LIC Housing Finance Home Loan
Apply for LIC Housing Finance Home Loan Interest rates @ 7.50% p.a. with minimum documentation & processing fee. Salaried, Self Employed, Professionals & Pensioners can avail of LIC Home Loans up to Rs 15 crore for maximum 30 years. Minimum EMI is Rs 758 per Lakh.
Apply for LIC Housing Finance Home Loan @ 7.50% Interest Rates
LIC Housing Finance Details
LIC Housing Finance (LICHFL) Home Loan- Highlights:
| Loan Amount | Up to 15 Crore |
|---|---|
| Rate of interest | 7.50% |
| Tenure |
|
| Lowest EMI possible | Rs. 699 Per Lakh |
| Processing fee | Up to 0.50% of loan amount |
LIC Housing Finance (LICHFL) Home Loan Features and Benefits
Some of the notable features of LIC Home Loan are:
- Loan amount: Up to 90% of property value.
- LIC HFL Home Loan Interest Rates start from 7.50% per annum.
- Repayment Tenure: Up to 30 years
- LIC Home Loan Processing Fees is nominal. It can go up to 0.50% of the loan amount.
- Lowest EMI: Rs. 699 per lakh
- LIC Home Loan for purchase, construction or renovation of house
- LIC HFL eligibility as per income of main borrower & co-applicants.
LIC Home Loan Interest Rates
Current LIC Home Loan floating interest rates start from 7.50% for salaried employees and range from 7.50% for self employed individuals. The effective interest rate for LIC Housing Finance will vary as per individual’s profile, credit score and LTV. Women applicants will be eligible for a discounted of 5 bps.
| Product Details | Interest Rates for Salaried & Professionals | Interest Rates for Non-Salaried & Non Professionals |
|---|---|---|
Home Loans Up to 5 to 15 Crore Credit Score - 750 | 7.50% | 8.25% |
Home Loan Up to Rs. 2 Crore More than 2 crore & up to Rs 15 crore Credit Score - 750 - 774 | 7.50% 9.50% | 9.40% 9.60% |
Up to Rs 50 lakh More than 50 lakh & up to Rs 2 crore More than Rs 2 crore & up to Rs 15 crore Credit Score - 600-699 | 9.55% 9.75% 9.90% | 9.65% 9.85% 10.00% |
Up to Rs 50 lakh More than 50 lakh & up to Rs 2 crore More than Rs 2 crore & up to Rs 5 crore Credit Score - 600 | 10.00% 10.20% 10.40% | 10.10% 10.30% 10.50% |
| Purchase of Residential Plots / Residential Plots and Construction | 8.90% - 10.20% | |
| Griha Suvidha | 8.85% - 10.75% | |
| Griha Suvidha Asha | 9.10% - 10.50% | |
| New face Lift - Loans Up to Rs. 15 Crs (Cibil Score is 700 & above) | 9.60% - 10.35% | |
*For lowest LIC Housing Loan Interest Rate offer CIBIL Score >= 700, followed by CIBIL Score 650 – 699, CIBIL Score 600 – 649 and CIBIL Score < 600 respectively.
*In Joint LIC Home Loans, applicant with maximum cibil score will be considered for calculating rate of interest.
LIC Home Loan Comparison with Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| LIC Home Loan | Rs. 15 Crores | 30 years | 7.50% | Up to 0.50% |
| HDFC Home Loan | Up to 90% of property cost | 30 years | 7.90% - 9.00% | Up to 0.50% + GST |
| ICICI Home Loan | Up to 90% of property | 30 years | 7.70% | 0.50% + GST |
| SBI Home Loan | Up to 90% of property cost | 30 years | 7.50% - 8.45% | Up to 0.35% + GST |
| Axis Home Loan | Rs. 5 Crores | 30 years | 8.75% - 11.60% | Up to 050% + GST |
LIC Housing Finance (LICHFL) Home Loan Offers
LIC Home Loan to Resident Indians: Griha Suvidha Home Loan:
- Griha Suvidha Home Loan is a regular LIC Home Loan for resident Indians.
- A vast majority of borrowers like salaried, self employed and pensioners can apply.
- The loan can be availed for Construction, Extension, Repairs & Renovations.
- Floating interest rates starting from 8.35% - 10.50% p.a.
- Maximum repayment tenure for salaried: Up to 30 years
- Maximum repayment tenure for self-employed: Up to 20 years
- LIC Loan to Value (LTV) ratio:
- 85% of the property’s cost for LIC Home Loan up to Rs. 20 Lakhs.
- 80% of the property’s total cost for LIC HFL Loan above Rs. 20 Lakhs and up to Rs. 75 Lakhs.
- 75% of the property’s total cost for LIC Housing Finance Home Loan above Rs. 75 Lakhs.
- Balance transfer and top up option available.
- No prepayment penalty.
