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LIC Housing Home Loan

LIC Housing Home Loan
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LIC Housing Finance Limited (LIC HFL) is an Indian housing finance company having its Registered and Corporate office at Mumbai. It provides housing loans to individuals, builders, development authorities, employers organisations, etc. LIC was founded in 1989. It has 7 regional offices, 13 back-offices and 181 marketing units across India. LIC has different loan product like Home Loan, Corporate Loan, Builders/ Developers. Home Loans in LIC even lends loan to resident as well as non resident for purchase, Construction, Extension and even to repair your houses. LIC HFL offers eligible customers instant e-approval on home loan applications on BankBazaar.com. View details below


You’re probably eligible for an LIC Home Loan if you are

01
02
03
04
LIC Home Loan Minimum Age

At least 21 years old

 LIC Home Loan Maximum Age

Less than 60 years old

LIC Home Loan Eligible Employment Type

Salaried / Self-employed
with regular income

LIC Home Loan Minimum Income

Earn more than the minimum
income required


Your LIC Home Loan amount eligibility is based on these factors

01
02
03
LIC Home Loan Minimum Salary

EMI limited to about 50%
of monthly income

LIC Home Loan Maximum Loan to property value

Loan capped @ 80% to 85%
of property value

LIC Home Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible LIC Home Loan amount by these steps

01
02
03
LIC Home Loan Add Spouse as Co-applicant

Make your spouse a co-applicant,
and her income will add
to your eligibility

LIC Home Loan Maximum Tenure

Choose longer tenure loan up to 25 years

LIC Home Loan Add parents as Co-applicant

Alternatively add your parents


Documentation needed to apply for an LIC Home Loan

  • 1. Signed application form with photograph
  • 2. ID and residence proof
  • 3. Processing fee cheque
  • 4. Last 6 months bank statements
  • 5. Documentation for salaried applicants:

    - Last 3 months salary-slips

    - Form 16 or Income Tax Returns

  • 6. Documentation for self-employed applicants:

    - Education qualification certificate & proof of business existence

    - Last 3 years Income Tax Returns with computation of Income

    - Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


LIC Home Loan Interest RatesUpdated on 29 Mar 2015

LIC Home Loan Details
Interest Rate (Monthly reducing balance) 10.10% to 12%
Processing Fees 0.50% of the loan amount
Loan Tenure 5 Year to 30 Years
Guarantor Requirement No guarantor required

LIC Housing Finance Home Loan – Overview:

LIC HFL or LIC Housing Finance Ltd., was formed in 1989 by the Life Insurance Corporation of India (LIC). The company has, since its inception, grown to become a leading institution in the home loan market. Monitored by the National Housing Bank (NHB), LIC HFL Home Loan offers long-term finance to its customers to help fulfil their varied housing needs. Listed on the NSE and BSE, and headquartered in Mumbai, the company has representation in the Middle East with offices at Dubai and Kuwait.


One of LIC HFL’s key strengths is its impressive distribution network; arguably one of the largest amongst its peers, marking its presence across India.

LIC HFL Home Loans:

Home Loans from LIC Housing Finance Limited are offered to customers at very attractive interest rates. They come with great features including minimal documentation, quick processing times and quick approvals and disbursals. The entire process of obtaining a loan from LIC home loan is simple and easy to understand and track. Customers also have the added advantage of clarity through a transparent cost structure.


These loans are designed around the needs and financial position of borrowers. Customers can avail funding for varying tenures customised to suit their requirements based on their individual servicing capacities.


Funds obtained through these schemes can be used to fund a variety of purposes like purchases, construction, renovation etc.


The company reaches out to different kinds of customer classes. Its housing finance products are tailored to suit the needs of individuals as well as groups; retail borrowers as well as corporate borrowers; resident as well as non-resident Indians. The company also meets the funding requirements of builders, developers and development authorities.


Besides home loans, LIC Housing Loan offers different types of secured personal loans. Funds so raised are provided against specific assets, depending on the scheme chosen.

LIC Home Loans are broadly categorised as…

  • Home Loans - offered to resident Indians, non-resident Indians and pensioners.
  • Corporate or Project Loans - offered to corporates and builders.
  • Other Loans - offered as secured personal loans against properties, loans against securities, loans to professionals, loans under rental securitization. These can be used to top-up home loans for additional financing.

LIC Home Loans to Resident Indians:

These LIC HFL loans are offered to borrowers who are residents of India, seeking home financing for purchase, construction, extension, renovation, land purchase, refinance or additional funding (top-up loans).


