LIC HOUSING FINANCE
Loan Against Property

Below are the key details of the LIC mortgage loan:

LIC property loan interest rates are floating and are linked to the LIC Housing Prime Lending Rate (LHPLR). The interest rate varies depending on the loan amount, borrower’s CIBIL score, variant of loan, and other crucial factors.

Following are the current LIC LAP rate of interest for Individuals:

Following are the current LIC property loan interest rates for Listed/Unlisted Companies:

Following are the current LIC LAP loan interest rates for Loans to Professionals for Office for Their Professional Practice:

Following are the current LIC LAP loan interest rates for Lease Rental Discounting:

You can also compare Loan Against Property Interest Rates Online from the market's Top Lenders.

Below is the comparison of the loan against property LIC interest rates with the interest rates of loans against properties offered by other lenders. You can compare the rates offered by different banks and HFCs to choose the most affordable option:

• LIC loan against property can be used for all personal as well business financial needs, such as children’s education/ marriage, property purchase, business expansion, etc. 
• You can avail of a minimum of Rs. 2 Lakhs and a maximum of up to Rs. 15 Crores as loan amount.
• Maximum tenure for LIC LAP can go up to 15 years.
• Disbursement of loan is done in Equated Monthly Installments (EMI) - Monthly Rest Basis.
• The loan is available to Indian Residents only. 
• LIC loan against property interest rates vary between 9.70% - 11.55% p.a.
• The processing fee for LIC LAP is 1% of the loan amount plus applicable service tax.

You can also check Loan Against Property Without Income Proof.

• LIC LAP can be availed of against the mortgage of a residential house/ flat.
• Security is required by way of an equitable/ registered mortgage of residential property.
• The age of the property should not be more than 35 years.
• A Demand Promissory Note is required.
• This loan is available to Indian Residents only.

Here is a checklist of Loan Against Property Documents Required for applying LIC LAP:

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.

Following are some of the most important fees and charges associated with availing of a loan against property from LIC Housing Finance Ltd:

You can use the LIC Housing Finance loan against property EMI calculator available on our portal to know your EMI outgo before applying for the loan. To use the our Loan Against Property EMI calculator, follow the steps given below:

• Open the ‘Loan Against Property EMI Calculator’ available under the ‘Financial Tools’ tab.
• Enter the required loan amount, interest rate, and tenure (in years).
• As soon as you select the above details, the calculator will display the monthly EMI, total interest, and total payment.

Below is an example using our mortgage loan EMI calculator: 

Variables:

• Loan amount to be availed of: Rs. 50 Lakhs
• Interest rate: 9.70% p.a.
• Loan tenure opted: 15 years

Outcome:

• Monthly EMI: Rs. 52,816
• Total interest: 45,06,940
• Total Payments: Rs. 95,06,940

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 also check the eligibility for availing Loan against Agriculture Land Online.

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