- Flexible terms & conditions.
| Loan Slab | Salaried | Non-Salaried |
|---|---|---|
| Above Rs 10 lakh & Up to Rs 50 lakh | 9.80% | 9.90% |
| Above Rs 10 lakh-Rs 3 crore | 8.85% | 8.95% |
| Above Rs 2 crore-Rs 3 crore | 8.85% | 8.95% |
Looking for 75 Lakh Home Loan? Check EMI & Apply
LIC Plot Purchase Loan
- LIC HFL loan for purchasing a residential plot for construction within 3 years.
- Maximum repayment tenure is up to 15 years.
- Maximum Loan to Value (LTV) ratio is up to 75% of the value.
- LIC Plot Loan can be applied online.
- Get fast sanction and low EMI plan.
- Simplified documentation.
| Loan Slab | Salaried | Non-Salaried |
|---|---|---|
| Up to 15 Crore | 8.90% | 9.00% |
| Up to 5 Crore | 9.50% | 9.60% |
| Up to 50 Lakhs | 9.75% | 9.85% |
LIC HFL Balance Transfer/ Take Over
- LIC HFL will takeover existing housing loan from other financial institution or bank.
- Maximum tenure will be 30 years for salaried and 20 years for business owners.
- Apply online for seamless experience.
- Attractive rate of tenure & tenure.
- Regular home loan features apply.
- Top Up with balance transfer can be applied.
- Quick sanction and low EMI.
- Simple documentation.
LIC Housing Finance Top Up - Online
- Top up facility for existing customers.
- Existing loan account should not be in default.
- LIC as well as other bank customers can apply.
- Loan amount as per repayment capacity, LTV and outstanding amount.
- Interest Rate on LIC Home loan Top Up for Existing Customer starts from 8.50% p.a.
- Interest rate for new customer from other lenders will start from 9.00%
- Loans are calculated on floating basis & linked to LHPLR.
- Currently LIC Home Loan LHPLR is 8.45%.
LIC Home Loan to Non Resident Indians
- LIC HFL Loan for salaried Non Residents with NRI/ PIO status.
- LIC Home loan can be availed for purchase, construction or repair of residential property.
- Max tenure is 15-20 years, as per qualification.
- Maximum Loan to Value (LTV) ratio will be 85% of property’s value for LIC HFL up to Rs. 20 Lakhs; 80% of property’s value for loans above Rs. 20 Lakhs and up to Rs. 75 Lakhs and 75% of property’s value for loans above Rs. 75 Lakhs.
LIC Home Loan to Pensioners: Griha Varishtha
- This is LIC Housing Finance Scheme for salaried individuals in advance stage of career.
- The borrowers should be 50 years old or more. They should have a pension scheme post retirement.
Before retirement: - Loan can be availed for purchase, construction or extension of house or flat.
- Maximum tenure will be 15 years or till the borrower turns 70, whichever is earlier.
- At least 30% of loan amount (or amount decided by the Area Office) should be repaid from the retirement benefits and the balance from the pension income.
After Retirement: - Commutation of entire or a part of the pension is not allowed.
- A Guarantor is required.
How to Calculate LIC Housing Finance Home Loan EMI?
You can use LIC Home Loan EMI Calculator or LIC Home Loan Eligibility Calculator to compare various home loan deals and choose the most affordable option. Alternatively MyMoneyMantra EMI Calculator can also be used.
To calculate your monthly instalment or EMI for the LICHFL Home Loan, enter following data:
- Loan amount
- Rate of interest
- Home Loan tenure
Home Loan EMI Calculator will instantly determine EMI, total interest payable and amortisation schedule. To use eligibility calculator you would be required to share current income, existing EMIs & EMIs you can afford each month. The calculator will determine loan amount, EMI & property cost assessments.
You can also try LIC Home Loan Interest Rate Calculator for assessing loan affordability. Using these calculators, you can make an informed decision about amount, rate and tenure. Further to ease your borrowing journey you can instantly apply online from MyMoneyMantra website after deciding on loan parameters.
LIC Housing Finance (LICHFL) Home Loan EMI Calculation
| Loan Amount | 10 years | 20 years | 30 years |
|---|---|---|---|
| Rs. 20 lakh Home Loan | Rs.24,637 | Rs.17,167 | Rs.15,166 |
| Rs. 30 lakh Home Loan | Rs.36,955 | Rs.25,751 | Rs.22,749 |
| Rs. 40 lakh Home Loan | Rs.49,274 | Rs.34,334 | Rs.30,332 |
| Rs. 50 lakh Home Loan | Rs.61,592 | Rs.42,918 | Rs.37,915 |
| Rs. 60 lakh Home Loan | Rs.73,911 | Rs.51,501 | Rs.45,498 |
*For EMI calculation purpose, flat rate of Interest @ 7.50% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
LIC Housing Finance (LICHFL) Home Loan Documents Required
The basic documents required for LICHFL are as follows:
Checklist- LIC Home Loan Documents-
- Duly filled application form with 3 latest passport-sized photographs.
- Identity proof (any one): PAN Card (mandatory for LIC Home Loan amount above Rs 10 Lakhs) and Driver's License/ Voter's ID/ Aadhaar Card/ Passport.
- Residence Proof (any one): Driver's License/ Registered Rent Agreement/ Aadhaar Card/ Passport/ Ration Card/ Voter ID.