Purchase, Construction, Extension, Renovation:

Under this scheme:
  • The minimum loan amount that can be availed is Rs.1 lakh.
  • The maximum loan amount that can be availed is based on the amount of funding required and the value of the property funded, where property value includes registration charges and stamp duty.
Funding Required Margin of Finance
Up to Rs.20 lakhs 85%
Rs.20 lakhs to Rs.70 lakhs 80%
Rs.70 lakhs above 75%

Depending on borrowers’ job profiles and loan servicing abilities, the maximum tenure offered is 30 years for salaried borrowers and 20 years for self-employed borrowers. These loans are to be repaid in equal parts, every month, over the period of the loan i.e. through EMIs (equated monthly instalments).

Interest will be calculated on a monthly-reducing balance basis according to rates as at the time of application.

Borrowers may be required to pay additional fees.


Land Purchases:


Funding under this scheme is offered to borrowers seeking to buy plots of land for residential purposes. Plots, in this case, are those sold by statutory/government authorities.

The amount of funding that can be availed, under this scheme, depends on the value of the plot being purchased. A maximum of 75% of the property value may be approved for eligible borrowers.

Loans disbursed, for this purpose, can be repaid over a tenure of 15 years (maximum) in equal monthly instalments (EMIs). Interest will be calculated on a monthly-reducing balance basis, charged at rates prevalent at the time of obtaining the loan.

Additional amounts may be charged upfront.


Refinance or Top-UPS:


Borrowers can switch from their current lender to LIC HFL, who will take over the existing loan on the following terms:

  • The new loan tenure offered will be a maximum of 30 years or 20 years for salaried or self-employed persons, respectively, at rates prevailing at the time of takeover.
  • Borrowers may be liable to pay additional fees.

LIC Home Loans To Non-Resident Indians (NRIs):

These LIC Home loans are offered to borrowers considered Non-Resident Indians (NRIs) or Persons of Indian Origin (PIO). It is available to salaried persons only and for the following purposes:

Purchase, construction, extension, repair of homes or purchase of residential land plots from statutory or government bodies.

Under this scheme:
  • Borrowers can avail minimum funding of Rs.1 lakh.
  • Loan amounts will be approved and disbursed on the basis of the value of the property funded (inclusive of registration charges + stamp duty).
Funding Required Margin of Finance
Up to Rs.20 lakhs 85%
Rs.20 lakhs to Rs.70 lakhs 80%
Rs.70 lakhs above 75%
Purchase of residential plot 75%

For professionally qualified borrowers, the maximum tenure offered is 15 years. For others, it is capped at 10 years. Loan payments are made in equal monthly instalments or EMIs. Interest is calculated based on monthly rests, as per rates specified by the company at the time of borrowing.

The company may charge certain fees, payable upfront.

LIC Home Loans to Pensioners:

These loan schemes are designed for pensioners seeking housing finance for purchase, construction or extension of new/existing homes.


Before Retirement:


This loan can be availed by people over the age of 50 years provided they are covered under a pension scheme post retirement.

The maximum term allowed is 15 years, for borrowers up to the age of 65 years. For those over 65 years of age the loan will have to be repaid before the borrower turns 70.

Funds so obtained will have to be repaid out of the borrower’s retirement benefits and pension; based on the amount of pension the borrower qualifies for on retirement.


Post Retirement:


This scheme can be availed by retirees who are covered under a pension scheme and can prove regular pension income. Borrowers will have to name a suitable guarantor to assure repayment of the loan in case of default or inability to service the loan.

Loan periods are determined based on the age of the borrower at the time of obtaining the loan. The borrowed amount, including interest and other charges, will have to be repaid before the borrower turns 70 years.

If funds are obtained through this scheme, borrowers cannot then commute his/her pension.

LIC Corporate Home Loans:

LIC Home Loan extends loans to corporates to provide employee housing quarters. Alternatively, corporates can also avail credit from LIC HFL to provide housing financial assistance to their employees.


Staff Quarters:


Finance can be obtained under this scheme by public companies, to either purchase or construct residential quarters, to be provided to their employees. The loan has to be secured by creating a charge on assets of equitable value.

The amount borrowed has to be repaid in EMIs calculated on the basis of interest rates prevailing upon application.


Line of Credit ‘To’


This is designed to help companies offer housing finance to their employees. LIC HFL grants loans based on the number of employees a borrowing company has to provide housing finance to. Funds so obtained by the company, have to be disbursed to said employees within 15 days of receipt from LIC HFL.

The onus of repaying amounts borrowed lies with the borrowing company. However, employees receiving these funds are required to provide a deed of guarantee or mortgage the property so financed, as security, favouring their employer i.e. the borrowing company.


Line of Credit ‘Through’


This mode of finance is offered to companies who do not have a specific company housing scheme set up for its employees. Employees are, however, recommended by their company to LIC HFL for loans to fund construction of homes.

