LIC Housing Finance Home Loan

Current LIC Home Loan floating interest rates start from 8.50% for salaried employees and range from 8.50% for self employed individuals. The effective interest rate for LIC Housing Finance will vary as per individual’s profile, credit score and LTV. Women applicants will be eligible for a discounted of 5 bps.

*For lowest LIC Housing Loan Interest Rate offer CIBIL Score >= 700, followed by CIBIL Score 650 – 699, CIBIL Score 600 – 649 and CIBIL Score < 600 respectively.          
*In Joint LIC Home Loans, applicant with maximum cibil score will be considered for calculating rate of interest.

LIC Home Loan to Resident Indians: Griha Suvidha Home Loan:

• Griha Suvidha Home Loan is a regular LIC Home Loan for resident Indians.
• A vast majority of borrowers like salaried, self employed and pensioners can apply.
• The loan can be availed for Construction, Extension, Repairs & Renovations.
• Floating interest rates starting from 8.35% - 10.50% p.a.
• Maximum repayment tenure for salaried: Up to 30 years
• Maximum repayment tenure for self-employed: Up to 20 years
• LIC Loan to Value (LTV) ratio:
  • 85% of the property’s cost for LIC Home Loan up to Rs. 20 Lakhs.
  • 80% of the property’s total cost for LIC HFL Loan above Rs. 20 Lakhs and up to Rs. 75 Lakhs.
  • 75% of the property’s total cost for LIC Housing Finance Home Loan above Rs. 75 Lakhs.

• Balance transfer and top up option available.
• No prepayment penalty.
• Flexible terms & conditions.

Looking for 75 Lakh Home Loan? Check EMI & Apply

LIC Plot Purchase Loan

• LIC HFL loan for purchasing a residential plot for construction within 3 years.
• Maximum repayment tenure is up to 15 years.
• Maximum Loan to Value (LTV) ratio is up to 75% of the value.
• LIC Plot Loan can be applied online.
• Get fast sanction and low EMI plan.
• Simplified documentation.

LIC HFL Balance Transfer/ Take Over

• LIC HFL will takeover existing housing loan from other financial institution or bank.
• Maximum tenure will be 30 years for salaried and 20 years for business owners.
• Apply online for seamless experience.
• Attractive rate of tenure & tenure.
• Regular home loan features apply.
• Top Up with balance transfer can be applied.
• Quick sanction and low EMI.
• Simple documentation.

LIC Housing Finance Top Up - Online

• Top up facility for existing customers.
• Existing loan account should not be in default.
• LIC as well as other bank customers can apply.
• Loan amount as per repayment capacity, LTV and outstanding amount.
• Interest Rate on LIC Home loan Top Up for Existing Customer starts from 8.50% p.a.
• Interest rate for new customer from other lenders will start from 9.00%
• Loans are calculated on floating basis & linked to LHPLR.
• Currently LIC Home Loan LHPLR is 8.45%.

LIC Home Loan to Non Resident Indians

• LIC HFL Loan for salaried Non Residents with NRI/ PIO status.
• LIC Home loan can be availed for purchase, construction or repair of residential property.
• Max tenure is 15-20 years, as per qualification.
• Maximum Loan to Value (LTV) ratio will be 85% of property’s value for LIC HFL up to Rs. 20 Lakhs; 80% of property’s value for loans above Rs. 20 Lakhs and up to Rs. 75 Lakhs and 75% of  property’s value for loans above Rs. 75 Lakhs.

LIC Home Loan to Pensioners: Griha Varishtha

• This is LIC Housing Finance Scheme for salaried individuals in advance stage of career.
• The borrowers should be 50 years old or more. They should have a pension scheme post retirement.        
  Before retirement:
• Loan can be availed for purchase, construction or extension of house or flat.
• Maximum tenure will be 15 years or till the borrower turns 70, whichever is earlier.
• At least 30% of loan amount (or amount decided by the Area Office) should be repaid from the retirement benefits and the balance from the pension income.         
  After Retirement:
• Commutation of entire or a part of the pension is not allowed.
• A Guarantor is required.

