LIC Housing Finance Home Loan: Your Guide to Affordable Housing

Owning a home is a dream for many, and LIC Housing Finance Home Loan can be your pathway to achieving it. As a leading provider of housing finance solutions in India, LIC Housing Finance Limited (LIC HFL) offers a range of flexible and affordable LIC Home Loan options tailored to meet diverse needs.

Whether you’re a first-time homebuyer, looking to upgrade your existing home, or even a pensioner, LIC HFL has a LIC Housing Finance Home Loan solution for you.

With competitive interest rates, long tenures, and streamlined processes, LIC HFL aims to make your homeownership journey as smooth as possible.

If you’re in Kolkata and searching for the Best Loan DSA in Kolkata, Loanoffice.in can assist you in navigating the LIC Home Loan application process and securing the best deal possible.

Key Takeaways

• Competitive Interest Rates: LIC HFL offers home loan interest rates starting from 8.50% p.a.
• Flexible Loan Amounts: Get up to 90% of the property value as a loan.
• Extended Tenures: Repay your loan comfortably with tenures up to 30 years.
• Variety of Schemes: Choose from a range of schemes like Griha Prakash, Griha Suvidha, and more.
• Pensioner-Friendly Options: Special home loans are available for pensioners with tenures up to 80 years of age.
• Balance Transfer Facility: Switch your existing home loan to LIC HFL and enjoy lower interest rates.
• Dedicated DSA Support: Loanoffice.in, the Best Loan DSA in Kolkata, can help you with your LIC Home Loan application.

LIC Home Loan Highlights

Here’s a quick overview of the key features of LIC Housing Finance Home Loans:

Particulars	Details
LIC Home Loan Interest Rate	8.50% – 10.75% p.a.
Loan Amount (LTV Ratio)	Up to 90% of property value
Tenure	Up to 30 years
Processing Charges	0.25% of loan amount (Min. Rs 5,000 to Max. Rs 50,000)

LIC Housing Finance Home Loan Interest Rates

LIC HFL offers competitive interest rates on its home loans. The exact rate you’ll receive depends on various factors, including your CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.

LIC HFL Griha Prakash/Advantage Plus (Housing Component for CIBIL>=700)

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.50% p.a.	8.60% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.70% p.a.	8.80% p.a.

CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.75 % p.a.	8.85% p.a.
More than 2 crore & up to Rs 15 crore	8.95% p.a.	9.05% p.a.

Note: Interest rates for other CIBIL score ranges and different loan schemes are available on the LIC HFL website or through Loanoffice.in.

LIC Housing Finance Home Loan Processing Fees & Charges

LIC HFL charges a processing fee for its home loan schemes, including Griha Prakash, Griha Shobha, Griha Bhoomi, Griha Suvidha, Griha Suvidha Asha, Advantage Plus, and New Face Lift. The fee structure is as follows:

Loan Slab	Processing fee
Up to Rs 1 crore	0.25% of loan amount (maximum Rs 15,000)
Above Rs 1 crore and up to Rs 2 crore	Rs 20,000
Above Rs 2 crore and up to Rs 5 crore	Rs 25,000
Above Rs 5 crore and up to Rs 15 crore	Rs 50,000
*Minimum Processing Fees of Rs 5,000

Other Charges on LIC Home Loans

Service	Charges
Prepayment Charges	– Under floating rates- NIL– Under fixed rates- NIL, if paid through own sources, else 2% on prepaid loan amount
Penal Charges	1.50% per month on the defaulted instalments up to and inclusive of 12 months default and 1.75% per month on the defaulted / delayed instalment beyond 12 months default
Document retrieval charges	Rs 2,500
Providing document list	Rs 500
Photocopies of title documents	Rs 1,000
Cheque bounce charges	Rs 350
ECS/NACH dishonour charges	Rs 200

Documents Required for LIC Housing Finance Home Loan

To apply for a LIC Home Loan, you’ll need to submit certain documents. These are typically categorized into KYC documents, income documents, and property documents.

KYC Documents:

• Pan Card
• Aadhaar Card
• Passport (for NRIs)
• Proof of residence

Income Documents:

• Salary slips and Form No.16 (for salaried individuals)
• Last 3 years income tax returns along with financials (for self-employed or professionals)
• Bank statements for the last 6 to 12 months

Property Documents (if property is identified):

• Proof of ownership of property
• Allotment letter from the builder/society (in case of flats)
• Up to date tax paid receipt

LIC Home Loan Eligibility Criteria

LIC HFL has specific eligibility criteria that applicants need to meet. These criteria may vary based on the type of home loan scheme you’re applying for.

