LIC HOUSING FINANCE
Loan Against Property

• LIC offers high value loans against residential, commercial & industrial units.
• You can avail customised Mortgage Loan up to 80% of property value.
•  All profiles including individuals & non individuals, resident & non-resident Indians can apply.
•  LIC Loan Against Property amount can range from Rs 2 Lakhs to Rs 5 Crore.
•  Maximum tenure for LIC LAP can go up to 15 years.
•  LIC Loan Against Property interest rates start from 8.50% p.a onwards.
•  Currently the lowest LIC Loan Against Property EMI is Rs 985 per lakh.
•  Maximum processing fee for LIC LAP may go up 1% of the loan amount.
•  Non LIC LAP customers can avail low cost Balance Transfer with Top Up.

Additional Reading: Cibil score check free online by pan number

LIC Housing Finance Limited offers affordable & customised Loan Against Property at attractive interest rates and extended repayment tenure. The interest rates for LIC Loan Against Property starts from 8.50 % p.a. onwards. The effective LAP interest rate depends on factors such as market value of the property, property location, credit profile of the customer and the loan amount.

Eligible Profiles:

Salaried

•  Self-employed resident individuals
•  Listed/ unlisted companies

Property Conditions:

•  Property should not be more than 35 years old.
•  It should be free from any kind of encumbrance.
•  The applicant should have a clear title.

Age:

The individual should be between 21 to 65 years during the loan tenure. The age limit does not apply to reverse mortgage loan.

Documentation:

•  KYC and property documents are mandatory.
•  Original copies are required for verification.
•  Only after verification & clear report from the legal team, the loan will be sanctioned.

Additional Reading: How to calculate credit score?

Here is a checklist for applying LIC Loan Against Property.

1. Identity proof: 

Individual applicants need to submit any one of the following documents-

• Passport
• Driving license
• PAN card
• Aadhar card
• Voter ID card

Non-individual applicants may submit any one of the following ID proofs:

• SSI registration certificate or factory registration certificate
• Educational certificates (for professionals)
• GST registration certificate
• Export-import certificate/ Trade license certificate
•  Partnership deed (in case of multiple partners).

2. Income proof:

For salaried:

• Last two-month salary slips
• Form 16 for the latest financial year
• Income tax returns for the latest financial year
• Last five months bank statements reflecting salary and rental income credit as applicable.
• For retired applicants, pension certificate is required.

For professionals:

• Income tax returns & audited financials for the last 3 years
• GST returns
• Profit and loss account & balance sheet for 3 years
• Bank statement of the firm for the last six months

3. Age proof:

• School Leaving Certificate
• LIC policy
• Birth certificate, passport, or PAN card
• Domicile certificate
• For government or PSU, employee ID is required

4. Address proof:

• Driving license, Passport, or Voter ID card
• Utility bills for the last 3 months
• Rent agreement
• Bank passbook
• Property sale deed (for non-salaried professionals or business persons.

LIC Loan Against Property for Individuals

• LIC LAP product for salaried individuals.
• Minimum loan amount is Rs. 2 lakh.
• The maximum repayment tenure is 15 years.
• The processing fee is nominal at 1% of the loan amount.
• The property for mortgage should not be more than 35 years old.
• The interest rates are based on floating basis.
• No part prepayment or foreclosure fee is levied.
• Your repayment capacity, present income, past credit history, existing liabilities & Credit score besides property value & loan amount will be assessed to determine the loan eligibility.
• Documentation involve proof for KYC, age, income & property details.

Loan Against Property for Companies

• LAP product for listed and unlisted companies.
• Loan can be applied against commercial property/ office premises and/or for purchase of commercial property.
• The loan can also be used for repaying existing loans (including takeover), purchasing fixed assets etc.
• The maximum tenure offered is 10 years.

LAP for Professionals

• LAP for professionals is offered to professionals who are in need of money for purchase/ renovation/ extension/ modification of commercial premises for professional or business reasons.
• Only resident Indian professionals/ company/ partnership firm of such professional can apply.
• Maximum repayment tenure is 10 years.
• There are no prepayment penalties.
• LAP can be availed against equitable mortgage, personal guarantee of Directors or Partners, as applicable & Demand Promissory Note.
• The hypothecation of equipment (if financed) will be needed as an additional security.

4. Loan Against Rental Securitization

• Only listed and unlisted companies can apply for loan against commercial property/ office premises.
• The loan amount can be utilised for repaying existing loans (including takeover), purchase of fixed assets, etc.
• Loan is provided against built up property.
• Maximum tenure offered is 10 years.
• There are no prepayment penalties.

You can instantly check LIC loan against property EMI using LAP EMI calculator. It is free and easy-to-use online tool that helps you make an informed decision. Just click on the EMI Calculator and share loan amount, interest rate and repayment tenure. Submit Calculate & you will get EMI and loan repayment schedule.

Additional Reading: How to check free cibil score?

You can contact LIC Housing customer care by visiting the branch, calling customer helpline or writing/emailing your query.

Email your questions here: customersupport@lichousing.com

Call customer helpline: 912222178600

Fax: 912222178777

Headquarter Address:

LIC Housing and Finance Limited

Maker Tower-F, 13th floor,

Cuffe Parade

Mumbai-400 005