LIC Housing Finance Home Loan

Interest Rate starts from 9.60%
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Home Loan From LIC Housing Finance

ApnaLoanBazaar is here to help you choosing the best Bank for your Home Loan with high eligibility and lower EMI to fulfill your dream home
Interest Rate starts from
9.60*%
Processing Fee
0.50%*
Loan Tenure
Upto 30 Years
Guarantor Requirement
No
Part-Payment
Nil
Pre-Closure Charges
Nill

About LIC Housing Finance

LIC Housing Finance Limited (LIC HFL) is one of the largest Housing Finance companies in India having its Registered and Corporate office at Mumbai. The main objective of the Company is to provide long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses. The Company also provides finance on existing property for business / personal needs and also gives loans to professionals for purchase / construction of Clinics / Nursing Homes / Diagnostic Centres / Office Space and also for purchase of equipments. The Company also provides long term finance to persons engaged in the business of construction of houses or flats for residential purpose and to be sold by them.

Highlights

Interest Rate (Monthly reducing balance): 13.00% to 19.00%
Processing Fees: 0.5% to 2.5% of Loan Amount
Loan Tenure: 1 year to 5 years
Pre-closure Charges: 4% of pre-closed amount
Guarantor Requirement: No guarantor required
Minimum income required: Rs.12,000 per month

FAQs About LIC Housing Finance Home Loans

What makes LIC Housing Finance Ltd. my best choice?

    Here's why a loan from LIC Housing Finance Ltd. means a complete peace of mind

  • Lowest Interest Rates
  • Easy application , quick approvals.
  • Insurance - linked security.
  • Largest Network.
  • No Hidden Costs
  • A financially strong and stable company we have already sanctioned loans to over 10 lakh applicants With a network of more than 150 offices in the country we are always accessible to applicant , wherever applicant may be Here's why a loan from LIC Housing Finance Ltd. means a complete peace of mind

What is meant by Floating & Fixed Rate of Interest?
  • Where the loan is under Floating Rate of Interest, the Rate of Interest are at present reviewed every three months ( January, April, July, October ) based on the prevailing market conditions as judged by the Company and LHPLR. The revised Floating Rate of Interest could increase, decrease or remain the same. However, the Rate of interest will be reviewed every 6 months (January, July) for old Customers as per thier loan agreements.
Does LICHFL give loan for purchasing consumer durables?
  • No
Does LICHFL have any overseas office for NRIs in the Gulf?
  • Yes, we have an overseas office in Dubai and Kuwait.
Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?
  • Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.
Who Can Apply For The Loan?

    The applicant must be in permanent service or engaged in a profession or business to be eligible for a loan. You should have a stable job and a regular income .

    Our loan schemes are for those going in for a residential house. We may be able to advance you a loan under our scheme if you want to -
  • Construct/purchase a new House/Flat
  • Buy an existing house or flat not more than 35 years old.
  • Extend an existing House.
  • Renovation/repairs to an existing House/Flat.
  • The applicant must be in permanent service or engaged in a profession or business to be eligible for a loan. You should have a stable job and a regular income .

Who Can Be Co-Applicant?
  • The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife,father-son or mother-son. The co-applicants must be blood relatives.
How Much Does LICHFL lend?
  • Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc..
  • The maximum loan would be Rs.150 lakhs per unit to any individual applicant. We will extend loan upto 85 % of the cost of property vaue (including Stamp duty & Registration charges). Beyond Rs. 150 lakhs, individual cases would be decided based on merits.Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc..
For How Long A Period Can I Get Loan?
  • We grant term upto a maximum of 25 yrs (maximum 15 years under GrihaShobha for NRIs). The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier.
What Is The Mode Of Repayment?

    Equated Monthly Instalment (EMI)

  • It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on Monthly Rest basis. The amount is payable monthly. EMI can commence -
  • Immediately after full disbursement. or
  • After the loan is fully disbursed or until 12 months from the date of first disbursement whichever is earlier Untill EMI starts, Interest is payable on the Amount Disbursed on monthly basis. Equated Monthly Instalment (EMI)
  • It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on Monthly Rest basis. The amount is payable monthly. EMI can commence -
What Is The Security For The Loan?
  • The security for the loan is the first mortgage of the property to be financed by way of deposit of the title deeds, subject to local laws.

Required Documentation For Salaried Persons

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Required Documentation For Self Employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Identity Proof For Home Loan

  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification

Age Proof For Home Loan

  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)

Address Proof For Home Loan

  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)

Income Proof For Home Loan

  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)

Job Continuity Proof For Home Loan

  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Banking History For Home Loan

  • Bank statements of latest 2 months
  • 3 months bank passbook

Property Related Documents For Home Loan

  • Min of 15 years of Link documents of Property/div>
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

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