You can use LIC Home Loan EMI Calculator or LIC Home Loan Eligibility Calculator to compare various home loan deals and choose the most affordable option. Alternatively MyMoneyMantra EMI Calculator can also be used. 

To calculate your monthly instalment or EMI for the LICHFL Home Loan, enter following data:

• Loan amount
• Rate of interest
• Home Loan tenure

Home Loan EMI Calculator will instantly determine EMI, total interest payable and amortisation schedule. To use eligibility calculator you would be required to share current income, existing EMIs & EMIs you can afford each month. The calculator will determine loan amount, EMI & property cost assessments. 

You can also try LIC Home Loan Interest Rate Calculator for assessing loan affordability. Using these calculators, you can make an informed decision about amount, rate and tenure. Further to ease your borrowing journey you can instantly apply online from MyMoneyMantra website after deciding on loan parameters.

LIC Housing Finance (LICHFL) Home Loan EMI Calculation

*For EMI calculation purpose, flat rate of Interest @ 8.50% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.

The basic documents required for LICHFL are as follows:   

Checklist- LIC Home Loan Documents-

• Duly filled application form with 3 latest passport-sized photographs.
• Identity proof (any one): PAN Card (mandatory for LIC Home Loan amount above Rs 10 Lakhs) and Driver's License/ Voter's ID/ Aadhaar Card/ Passport.
• Residence Proof (any one): Driver's License/ Registered Rent Agreement/ Aadhaar Card/ Passport/ Ration Card/ Voter ID.
• Income Proof for salaried applicants: Latest salary slips, Form 16, bank account statements of the last 3 months.
• Income Proof for self-employed: Profit & Loss Account Statement and Balance sheet audited by a CA, bank account statement of last 6 months, business existence proof.
• Last 1 year's LIC loan account statement along with sanction letter (if any previous loan is active).
• Proof of assets held: LIC/ KVP/ NSC/ PROPERTY/ MF
• Assets and liabilities statement
• ITR Verification Report
• For NRI applicants, passport is mandatory
• Property documents, as applicable.

On submission of Home Loan Documents, the application will not take more than a day or two in further processing.

Before signing up for a Home Loan you must enquire about processing fees, administrative charges, penal charge etc. The fees and charges associated with LIC Home Loan are:

Other fees & charges associated with LIC HFL Home Loan

Resident Indians as well as NRIs who are salaried or self-employed (professionals or non-professionals) are eligible to apply for LIC Home Loan. LIC HFL also offers special Home Loan Schemes for Pensioners. So let’s find out primary LIC Home Loan eligibility criteria:

• Age: 21 to 70 years
• Tenure eligibility- as per customer profile
  • 30 Years for salaried
  • 20 Years for self employed
  • 15 Years or till 70 years of age, whichever is early- for pensioners

• The applicant must have a steady and regular “verifiable” source of income.
• Loan margin of 15% to 25%, depending on the loan amount.
  • 85% LTV for LIC HFL Loans up to Rs. 20 Lakhs
  • 80% LTV for LIC Home Loans above Rs. 20 Lakhs & up to Rs. 75 Lakhs
  • 75% LTV for LIC Housing Finance Loans above Rs. 75 Lakhs

• Minimum LIC Housing Finance (LICHFL) is Rs 1 Lakh. Max limit will depend on the profile & property value.
• Minimum CIBIL Score for regular home loan is 600. For applicants with <=0 CIBIL special products available.

LIC HFL has offices all across India and thus you can conveniently contact customer care for feedback or grievances. You can visit, call, or email as per your convenience.

To contact LIC Home Loan customer care online, visit link: www.lichousing.com/feedback.php and submit your query or complaints.

You can write grievances to customersupport@lichousing.com

Alternatively you can login at customer portal and share your views: