LIC HFL - 7.50% for Home Loan - New Purchase Home Loan

LIC Housing Finance Home Loan

LIC Housing Finance offers housing loans to people who want money to purchase a house, home renovation, home extension, etc.

The house itself acts as a security to the loan.

 

Taking a loan from LIC Housing Finance has the following benefits:

1. PAN India presence

2. Pay less EMIs for a tenure of 20-30 years

3. Easy loan process and quick approvals

4. Loan available for both salaried and self-employed. Special rates for women borrowers.

5. Borrowers within the age group of 21 and 60 years.

6. Security: Mortgage of property you are planning to purchase, renovate or construct.

7. Loan to Value Ratio of 90%.

8. Loan Tenure can range from 5 to 30 years.

9. Interest rates in the range of 8.50%*

 

Home Loan Interest Rates LIC Housing Finance:

LIC Housing Finance home loan interest rates are in the range of 8.50%*.*, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.50%* p.a.*

Rewriting facility available for housing and non-housing individual loans.

1. *In the case of Joint Applicants, the CIBIL Score of the applicant having the highest score will be considered.

2. *Total Loan exposure should not exceed 10 crs. Under Advantage Plus Scheme.

 

LIC HFL Home Loan Schemes:

LIC Home Loan for Resident Indians

Purpose: LIC Housing Finance offers regular home loans to resident Indians for purchasing under-construction properties, ready to move in homes and construction of new houses.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

 

LIC HFL Home Loan for Pensioners

Purpose: LIC Housing Finance offers Home Loan for Pensioners to employees of State/ Central Government, PSU insurers, PSUs and Nationalized Banks eligible for pension under Defined Benefit Pension Scheme.

Tenure: Up to 30 years, or up to 80 years of age of the applicant, whichever is earlier

 

LIC HFL Griha Suvidha

Purpose: LIC Housing Finance Griha Suvidha scheme is a home loan scheme backed by Mortgage Guarantee, where age and type of income does not matter. This home loan scheme is offered to applicants receiving part of their salary through cash or those requiring extended loan tenures due to their nearing retirement age. This loan scheme is also available to self-employed applicants requiring extended loan tenure.

Tenure: Up to 30 years

 

LIC HFL Plot Loan

Purpose: Consumers can avail LIC HFL Plot Loan for the purchase of residential plot from statutory authorities such as government bodies, development authorities and approved layout. The lender also offers Composite Loans to its applicants for plot purchase and home construction provided the construction is completed within 3 years from the date of plot purchase.

Tenure:

Plot Loan- Up to 15 years

Composite Loan- Up to 30 years

 

LTV Ratio

Plot Loan- Up to 75% of property value

Composite Loan- Up to 60% of the sanctioned amount should be used for plot purchase and the remaining amount should be used for home construction

 

LIC HFL Home Construction Loan

Purpose: LIC Housing Finance offers Home Construction Loan to existing as well as new home loan borrowers to fulfil their financial requirements for home construction purposes.

Tenure:

For Salaried- Up to 30 years

For Self-employed- Up to 25 years

 

LIC HFL Home Extension Loan 

LTV Ratio:

Home Extension Loan from LIC Housing Finance for carrying out extension or addition of space to existing properties.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

 

LIC HFL Home Renovation/Improvement Loan

Purpose: LIC Housing Finance offers Home Renovation or Home Improvement Loan for improvement and renovation of existing property of its applicants.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

 

LIC HFL Top-up Home Loan

Purpose: LIC Housing Finance offers Top-up Home Loan to its existing home loan borrowers over and above their existing home loans to finance their personal needs.

 

LIC Home Loan Balance Transfer

Purpose: Existing home loan borrowers of other banks and HFCs can avail LIC HFL Home Loan Balance Transfer facility to transfer their existing home loans to LIC Home Loan at lower interest rates.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

 

LIC HFL Advantage Plus Scheme

Purpose: Existing home loan borrowers of other banks and HFCs can avail LIC Housing Finance Advantage Plus Home Loan scheme to transfer their existing home loans to LIC HFL at lower interest rates.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Home Loan for NRIs

Purpose: NRIs aspiring to own houses in India can avail LIC HFL Home Loan for NRIs  finance the purchase of under-construction or ready to move in properties and construction of own house. NRIs can also avail Plot Loans and Home Renovation Loan, Home Improvement Loan, Home Loan Balance Transfer facility and Top-up Home Loans from LIC Housing Finance.

