Looking for a home loan with low-interest rates? LIC Housing Finance home loan interest rates are competitive and affordable. Starting at just 7.50% p.a., avail up to Rs. 15 crores of home loan repayable within a flexible term of 30 years. Check your LIC Housing Finance home loan eligibility to enjoy the lowest possible EMI of Rs. 699 per lakh.
|Loan amount||Up to 15 crore|
|Rate of interest||7.50% onwards|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 699 Per Lakh|
|Processing fee||Up to 0.50% of loan amount |
(Minimum: Rs. 10,000)
|Min Salary/ Income Requirement||Rs 25000|
|Credit Score Required||600|
Type of Home Loan: The interest rate may vary as per the housing loan scheme opted for.
Type of borrower: The LIC Housing Finance provides a different rate of interest for different categories of borrowers. For women Home Loan applicants there is a special interest rate.
The amount of loan: A vital factor that affects the interest rates for a Home Loan is the principal loan amount applied for. The more the amount of Home Loan, the reduced will be the rate of interest for the same.
The relationship with LIC Housing Finance: The LIC Housing Finance offers special interest rates for their existing customers. These schemes have reduced interest rates in order to keep their current customers happy and maintain a cordial relationship with them.
The salary or the income of the borrower: The monthly income level of the borrower also plays a vital role in the variance of Home Loan interest rate. The rates of interest are typically lower for higher loan amounts.
|Charges for cheque bounce||350|
|ECS dishonour charges||200|
|Charges for document retrieval||2,500 + applicable taxes|
|Providing a list of documents||500 + applicable taxes|
|Title documents photocopies||1,000 + applicable taxes|
|Charges for late EMI payment|
The applicable home loan interest will be revealed after your loan application is approved and the documents are verified. So ensure required documents are handy before you fill the loan application.
Here is the required list of documents for LIC Housing Finance Home Loan.
To calculate LIC Housing Finance Home Loan Interest use Home Loan EMI Calculator. Alternatively you use the formula to calculate manually.
Interest Amount = Principal Loan Amount x Interest Rate x Time
However, using calculator is instant and hassle free. Share loan details like loan amount, interest rate and tenure and press submit button. Instantly you will get loan EMI, total repayment and total interest amount.
Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule of the loan alongside graphical representation of the loan principal and interest.
|Lender||Interest Rate||Processing Fee|
|LIC Housing Finance Home Loan||7.50% onwards||Up to 0.50% of loan amount (Minimum Rs. 10,000)|
|ICICI Bank Home Loan||7.60%-8.45%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||7.55% - 8.25%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||7.60%-8.05%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||7.55%-8.05%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
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.
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Longer the loan tenure, lower will be the principal component of EMI. However, the total interest payable to the bank over the entire loan tenure will be higher. So, it is advisable to opt for an affordable EMI and select the shortest possible tenure.
You get the lowest EMI with daily reducing interest even at the same rate of interest. Under this method, the principal outstanding amount is adjusted every day for the principal amount repaid. However, with monthly reducing interest, principal repaid will be credited only at the end of the month.
When the floating interest rate on your Home Loan changes, the EMI amount would remain the same in most cases. The loan tenure will be reduced or increased by the lender to adjust for the higher or lower interest rate. However, you can request the lender to reset the EMI at nominal EMI reset fee, subject to eligibility and bank conditions.
A delayed or missed EMI will reflect as days payment due (DPD) in your credit report and may hurt your credit score. A bounced ECS/ cheque for EMI will also appear in your bank statement. All this will make it more difficult and expensive for you to avail a new loan in the future.
Yes, you can reduce your Home Loan EMI by simply making a part prepayment of your loan by using some of your savings/ bonus or any other surplus. At part prepayment, you can either opt to reduce your EMI and keep the repayment tenure unchanged or opt for a shorter tenure. Doing so will help you repay the loan faster.
You can set up an instruction for ECS update in favour of the bank for the complete loan tenure so that you don't have to keep the due date in mind every month. Also, plan your finance only after deducting the EMI amount from your monthly budget.
Yes, you can club your spouse's income with your income to increase your eligibility for LIC Housing Finance Home Loan