scheme is applicable till 30th September, 2019, which means the first disbursement has to be made by the said date.
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 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 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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 8.95% 1 ₹ 1,74,857 ₹ 98,279 ₹ 20,98,279 ₹ 20,00,000 8.95% 2 ₹ 91,324 ₹ 1,91,767 ₹ 21,91,767 ₹ 20,00,000 8.95% 3 ₹ 63,553 ₹ 2,87,906 ₹ 22,87,906 ₹ 20,00,000 8.95% 4 ₹ 49,723 ₹ 3,86,686 ₹ 23,86,686 ₹ 20,00,000 8.95% 5 ₹ 41,468 ₹ 4,88,092 ₹ 24,88,092 ₹ 20,00,000 8.95% 6 ₹ 36,001 ₹ 5,92,105 ₹ 25,92,105 ₹ 20,00,000 8.95% 7 ₹ 32,127 ₹ 6,98,704 ₹ 26,98,704 ₹ 20,00,000 8.95% 8 ₹ 29,249 ₹ 8,07,861 ₹ 28,07,861 ₹ 20,00,000 8.95% 9 ₹ 27,033 ₹ 9,19,547 ₹ 29,19,547 ₹ 20,00,000 8.95% 10 ₹ 25,281 ₹ 10,33,728 ₹ 30,33,728 ₹ 20,00,000 8.95% 11 ₹ 23,866 ₹ 11,50,367 ₹ 31,50,367 ₹ 20,00,000 8.95% 12 ₹ 22,704 ₹ 12,69,424 ₹ 32,69,424 ₹ 20,00,000 8.95% 13 ₹ 21,736 ₹ 13,90,856 ₹ 33,90,856 ₹ 20,00,000 8.95% 14 ₹ 20,920 ₹ 15,14,617 ₹ 35,14,617 ₹ 20,00,000 8.95% 15 ₹ 20,226 ₹ 16,40,660 ₹ 36,40,660 Year Principal Interest Balance 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
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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:
|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
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
|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?
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.