LIC Housing Finance (LICHFL) Home Loan- Highlights:
|Loan Amount||Up to 15 Crore|
|Rate of interest||6.90% onwards|
|Lowest EMI possible||Rs. 659 Per Lakh|
|Processing fee||Up to 0.50% of loan amount|
Some of the notable features of LIC Home Loan are:
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:
|Purchase from Builder|
|Direct Allotment in Cooperative Housing Society|
|Direct Allotment in Cooperative Housing Society by Public Agency|
|Public Agency's Allotment to Individuals|
On submission of Home Loan Documents, the application will not take more than a day or two in further processing.
Current LIC Home Loan floating interest rates start from 6.90% to 7.80% for salaried employees and range from 7% to 7.90% for self employed individuals. The effective interest rate for LIC Home Loan 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|
|Floating - Linked to LHPLR for Home Loans Up to 50 Lakhs||6.90 % to 7.50%||7.00 to 7.60%|
|Floating - Linked to LHPLR for Home Loans more than 50 Lakhs & Up to Rs. 1 Cr||6.90 % to 7.70%||7.00 to 7.80%|
|Floating - Linked to LHPLR for Home Loans More than 1 Cr and up to Rs 3 Cr||6.90 % to 7.70%||7.00 to 7.80%|
|Floating – Linked to LHPLR for Home Loans More than 3 Cr and up to Rs 15 Cr||6.90 % to 7.80%||7.00 to 7.90%|
|Fixed Home Loan for entire tenure:|
My Choice –Sure Fixed & Apna Ghar (PMAY-CLSS)- Sure Fixed
(Upto Rs.50 lakhs)
|Fixed Home Loan for entire tenure:|
My Choice –Sure Fixed & Apna Ghar (PMAY-CLSS)- Sure Fixed (Above Rs.50 lakhs and Up to Rs 5 Cr)
|Floating Loans Up to Rs. 50 Lakhs (Cibil Score is <=0 )||7.40% onwards|
*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 Home Loans, applicant with highest Credit Score will be considered for calculating rate of interest.
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|
|New Face Lift||Rs 1,500|
|Name of Charge||Amount excluding GST|
payable once at Disbursement Stage
conversion fee, as applicable
|Cheque Bouncing Charges|
|Document Retrieval Charges|
(on closure of loan)
|List of Documents||Rs 500|
|Photocopies of title documents||Rs 1000|
|Late EMI Payment Charges|
1.50% p m on the defaulted instalment- for Up to 12 months default
2.00% p m on the defaulted instalment for default of more than 12 months
(at each instance)
|Actuals incurred by LICHFL in connection with the recovery procedure|
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|LIC Home Loan||Rs. 15 Crores||30 years||6.90%||Up to 0.50%|
|ICICI Home Loan||Up to 90% of property||30 years||6.70%-8.05%||0.50% + GST|
|SBI Home Loan||Up to 90% of property cost||30 years||6.70% - 8.05%||Up to 0.50% + GST|
|Axis Home Loan||Rs. 5 Crores||30 years||6.70%-8.40%||Up to 1% + GST|
|HDFC Home Loan||Up to 90% of property cost||30 years||6.75%-7.65%||Up to 1.50% + GST|
Depending on the product you choose, LIC Housing Finance gives Home Loans from 75% to 90% of the value of the property, also known as Loan to Value (LTV).
|Loan Amount||Margin||LTV Ratio|
|Up to 30 Lakhs||10%||90%|
|Above 30 Lakhs up to 75 Lakhs||20%||80%|
|Above 75 Lakhs||25%||75%|
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:
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.
|Loan Amount||10 years||20 years||30 years|
|Rs.20 lakh||Rs. 23,119||Rs.15,386||Rs.13,172|
*For EMI calculation purpose, flat rate of Interest @ 6.90% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
PMAY is a government of India’s flagship Housing Loan Scheme for first time home buyers. The PMAY offers annual credit linked subsidy up to Rs 2.67 on rate of interest of loan. Households with annual income of Rs 3 lakh to Rs 18 lakh are eligible under to apply for the scheme. The last date to claim credit linked home loan subsidy under PMAY is 31 March, 2022. The Scheme is open for rural as well as urban families.
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 customer care online, visit link: www.lichousing.com/feedback.php and submit your query or complaints.
You can write grievances to email@example.com
Alternatively you can login at customer portal and share your views:
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MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
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.
As the name suggests, the fixed rates of interest remain constant for the entire tenure of the loan. The floating rate of interest is linked to external benchmarks that changes every time the Reserve Bank of India changes repo rates. Therefore, the floating rates keep changing every three months. You can choose fixed or floating rate from LIC HFL. There is also a combination variant that allows you to choose a fixed rate for a specific period after which the rate changes to a floating one.
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.
When you take a Home Loan for constructing a house, LICHFL gives you a repayment holiday known as the moratorium during the construction period. It can be anything between 18 months and 30 months. You have two options of repayment. You can choose to service applicable interest during this holiday period. Alternatively, you can accumulate the interest and start repaying EMIs after the end of the moratorium.
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.
It depends on your requirements and the accuracy of your documents. Hence, it is better to seek the guidance of a professional loan serve like MyMoneyMantra when apply for financing. We help you prepare for documents without any fee. The faster you submit the documents, the quicker is LIC Home Loan process for approval.
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.