LIC HFL Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. LIC HFL (LIC Housing Finance Limited) is popularly known for its housing loan options for the Indian customers, pensioners, non-resident Indians and many more. It offers loans at competitive interest rates ranging from 8.5% to 8.7%. To avail these loans, one doesn’t require a guarantor except in the case of pensioners (post-retirement and pre-retirement).
At Loanbaba.com, you will come across information about all types of LIC HFL Home Loans in India.
|LIC HFL Home Loan Details Updated on 18th January 2019|
Up to Rs. 75 lakhs or more
5 years to 30 years
8.50% to 8.70%
Some of the LIC HFL home loan features are as follows.
At Loanbaba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
The LIC HFL home loan interest rate starts at 8.50% to 8.70%, but varies as per individual profile. Keep a check on this page to note the updated LIC HFL home loan interest rates for the current year.
Home loan eligibility may differ from one candidate to another. You can also use free-of-cost LIC HFL home loan eligibility calculator at Loanbaba.com. The eligibility criteria for LIC HFL housing loan are discussed below:
This includes Passport sized photographs, filled and signed application form, bank statement of the past six months and a cheque having the processing fee amount.
The salaried applicants will have to submit form 16 or their income tax return along with their salary slips of past three months.
These applicants will have to show the proof of their business, income tax return of past three years, balance sheet, educational qualification, their profit and loss statement certified by a CA.
LIC HFL has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Below provided are important questions about home loan LIC HFL in India.
The loans offered to Indian residents are to purchase new residential houses, construction of new residential properties or extension to a prevailing residential house or property. Following are the features of the LIC Home loans for Indian Residents.
The minimum amount of loan for purchase or construction of a new apartment or house is Rs 1,00,000. It is also applicable if you want to extend and make a new room in your existing home.
Maximum tenure of the loan for self-employed is for 20 years and 30 years for salaried people.
The repayments should be made in EMI monthly instalment.
The funding shall depend on the loan value. For loans up to Rs 20 lakh, the loans are offered 85% of the total property cost including registration and stamp duty. For loans between Rs 20 lakh and 75 lakhs, 80% of the loan property cost can be availed. For any credit offered more than Rs 75 lakhs, one can avail an amount of 75% of the property cost.
The non-resident Indian customers can avail these loans for purchase or construction of new house or extension of the existing one.
The loan can be availed only to bear the cost of construction of a new house. Minimum amount one should borrow is Rs 1, 00,000. The loan may also cover the extension costs. The actual loan value depends on the property cost, i.e., for loans up to 20 lakhs, one can avail 85% of the property cost including registration charges and stamp duty. For loan between 20 to 75 lakhs, one can avail 80% of the property cost. Any amount more than Rs 75 lakhs will attract 75% of the property cost. The loan should be repaid in monthly instalments where the maximum tenure of the loan can be 15 years for applicants having a professional qualification and up to 10 years for others.
These loans are offered to people who have reached the retirement age or approaching to it. The loans are provided in comfortable terms complying with simple requirements. These loans attract a minimum rate of interest and offer flexible tenures to the candidates. Anyone who is 50 years or more and holds the pension scheme after retirement can avail this loan showing their stable pension as a source of income. The applicant will have to submit a letter of undertaking stating that the entire credit of at least 30% of it will be paid through the retirement benefits and the rest from the pension income.
This is a scheme where the pensioner is not allowed to commutate any part of his pension. Moreover, the applicant will need a guarantor approved by the loan provider. The loans can be availed for the purchase or construction of a new house or for extension of an existing unit.
The loan can be availed for a term up to 15 years, the maximum age criteria being 70 years.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of LIC HFL.