LIC Housing Finance 2019

Category:

Description

LIC Housing Finance Limited offers home loans to Resident Indians, Non-Resident Indians (NRIs), and for pensioners. The home loans can be used for home purchase, home construction, home renovation, extension, loan against property, and more. The maximum tenure is 30 years for salaried, and 20 years for self-employed.

Loan AmountMinimum: Rs.1 lakh , Maximum: Based on income
Processing FeesUp to Rs.15,000 + service charges
Penal Interest RateUp to 2% per month on the due installment amount
Max Tenure30 Years

LIC Housing Finance Home Loan Interest Rates

The interest offered may vary based on your residency status and whether or not you are a pensioner. Contact your nearest LIC Housing Finance office to know the prevailing interest rates offered on their home loan.

LIC Housing Finance Home Loan Schemes

Getting a home of your own is like a dream come true and LICHFL strives to make that dream possible. The home loan service provider offers financing schemes tailored for resident Indians, non-resident Indians (NRIs), and pensioners.

Some of the major highlights of the plans are competitive rates, loan assistance by skilled professionals, loans for varying needs (home construction, renovation, and extension, to name a few), and exclusion of hidden charges, among others.

Key HighlightsProcessing Fee
  • Minimum financing of Rs.1 lakh
  • Financing of up to 85% of the total property cost
  • Tenure of up to 30 years
  • Loans for plot and property purchase, construction, extension, and renovation
  • Rs.10,000 + GST for loans of up to Rs.50 lakh
  • Rs.15,000 + GST for loans starting above Rs.50 lakh and up to Rs.3 crore

GST = Goods and Services Tax

Key HighlightsProcessing Fee
  • Financing of up to 85% of the total property cost
  • Minimum financing of up to Rs.1 lakh
  • Loans for plot and property purchase, construction, extension, and renovation
  • Loan tenure of up to 30 years
  • Rs.10,000 + GST for loans of up to Rs.50 lakh
  • Rs.15,000 + GST for loans starting above Rs.50 lakh and up to Rs.3 crore

 

Key HighlightsProcessing Fee
  • This scheme can be availed before or after retirement
  • Maximum tenure of 15 years
  • Hassle-free documentation
  • Rs.10,000 + GST for loans of up to Rs.50 lakh
  • Rs.15,000 + GST for loans starting above Rs.50 lakh and up to Rs.3 crore

LIC Housing Finance Ltd Eligibility Criteria

Type of EmploymentPermanent service or engaged in a business
NationalityIndian, NRI

Documents Required for LIC Housing Finance Ltd

General documents
  • Identity proof: Passport, PAN card, or voter ID card
  • Address proof
  • 2 years’ bank statements
  • Power of Attorney (if applicable)
For salaried persons
  • Last 6 months’ salary slips
  • Form 16
For self-employed persons
  • Last 3 years’ income tax returns, income computation, and account statements certified by chartered accountant
  • Last 3 years’ financial reports
Property-related documents
  • Property registration receipt
  • Payment receipts
  • Copy of sale agreement
  • Copy of sanction letter and sanctioned plans
  • No Objection Certificate (NOC) from builders
  • Allotment letter
  • Society registration certificate
  • Allotment letter
Plot Purchase
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Purpose:: Loan for purchase of residential plot by statutory authorities
Loan to Property cost:75% of the property value
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI) – Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
Repairs/Renovation
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Loan to Property cost:85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs  
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
 Purchase
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Loan to Property cost:85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs  
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
Construction
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Loan to Property cost:85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs  
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI) – Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
 Extension
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Loan to Property cost:85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs  
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI) – Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
 
4. Repairs/Renovation
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount:Min.Rs.1,00,000/-
Loan to Property cost:85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs  
Loan Term:

For Person with Professional Qualification – 20 Years

For Others – 15 Years
Repayment Mode:Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest:Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees:As applicable from time to time
LIC Housing Finance Housing Loan EMI Calculator at different tenures

EMI for different Home Loan amounts and tenures @ 8.70% interest rate

 Loan Tenure
Loan Amount (Rs.)15 years20 years30 years
2,500,00024,91222,01319,578
5,000,00049,82544,02639,157
7,500,00074,73766,03958,735
10,000,00099,65088,05278,313
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest, EMI differs by loan tenure at 15, 20 and 30 years. Your EMI is higher when you take loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30 years.
  • Your EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.

LIC Home Loan Details

  • Purpose of Loan: LIC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.70% to 8.70%.
    • Lowest EMI of Rs. 783 per lakh
  • Processing Fees: 0.50% of loan amount
  • Special schemes: LIC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of LIC are:
    • Loans for Purchase of Plot
    • Home Repair/Renovation Loan
    • Home Extension Loan
    • Home Loan Top Up
    • Home Loan to Pensioners
    • New Griha Laxmi Housing Loan
Factors Affecting LIC Housing Finance Home Loan EMI
  • Loan amount – This is the amount borrowed by a borrower from LIC Housing Finance. If you apply for a higher loan amount, your monthly EMI will be high. LIC Housing Finance gives minimum home loan of Rs. 1 Lakh upto an amount of Rs. 5 Cr.
  • Interest rate – Interest rates is the rate charged by LIC Housing Finance on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. LIC Housing Finance current home loan interest rate starts at 8.70%. Do complete market research and compare rates and calculate EMI online before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in LIC Housing Finance. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, LIC Housing Finance offers house loan for a maximum tenure of 30 years.

Write a Reply or Comment

Your email address will not be published.