Tenure: Up to 30 years

LTV Ratio:

Particulars	Details
Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

 

LIC HFL Griha Prakash/Advantage Plus (Housing Component for CIBIL 700 and above)

CIBIL Score 800 and above

Loan Slab	Interest Rate (p.a.)
Up to Rs 5 crore	7.50% p.a.
More than Rs 5 crore to Rs 15 crore	7.75% p.a.

CIBIL Score 775 to 799

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	7.85% p.a.
More than 50 lakh & up to Rs 2 crore	7.90% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.00% p.a.

CIBIL Score 750 to 774

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	7.95% p.a.
More than 50 lakh & up to Rs 2 crore	8.00% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.10% p.a.

CIBIL Score 725 to 749

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.15% p.a.
More than 50 lakh & up to Rs 2 crore	8.20% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.30% p.a.

CIBIL Score 700 to 724

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.50% p.a.
More than 50 lakh & up to Rs 2 crore	8.55% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.65% p.a.

CIBIL Score 600 to 699

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	9.15% p.a.
More than 50 lakh & up to Rs 2 crore	9.35% p.a.
More than Rs 2 crore & up to Rs 15 crore	9.50% p.a.

 CIBIL Score less than 600

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	9.60% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.80% p.a.
More than Rs 2 crore & up to Rs 5 crore	10.00% p.a.

 CIBIL 150 to 200

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.00% p.a.
More than 35 lakhs & up to 2 crs	8.35% p.a.

 CIBIL 101 to 150

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.50% p.a.
More than 35 lakhs & up to 2 crs	8.85% p.a.

Loan towards Purchase of Residential Plots and Construction (Griha Bhoomi)

CIBIL Score 800 and above

Loan Slab	Interest Rate (p.a.)
Up to Rs 5 crore	7.70 % p.a.
Above Rs 5 crore to Rs 15 crore	7.95% p.a.

CIBIL Score 775 to 799

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.05% p.a.
Above Rs 50 lakh to Rs 2 crore	8.10% p.a.
Above Rs 2 crore to Rs 15 crore	8.20% p.a.

CIBIL Score 750 to 774

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.15% p.a.
Above Rs 50 lakh to Rs 2 crore	8.20% p.a.
Above Rs 2 crore to Rs 15 crore	8.30% p.a.

CIBIL Score 725 to 749

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.35% p.a.
Above Rs 50 lakh to Rs 2 crore	8.40% p.a.
Above Rs 2 crore to Rs 15 crore	8.50% p.a.

CIBIL Score 700 to 724

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	8.70% p.a.
Above Rs 50 lakh to Rs 2 crore	8.75% p.a.
Above Rs 2 crore to Rs 15 crore	8.85% p.a.

CIBIL Score 650 to 699

Loan Slab	Interest Rate (p.a.)
Up to Rs 50 lakh	9.35% p.a.
Above Rs 50 lakh to Rs 2 crore	9.55% p.a.
Above Rs 2 crore to Rs 15 crore	9.70% p.a.

 CIBIL Score 150 to 200

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.20% p.a.
More than 35 lakhs & up to 2 crs	8.55% p.a.

 CIBIL 101 to less than 150

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.70% p.a.
More than 35 lakhs & up to 2 crs	9.05% p.a.

LIC HFL Griha Suvidha

CIBIL Score 800 and above

Loan Slab	Interest Rate (p.a.)
More than 10 lakhs &up to 3 crs	7.75%

CIBIL Score 775 to 799

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	8.10%
Above Rs 50 lakh to Rs 2 crore	8.15%
Above Rs 2 crore to Rs 3 crore	8.25%

CIBIL Score 750 to 774

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	8.20% p.a.
Above Rs 50 lakh to Rs 2 crore	8.25% p.a.
Above Rs 2 crore to Rs 3 crore	8.35% p.a.

CIBIL Score 725 to 749

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	8.40% p.a.
Above Rs 50 lakh to Rs 2 crore	8.45% p.a.
Above Rs 2 crore to Rs 3 crore	8.55% p.a.

CIBIL Score 700 to 724

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	8.75% p.a.
Above Rs 50 lakh to Rs 2 crore	8.80% p.a.
Above Rs 2 crore to Rs 3 crore	8.90% p.a.

