LIC Housing Finance Home Loan Interest Rates

• Branch network across India.
• Instant in principal approval and hassle-free processing of the loan.
• Floating rate loans
• No prepayment charges
• Special schemes for easy repayments

Type of Home Loan: The interest rate may vary as per the housing loan scheme opted for.

Type of borrower: The LIC Housing Finance provides a different rate of interest for different categories of borrowers. For women Home Loan applicants there is a special interest rate.

The amount of loan: A vital factor that affects the interest rates for a Home Loan is the principal loan amount applied for. The more the amount of Home Loan, the reduced will be the rate of interest for the same.

The relationship with LIC Housing Finance: The LIC Housing Finance offers special interest rates for their existing customers. These schemes have reduced interest rates in order to keep their current customers happy and maintain a cordial relationship with them.

The salary or the income of the borrower: The monthly income level of the borrower also plays a vital role in the variance of Home Loan interest rate. The rates of interest are typically lower for higher loan amounts.

The applicable home loan interest will be revealed after your loan application is approved and the documents are verified. So ensure required documents are handy before you fill the loan application. 

Here is the required list of documents for LIC Housing Finance Home Loan.

• Completely filled loan application form
• Proof of identity: PAN Card, Voter ID Card, Passport, etc.
• Proof of residence: Ration Card, Telephone Bill, Electricity Bill, etc.
• Bank statement or passbook for the last 2 years
• Power of Attorney, if applicable
• Income documents for salaried applicants: Salary slips for the last 6 months and latest Form 16
• Income documents for self-employed/ businessmen: Last 3 years' ITR/ Assessment orders, computation of income & statements of accounts certified by C.A., 3 years financials including Profit & Loss account, Balance Sheet, Audit Reports, etc.
• Property documents for the purchase of property from a builder
  • Agreement for sale copy
  • Registration receipt copy
  • Copies of payment receipts that have been already made
  • NOC from builder
  • Copies of sanctioned plan & sanction letter
  • Copy of NA permission/ ULC clearance (if applicable)
• Property documents for direct allotment in a Co-operative Housing Society
  • Allotment letter
  • Certificate of society registration
  • Share certificate
  • Sale/lease deed copy in favour of the society
  • NOC from society
  • Copies of sanctioned plan & sanction letter
  • Copy of NA permission/ ULC clearance (if applicable)
• Property documents for direct allotment by a public agency in a Co-operative Housing Society
  • Allotment letter
  • Certificate of society registration
  • Share certificate
  • Lease agreement
  • List of members approved by a public agency
  • NOC in favour of LICHFL from Public Agency
  • NOC from society
• Property documents for allotment by a public agency to individuals
  • Allotment letter by a public agency
  • Tripartite Agreement between the LIC Housing Finance Limited, borrower, and the Public Agency in the prescribed format.
• Property documents for resale property
  • Copy of registered documents of all previous vendors with a copy of purchase agreement duly stamped & registered, and the registration receipt (if applicable).
  • NOC from Builder/Society
  • Original Share Certificate (if applicable)

To calculate LIC Housing Finance Home Loan Interest use Home Loan EMI Calculator. Alternatively you use the formula to calculate manually.
Interest Amount = Principal Loan Amount x Interest Rate x Time 

However, using calculator is instant and hassle free. Share loan details like loan amount, interest rate and tenure and press submit button. Instantly you will get loan EMI, total repayment and total interest amount.

Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule of the loan alongside graphical representation of the loan principal and interest.