Sales@jkdhomeloan.in
LIC (Life Insurance Corporation of India) is a market leader in the insurance space due to its heritage and huge market penetration. LIC is synonymous with insurance in India due to its experience and expertise in this niche. LIC Housing Finance Limited (LIC HFL) is a subsidiary of LIC and creates trust among customers. It is a pioneering NBFC in India that offers home loans at affordable interest rates starting at 8.50% per annum. The LIC home loan size ranges from Rs. 1 lakh to Rs. 15 crores with a tenure of up to 30 years. The processing fee as per LIC HFL is 0.50% of the loan amount plus GST. Home Loan for Resident Indians, Griha Varishtha Home Loan (for Pensioners), LIC HFL Griha Suvidha, LIC HFL Land Loan, LIC HFL Home Loan, LIC HFL Home Extension Loan, LIC HFL for NRIs are among the extensive loan options offered here HFC in the home loan category .
|
Loan Amount |
Up to 90% of the value of the property (depending on customer profile) |
|
Rate of Interest |
Starts at 8.50% per annum |
|
RPLR |
17.05% |
|
Processing Fee |
Up to 0.50% of the loan amount |
|
Maximum Tenure for Repayment |
30 years or attainment of 80 years (whichever is earlier) |
|
Penal Rate of Interest |
NIL |
|
Rate Packages |
NIL |
|
Charges for Prepayment/Foreclosure |
NIL |
LIC HFL interest rate starts at 8.50% p.a. and varies depending on the home loan scheme and the customer’s employment type. LIC HFL offers several home loan options for its patrons worldwide. The table below enlists the various home loan schemes and their respective LIC home loan interest rates:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
|
LIC HFL Griha Suvidha |
8.70% – 8.80% p.a. onwards |
|
LIC HFL for NRI |
8.45% – 8.55% p.a. onwards |
|
LIC HFL Home Extension Loan |
8.60% – 8.70% p.a. onwards |
|
LIC HFL Home Construction Loan |
8.45% – 8.55% p.a. onwards |
|
LIC HFL Home Loan Top Up |
9.70% – 11.55% p.a. onwards |
|
LIC HFL Advantage Plus |
8.45% – 8.55% p.a. onwards |
|
LIC HFL Home Loan |
8.45% – 8.55% p.a. onwards |
|
LIC HFL Home Renovation Loan |
8.45% – 8.55% p.a. onwards |
|
LIC HFL Plot Loan |
8.75% – 8.85% p.a. onwards |
|
LIC HFL Home Loan for Pensioners |
8.45% – 8.55% p.a. onwards |
LIC HFL eligibility criteria need to be fulfilled to avail LIC home loan, which is determined by the applicant’s income, credit score, and capacity to repay. The table below lists the basic LIC home loan eligibility criteria an individual has to qualify for the loan amount.
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
|
Age Range (in years) |
18-50 years |
18-75 years |
|
Nationality |
Resident and Non-Resident Indian |
Resident and Non-Resident Indian |
|
Minimum Income Earned |
Rs. 30,000 per month |
Rs. 30,000 per month |
There is a small amount of administrative cost that LIC HFL charges its customers for processing and sanctioning home loans. The customer pays this fee either during the document collection process or when the home loan is approved. The below table shows the LIC housing finance processing fees and home loan charges levied on customers as part of the approval process for home loans:
|
Processing Fee |
Up to 0.50% |
|
Rewriting Charges |
Rs.2,500 |
|
Statutory Charges |
Rs.250 – Rs.1,000 |
|
Charges of Check Bounce |
Rs.350 |
|
Document Retrieval Charges |
Rs.2,500 |
|
ECS Dishonour Charges |
Rs.200 |
|
Charges for Providing Document List |
Rs.500 |
|
Late EMI Payment Charges |
1.5% – 2% p.m. |
|
Charges for Photocopies of Title Documents |
Rs.1,000 |
LIC HFL presents various schemes for salaried and self-employed customers looking for home loans. Listed below are the top 8 popular home loan schemes and plans offered by LIC HFL for their customers:
| LIC HFL Griha Varishtha |
|---|
|
Individuals can avail the loan to purchase a flat or house, but an occupancy certificate (OC) is required |
|
It allows waiver of 6 EMIs |
|
Your children can be co-contenders of the plan |
| LIC HFL Griha Suvidha |
|---|
|
Resident Indians can avail the loan facility for buying a home |
|
The plan doesn’t consider the age and income type of customers |
|
The loan amount is entitled to subsidy as per PMAY – CLSS |
| LIC HFL Home Loan for NRIs |
|---|
|
These loans are specially designed for non-resident Indians willing to buy or construct a residential property in India |
|
It doesn’t levy any pre-payment penalty |
|
A balance transfer is possible whereby the applicants can transfer their active loans from other financial institutions/banks to LIC HFL |
| LIC HFL Plot Loans |
|---|
|
These loans are crafted for buying residential land/plots for constructing a home |
|
The loan amount offered under the plan is up to 75% of the value of the property |
|
The loan can be paid back over a repayment tenure of 15 years |
| LIC HFL Home Extension Loan |
|---|
|
The loan can be used for constructing an extension of your house |
|
It can be paid back within a repayment tenure of up to 30 years |
|
8.65% p.a. is the starting interest rate under the plan |
| LIC HFL Home Construction Loan |
|---|
|
The loan is available for the construction of a residential property |
|
It is available at an attractive and reasonable interest rate |
|
Up to Rs. 75 lakh of the maximum loan amount is offered under the plan |
| LIC HFL Top Up on Home Loan |
|---|
|
The loan is offered to both existing and new LIC home loan customers |
|
It can be availed on a user’s already existing home loan |
|
The rate of interest under the plan is low |
| LICHFL Advantage Plus |
|---|
|
Transfer home loan from other banks to LIC HFL and avail lucrative benefits under this plan |
|
A special option of waiver of 2 EMIs can be availed |
|
It doesn’t levy any pre-payment penalty |