For Griha Suvidha Home Loan (Applicants who get part of their salary in cash):

• Applicant should receive at least 70% of their salary through banking channels.
• The maximum loan tenure is up to the retirement age of the senior applicant whose income is considered for loan calculation.
• A maximum of 2 cash-salaried borrowers can apply as co-applicants.
• Total gross income requirement for 1 borrower is up to Rs 30,000 per month & for more than 1 cash salaried borrower in total is up to Rs 40,000 per month.

Salaried Employees having No Pension:

• If an applicant is aged 45 years and retiring at 58 years, the maximum loan term can be extended by 10 more years post-retirement (up to 68 years of age).
• The maximum age at the time of application is 50 years.

LIC Home Loan Eligibility for Pensioners:

• Employees working with State/Central Government, PSU insurers, PSUs, and Nationalized Banks drawing pension under Defined Benefit Pension Scheme (DBPS) who are up to 65 years of age as per the last birthday can avail LIC HFL Home Loan for Pensioners.
• The spouse must be a joint applicant irrespective of property ownership.
• Children can be added as co-applicants, and their income can be considered for a longer tenure and higher loan amount.

Criteria for Top-up Home Loan:

• New applicants transferring their existing home loan from other banks/HFCs.
• Existing home loan borrowers with a consistent track record of timely repayment of their home loan EMIs.

In addition to the above, LIC HFL may consider your credit score while evaluating your home loan eligibility.

Types of LIC Housing Finance Home Loan

LIC HFL offers a diverse range of home loan schemes to cater to various needs:

Home Loan for Resident Indians

• Purpose: Purchase of under-construction properties, ready-to-move-in homes, and construction of new houses.
• Tenure: Up to 30 years.
• LTV Ratio: Varies based on the loan amount (up to 90%).

LIC HFL Home Loan for Pensioners

• Purpose: Home loans specifically designed for pensioners.
• Tenure: Up to 30 years or up to 80 years of age.
• Benefits: 2 EMI waivers (at the 61st and 121st month of the loan tenure).

LIC HFL Griha Suvidha

• Purpose: Home loans backed by Mortgage Guarantee, suitable for applicants with part of their salary in cash or those requiring extended loan tenures.
• Tenure: Up to 30 years.

LIC HFL Plot Loan

• Purpose: Purchase of residential plots from statutory authorities.
• Tenure: Up to 15 years (Plot Loan), up to 30 years (Composite Loan for plot purchase and construction).
• LTV Ratio: Up to 75% (Plot Loan), up to 60% for plot purchase under Composite Loan.

LIC HFL Home Construction Loan

• Purpose: Financing the construction of a new house.
• Tenure: Up to 30 years (Salaried), up to 25 years (Self-employed).
• LTV Ratio: Varies based on the loan amount (up to 90%).

LIC HFL Home Extension Loan

• Purpose: Extending or adding space to an existing property.
• Tenure: Up to 30 years.
• LTV Ratio: Varies based on the loan amount (up to 90%).

LIC HFL Home Renovation/Improvement Loan

• Purpose: Renovating or improving an existing property.
• Tenure: Up to 30 years.
• LTV Ratio: Varies based on the loan amount (up to 90%).

LIC HFL Top-up Home Loan

• Purpose: Availing additional funds over and above your existing home loan.

LIC Home Loan Balance Transfer

• Purpose: Transfer your existing home loan from another bank/HFC to LIC HFL.
• Tenure: Up to 30 years.
• Benefits: Lower interest rates, 2 EMI waivers.

LIC HFL Advantage Plus Scheme

• Purpose: Another balance transfer scheme with lower interest rates.
• Tenure: Up to 30 years.
• Benefits: 2 EMI waivers (one at the end of the 5th year and the other during loan closure).

LIC HFL Home Loan for NRIs

• Purpose: Home loans for Non-Resident Indians to purchase or construct properties in India.
• Tenure: Up to 30 years.
• LTV Ratio: Varies based on the loan amount (up to 90%).

Why Choose LIC Housing Finance Home Loan?

• Trusted Brand: LIC HFL is a subsidiary of LIC, a well-respected and trusted name in the financial sector.
• Wide Network: LIC HFL has a vast network of branches across India, making it accessible to a large customer base.
• Customer-Centric Approach: The lender is known for its customer-friendly policies and services.
• Transparency: LIC HFL maintains transparency in its loan processes and charges.

Conclusion

LIC Housing Finance Home Loan offers a wide range of options to suit your homeownership aspirations. With its competitive interest rates, flexible tenures, and customer-friendly approach, LIC HFL can be your trusted partner in achieving your housing dreams.

If you are in Kolkata, seeking expert guidance and assistance, Loanoffice.in, the Best Loan DSA in Kolkata, is here to help you navigate the process smoothly.

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