LIC Loan Against Property
Last Updated : July 5, 2017, 11:18 a.m.
LIC housing finance limited is one of the most demanded loan providers of India. Offering the mortgage loan with tenure period up to 15 years and loan amount starting from Rs. 2 lakhs, LIC has been keeping its customers happy for a long period now. Having reliable customers in its support, LIC is the housing finance company that makes sure that its products are customer-friendly. As a result, LIC mortgage loan is the one that takes care of every financial need of the customer. Be it any personal or professional reason, this loan against property scheme of LIC would fulfill all your desires like child’s education or marriage, purchase of another property or business extension, etc.
Loan Against Property
LIC loan against property comes with attractive rates and higher loan amount facility, minimal documentation and other features that make this loan a convenient one. To know more about this product, read the article below.
LIC Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 9.50% - 10.50% |
| Loan Amount | Rs. 2,00,000 - 50,00,000 |
| Tenure | For Individuals: 15 years For Companies: 10 years |
| Processing Fees | 1% of the loan amount + service tax |
| Repayment Mode | EMI |
| Prepayment Charges | 2% on the principal repaid |
Features & Benefits of LIC Mortgage Loan
For Indian Residents:
- Loan against mortgage of residential house/flat
- Loan Amount up to Rs. 50,00,000/-
- Tenure period of 15 years
- Disbursement of loan through EMI
- Processing Fee of 1% of loan amount + service tax
Non-Retail Loan:
- Companies listed/unlisted against the security of commercial property – office premises – already owned or to be purchased by loan
- Tenure period of 10 years
- Loan provided for completed properties
- Multipurpose loan
LIC Loan Against Property Eligibility
The eligibility of the loan against property at LIC depends on the profile of the borrower individual or the company. You can calculate your eligibility with the help of the eligibility calculator.
Documents Required
Here is the list of the documents that you need to have to apply for the loan:
For Salaried:
- Duly filled application form
- Identity proof such as PAN Card, Voter ID Card or Passport
- Address Proof such as Ration Card, Electricity Bill, Telephone Bill, etc.
- Last 2 years bank statement
- Power of attorney where needed
- Last 6 months salary slip
- Form 16
For Businessmen/Self-employed:
- Duly filled application form
- Identity proof such as PAN Card, Voter ID Card or Passport
- Address Proof such as Ration Card, Electricity Bill, Telephone Bill, etc.
- Last 2 years bank statement
- Power of attorney where needed
- Last 3 years’s ITR or assessment orders along with computation of income and statements of accounts certified by CA
- Last 3 years financials mentioning Profit and Loss account, Balance Sheet, Audit Reports, etc
How to Apply
You have to submit the filled application form along with the KYCs and the documents mentioned above as per the eligibility criteria at the nearest branch.
LIC Loan Against Property EMI Calculator
With the help of EMI calculator, you can know the monthly installment that you need to pay every month against the loan amount you have taken. To know this, you have to mention the loan amount, tenure period and the rate of interest of the loan in the calculator. For eg. If you are taking a loan of Rs. 2,00,000 at the interest rate of 11.25% for the tenure period of 15 years, your monthly installment will be Rs. 2,305/-. You can also know the total interest outgo and the total amount from the below table:
Table for EMI per month, Total Interest Outgo, and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 2,00,000 | 11.25% | 1 | 17,700 | 12,396 | 2,12,396 |
| 2,00,000 | 11.25% | 2 | 9,345 | 24,275 | 2,24,275 |
| 2,00,000 | 11.25% | 3 | 6,571 | 36,572 | 2,36,572 |
| 2,00,000 | 11.25% | 4 | 5,193 | 49,284 | 2,49,284 |
| 2,00,000 | 11.25% | 5 | 4,373 | 62,408 | 2,62,408 |
| 2,00,000 | 11.25% | 6 | 3,832 | 75,938 | 2,75,938 |
| 2,00,000 | 11.25% | 7 | 3,451 | 89,870 | 2,89,870 |
| 2,00,000 | 11.25% | 8 | 3,169 | 1,04,197 | 3,04,197 |
| 2,00,000 | 11.25% | 9 | 2,953 | 1,18,911 | 3,18,911 |
| 2,00,000 | 11.25% | 10 | 2,783 | 1,34,005 | 3,34,005 |
| 2,00,000 | 11.25% | 11 | 2,648 | 1,49,471 | 3,49,471 |
| 2,00,000 | 11.25% | 12 | 2,537 | 1,65,297 | 3,65,297 |
| 2,00,000 | 11.25% | 13 | 2,445 | 1,81,475 | 3,81,475 |
| 2,00,000 | 11.25% | 14 | 2,369 | 1,97,995 | 3,97,995 |
| 2,00,000 | 11.25% | 15 | 2,305 | 2,14,844 | 4,14,844 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 5,434 | 22,226 | 1,94,566 |
| 2 | 6,078 | 21,582 | 1,88,488 |
| 3 | 6,799 | 20,861 | 1,81,689 |
| 4 | 7,604 | 20,056 | 1,74,085 |
| 5 | 8,506 | 19,154 | 1,65,579 |
| 6 | 9,514 | 18,146 | 1,56,065 |
| 7 | 10,641 | 17,019 | 1,45,424 |
| 8 | 11,900 | 15,760 | 1,33,524 |
| 9 | 13,310 | 14,350 | 1,20,214 |
| 10 | 14,887 | 12,773 | 1,05,327 |
| 11 | 16,651 | 11,009 | 88,676 |
| 12 | 18,625 | 9,035 | 70,051 |
| 13 | 20,831 | 6,829 | 49,220 |
| 14 | 23,301 | 4,359 | 25,919 |
| 15 | 25,939 | 1,599 | 0 |
LIC Loan Against Property Interest Rate
The rate of interest available for the loan against property at LIC is 11.25% per annum.
