LIC Housing Finance Features & Benefits
Do you dream of living in your own house, but your finances aren’t allowing you to buy one? LIC Housing Finance offers home loans that can help you get the necessary funds to purchase or construct a house. LIC Housing Finance Limited provides home loans at an affordable interest rate of 6.75%. You can get a loan of up to 90% of the property value for a tenure of up to 30 years.
1. Minimum & Maximum Loan Amount: LIC Housing Finance can give you a home loan of up to 90% of the property value.
2. Interest Rate: The interest rate for LIC Housing Finance begins at as low as 6.75%, making it super affordable. Based on your CIBIL score and profession, the interest rate might vary.
3. Prepayment/Foreclosure charges: LIC Housing Finance has different policies for prepayment charges of fixed-rate home loans and floating home loans.
4. Processing Fees: The processing fee for a home loan is up to 0.35% of the loan amount. The maximum processing fee is Rs 50,000.
5. Online/Digital Application Process: Keeping your comfort and time in mind, LIC Housing Finance allows you to digitally apply for a home loan.
6. Home Loan Tenure Period: The LIC Housing Finance home loan tenure period is up to 30 years.
7. Balance Transfer Facility: LIC Housing Finance offers the facility of transferring existing home loans from other banks so that you can avail of lower interest rates.
8. Documentation: The documents required to apply for a home loan at LIC Housing Finance are simple, and the whole process is straightforward.
LIC Housing Finance EMI Calculator
EMIs allow you to purchase the house of your dream and pay for it slowly over a pre-decided period. They are based on the interest rate, principal amount, and tenure of the loan. Calculating EMIs manually is hard and has scope for errors. However, LIC Housing Finance provides an online EMI calculator which you can use to calculate your EMI.
Here is a look at an example to understand how LIC Housing Finance calculates EMI. Let us assume the fixed interest rate is 6.70%.
|
Amount
|
10 Years
|
20 Years
|
25 Years
|
|
Rs 10 Lakh
|
Rs 11,457
|
Rs 7,574
|
Rs 6,878
|
|
Rs 30 Lakh
|
Rs 34,370
|
Rs 22,722
|
Rs 20,633
|
|
Rs 50 Lakh
|
Rs 57,284
|
Rs 37,870
|
Rs 34,388
|
Documents Required for LIC Home Loan
|
KYC Documents
|
Income Documents
|
Property Documents (In case the property is identified)
|
|
PAN Card and Aadhar Card
|
Form 16 and salary slips (For salaried employees)
|
Proof of ownership of property
|
|
Passport for NRIs
|
Last 3 years’ income tax returns with financials (for self-employed & professionals)
|
Allotment letter of society/builder in case of flat
|
|
Proof of Residence
|
Bank statements for the last 6-12 months
|
Up to date tax paid receipt
|
LIC Housing Finance Eligibility Criteria
|
Home Loan Type
|
Eligibility
|
|
Griha Suvidha Home Loan
|
A part of salary in cash
|
|
Nearing retirement and needing an extension on loan term
|
|
Self-employed persons requiring an extension on loan term
|
|
Top-up
|
New customer: Transfer of existing home loan
|
|
Existing customer: Default-free loan seasoning
|
|
PMAY
|
Family includes husband, wife, and unmarried children
|
|
Beneficiary and family should not own a pucca house anywhere in the country
|
|
In case of married couples, either spouse alone or together can be eligible for a single house
|
|
No central assistance under any housing scheme from the Indian Government availed
|
|
In case of EWS/LIG, the property must be either in the name of the female head of the house or together with the male head. In the absence of a female head, the house can be in the name of the male member.
|
LIC Housing Finance Interest Rates
LIC Housing Finance has different interest rates under different schemes and for people with different credit scores.
|
Scheme
|
Loan (CIBIL>= 700)
|
Salaried & Professional
|
Non-Salaried & Non-Professional
|
|
Up to 2 crore
|
6.75%
|
6.75%
|
|
Griha Sidhi
|
2-15 crores
|
6.90%
|
7.00%
|
|
2020 Homecoming
|
2-3 crores
|
7.20%
|
7.10%
|
|
2020 Homecoming
|
More than 3 crores and up to 5 crores
|
7.20%
|
7.30%
|
For loans up to 50 lakhs
|
CIBIL Score
|
Salaried & Professional
|
Non-Salaried & Non-Professional
|
|
650-699
|
7.10%
|
7.20%
|
|
600-649
|
7.30%
|
7.40%
|
|
<600
|
7.50%
|
7.60%
|
|
101-200 or NTC
|
7.20%
|
NA
|
For loans of more than 50 lakhs and up to 1 crore
|
CIBIL Score
|
Salaried & Professional
|
Non-Salaried & Non-Professional
|
|
650-699
|
7.30%
|
7.40%
|
|
600-649
|
7.60%
|
7.70%
|
|
<600
|
7.70%
|
7.80%
|
|
101-200 or NTC
|
7.40%
|
NA
|
For loans of more than 1 crore and up to 3 crores
|
CIBIL Score
|
Salaried & Professional
|
Non-Salaried & Non-Professional
|
|
650-699
|
7.40%
|
7.50%
|
|
600-649
|
7.70%
|
7.80%
|
|
<600
|
7.70%
|
7.80%
|
For loans of more than 3 crores and up to 15 crores
|
CIBIL Score
|
Salaried & Professional
|
Non-Salaried & Non-Professional
|
|
650-699
|
7.50%
|
7.60%
|
|
600-649
|
7.70%
|
7.80%
|
|
<600
|
7.80%
|
7.90%
|
Fixed Interest Rates: My Choice - Sure Fixed Loan
|
Loan Slab
|
Rate of Interest
|
|
Up to 50 lakhs
|
10.05%
|
|
50 lakhs to 5 crores
|
10.15%
|
LIC Housing Finance Tax Benefits
By availing LIC Housing Finance home loan, you will get the benefit of tax deduction under Section 80C, Section 84, Section 24(b), and Section 80EE for repayment of principal amount and interest.