- Income Proof for salaried applicants: Latest salary slips, Form 16, bank account statements of the last 3 months.
- Income Proof for self-employed: Profit & Loss Account Statement and Balance sheet audited by a CA, bank account statement of last 6 months, business existence proof.
- Last 1 year's LIC loan account statement along with sanction letter (if any previous loan is active).
- Proof of assets held: LIC/ KVP/ NSC/ PROPERTY/ MF
- Assets and liabilities statement
- ITR Verification Report
- For NRI applicants, passport is mandatory
- Property documents, as applicable.
| Purchase from Builder |
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| Direct Allotment in Cooperative Housing Society |
|
| Direct Allotment in Cooperative Housing Society by Public Agency |
|
| Public Agency's Allotment to Individuals |
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| Resale |
|
On submission of Home Loan Documents, the application will not take more than a day or two in further processing.
LIC Housing Finance (LICHFL) Home Loan Processing Fees & Charges
Before signing up for a Home Loan you must enquire about processing fees, administrative charges, penal charge etc. The fees and charges associated with LIC Home Loan are:
| Name of Product | Processing Charge + GST |
|---|---|
| Home Loans |
|
| New Face Lift | Rs 1,500 |
| Mortgage Loans |
|
Other fees & charges associated with LIC HFL Home Loan
| Name of Charge | Amount excluding GST |
|---|---|
| CERSAI- Statutory Charges payable once at Disbursement Stage |
|
| Rewriting Charges- conversion fee, as applicable |
|
| Cheque Bouncing Charges |
|
| Document Retrieval Charges (on closure of loan) | Rs 2500 |
| List of Documents | Rs 500 |
| Photocopies of title documents | Rs 1000 |
| Late EMI Payment Charges |
|
| Recovery Charges (at each instance) | Actuals incurred by LICHFL in connection with the recovery procedure |
LIC Home Loan Eligibility Criteria
Resident Indians as well as NRIs who are salaried or self-employed (professionals or non-professionals) are eligible to apply for LIC Home Loan. LIC HFL also offers special Home Loan Schemes for Pensioners. So let’s find out primary LIC Home Loan eligibility criteria:
- Age: 21 to 70 years
- Tenure eligibility- as per customer profile
- 30 Years for salaried
- 20 Years for self employed
- 15 Years or till 70 years of age, whichever is early- for pensioners
- The applicant must have a steady and regular “verifiable” source of income.
- Loan margin of 15% to 25%, depending on the loan amount.
- 85% LTV for LIC HFL Loans up to Rs. 20 Lakhs
- 80% LTV for LIC Home Loans above Rs. 20 Lakhs & up to Rs. 75 Lakhs
- 75% LTV for LIC Housing Finance Loans above Rs. 75 Lakhs
- Minimum LIC Housing Finance (LICHFL) is Rs 1 Lakh. Max limit will depend on the profile & property value.
- Minimum CIBIL Score for regular home loan is 600. For applicants with <=0 CIBIL special products available.
LIC Housing Finance Home Loan Customer Care
LIC HFL has offices all across India and thus you can conveniently contact customer care for feedback or grievances. You can visit, call, or email as per your convenience.
To contact LIC Home Loan customer care online, visit link: www.lichousing.com/feedback.php and submit your query or complaints.
You can write grievances to customersupport@lichousing.com
Alternatively you can login at customer portal and share your views:
LIC Housing Finance Home Loan FAQs
To check status of your LIC Home Loan application status, visit the official LIC Housing Loan website. Click on this link https://online.lichousing.com/Online_app/Track-page.php and share application reference number to instantly check the home loan status.
Theoretically, your EMI should change whenever the base rate changes. However, LICHFL does not pass on the immediate relief to the customers. The rates are reset each quarter. Also, rather than changing EMI, the lender prefers to reset Home Loan tenure.
LICHFL accepts the EMI mode of repayment. The EMI has two components, the principal component, and the interest component. In the initial stages, the interest component is more than the principal.
Login to the customer portal with ID & password. Select 'Home loan provisional certificate' option under Enquires. Enter your home loan details and proceed for LIC home loan statement. Now you can view, print or download LIC home loan statement.
Yes, you can apply for LIC Home Loan online and it is more affordable convenient to apply online. When you apply through MyMoneyMantra, we directly share your application with the NBFC and the processing starts instantly. Also our loan representative will be available to guide you at free of cost till loan disbursement.
No, it is not compulsory to own an LIC policy for LIC Home Loan. However, it is advisable to get insurance coverage when you apply for the LIC Home Loan. You can take insurance for your property as well as Home Loan. With loan insurance, your family is protected financially against extreme emergency involving death of the main applicant.
No, LICHFL does not have any product for providing loans for purchase of consumer durables. It is a pure Housing Home Loan institution.
Yes, LIC Housing Finance Ltd is one of the designated NBFCs that provide loans under the PMAY scheme.
Yes, LIC offers loans to partnership firms and companies subject to specific terms and conditions. These entities can avail loan against property in the name of the firms for business purposes.