CIBIL Score 600 to 699

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	9.40% p.a.
Above Rs 50 lakh to Rs 2 crore	9.60% p.a.
Above Rs 2 crore to Rs 3 crore	9.75% p.a.

 CIBIL Score less than 600

Loan Slab	Interest Rate (p.a.)
Above Rs 10 lakh to Rs 50 lakh	9.85% p.a.
Above Rs 50 lakh to Rs 2 crore	10.05% p.a.
Above Rs 2 crore to Rs 3 crore	10.25% p.a.

 CIBIL Score 150 to 200

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.25% p.a.
More than 35 lakhs & up to 2 crs	8.60% p.a.

 CIBIL 101 to less than 150

Loan Slab	Interest Rate (p.a.)
Up to Rs 35 lakh	8.75% p.a.
More than 35 lakhs & up to 2 crs	9.10% p.a.

Sure Fixed Scheme

Loan Slab	CIBIL Score	Interest Rate (p.a.)
Up to Rs 15 crore	750 and above	10.00%
	below 750	10.25%

 

LIC Housing Finance housing loan interest depends upon:

1. Loan amount:

The housing loan rate in LIC Housing Finance depends upon the loan amount you apply for.

The higher the loan amount, the lesser will be the rate

 

2. Your Salary:

Income helps you identify your rate of interest. The bank's rate varies with your monthly income.

The higher the income, the lesser will be the rate

 

3. Type of loan opted for:

LIC Housing Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:

LIC Housing Finance offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

LIC Housing Finance Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from LIC Housing Finance also carry some other charges which include:

Processing Fee -

LIC Housing Finance applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

Technical and Legal Charges -

LIC Housing Finance also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on LIC Housing Finance rules.

 

Prepayment Charge- 

If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to LIC Housing Finance.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans. Hence, you can prepay your home loan with LIC Housing Finance at Nil charges.

 

LIC Housing Loan:

Apply

Apply for an ICICI Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare LIC HFL rates with other banks before choosing the best deal for your home loan needs.

 

LIC Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Frequently Asked Questions:

 

Q. What is the LIC Housing Finance home loan procedure?

Ans. You can apply for an LIC Housing Finance home loan by contacting the bank directly or by applying through online marketplaces like Apnarupee.com.

Availing of a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees.

Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on the property, and eligibility calculation.

The bank will make a decision on your loan based on the evaluation results.

You can also check your LIC Housing Finance home loan status by logging in to your customer account with Apnarupee.com.

 

Q. Why should I opt for a balance transfer to LIC Housing Finance?

Ans. LIC Housing Finance offers competitive home loan rates with the best EMI  availed at a low interest rate of 8.50% for a maximum tenure of 30 years.

 

Q. What is the maximum loan tenure I can opt for under the LIC Housing Finance house loan?

Ans.LIC Housing Finance offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

 

Q. Do I get tax benefits on home loans from LIC Housing Finance?

Ans. As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a home loan under section 24 and section 80C of the Income Tax Act.

 

Q. Can I transfer my house loan from another bank to LIC Housing Finance?

Ans. Yes, the Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing loan transfer to LIC Housing Finance can allow you to save interest, pay lower EMIs, and save money.

 

Q. Can I club the income of my spouse with mine and apply for a joint home loan?

Ans. You can club the income of your spouse to increase your loan eligibility if the spouse is a co-owner of the property or guarantor of the loan.

 

Q. What is the benchmark applicable for housing loans?

Ans. The benchmark applicable for home loans in LIC Housing Finance is PLR.

 

Q. What is the effect of part prepayments on LIC Housing Finance housing loan EMI?

Ans. Part prepayments help you reduce the outstanding amount of the loan which in turn will reduce the interest amount due.

After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

 

How to increase my eligibility for an LIC Housing Finance housing loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your incomes will help you in increasing your eligibility to get a loan.

 

Q. How will the interest rate on LIC Housing Finance housing loan change in the future?

Ans. The floating rate on LIC Housing Finance housing loan is linked to its PLR Rate, which is currently at 14.70%.

When the Bank offers a home loan at 7.50%, it applies a discount of 6% to its PLR Rate to arrive at this home loan rate.

When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase.

When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

 

Q. Am I eligible for a top-up on my existing home loan?

Ans.LIC allows you to top up your existing home loan at any time during your loan tenure.