While the borrower-employees will be liable to make full repayment, the employer/company will have to act as guarantor, to make good any defaults in payment. An agreement will have to be drawn up to this effect between the borrower-employee and the employer/company.

Additionally, employees borrowing funds under this scheme, will be required to secure the loans, by mortgaging the properties so financed, in favour of LIC HFL.

Loan repayments will have to be made via deductions from the borrower-employee’s salary.


LIC HFL Loans to Builders / Developers:

LIC HFL helps builders and developers meet their operational financing needs.


Construction Finance Loan:


Under this scheme, builders or developers can avail funds to either construct or develop properties, for residential or commercial purposes. The property, so financed, will have to be mortgaged in favour of LIC HFL to secure the loan. Additionally, a guarantee to further secure the loan may be required.

The loan will have to be repaid through an escrow account over a period of 6 months to 5 years, depending on the servicing capabilities of the borrower.

The loan is disbursed to the borrower in stages based on construction/completion.


Term Loan:


Through this scheme, builders/developers can obtain funds to finance short-term and medium-term business needs. These secured loans are offered for tenures of 6 months to 3 years.

Loan amounts are disbursed either in a lump-sum or in stages depending on the borrower’s requirement. They are also disbursed based on security provided by the borrower. Some acceptable forms of security are mortgaging the property so financed and/or pledging amounts receivable by the borrower. Other forms of security and/or a guarantor may be required, depending on the borrower’s creditworthiness.

Loan Against Property (LAP):

Personal loans can be availed by individuals and corporate bodies by securing them against existing properties.


LAP – Individuals:


This is offered to resident Indians to meet various personal financing requirements.

It is a secured loan disbursed against a mortgage on an existing residential property (house or apartment). The property to be mortgaged should not be older than 35 years. Additionally, a demand promissory note may be required to further secure the loan.

Borrowers can avail a minimum of Rs.2 lakhs under this scheme, payable over a period of 15 years or less in EMIs based on a monthly reducing balance method for interest calculations.

1% of the amount borrowed is payable, upfront, by the borrower.


LAP – Companies:


This is a secured corporate loan offered to companies. The loan can be secured against existing properties (commercial/office) or properties to be financed by the funds so obtained.

These loans can be availed by companies to meet various short-term to long-term business financing needs. The maximum period allowed is 10 years.

Loan to Professionals:

These are secured loans offered to professionals who are resident Indians to purchase, construct, extend and modify etc. commercial properties to be used for their practice. Funds so obtained can also be used to buy equipment required to carry out their profession.

Security can be provided in the form of a mortgage on the property/equipment so financed, in favour of LIC HFL or in the form of a demand promissory note. Guarantors may also be required.

The loan is to be repaid in EMIs (monthly rests) over a maximum period of 10 years.

Loan Under Rental Securitization:

These loans are offered to companies for a maximum period of 10 years.

Why Apply through BankBazaar?

BankBazaar is India’s premier online portal offering users a one-stop solution to all their personal financing needs.

Through BankBazaar’s site, users can identify providers of home loans and learn about their various products and offers. They can then compare these offers based on the latest interest rates, as announced by lenders, and choose a home loan product best suited to their needs. Users can also apply for home loans through the site after entering basic details to check their eligibility for the chosen loan.

The entire search process at BankBazaar is completed easily, quickly and conveniently. BankBazaar does not charge for any of its services. In addition, BankBazaar brings users exclusive deals and discounts by actively collaborating with different banks/institutions.

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News about LIC Housing Home Loan

  • Q3 profit rises by 5.3% for
    LIC Housing Finance

    LIC Housing Finance saw an increase in profit for the third quarter of financial year 2014-15 as compared to the same quarter last fiscal. The raise has been by 5.3% which amounts to around Rs.344 crore. The same margin was Rs.326.6 crore in the 3rd quarter last fiscal.


    The profit growth, as analyzed by experts is also a result of the overall operating profit rise which went up by 15% as compared to the previous year. LIC Housing Finance’s profit before deferred tax adjustment was Rs378.3 crore which was considerably higher than that projected by CNBC-TV18 poll.


    The net interest income of the company was Rs.546.8 crore which slightly fell behind the anticipated income of Rs.566.4 crore. The total income of LIC Housing saw a leap of 15.2% from RS.2343 crore to Rs.2700 crore. Provision write-off for the third quarter was Rs.6.8 crore against a rite-back of Rs.19.03 crore in the previous quarter and Rs.7.45 in the same quarter the previous fiscal year 2013-14.

    11th February 2015

  • LIC housing finance sees rise
    in home loans

    In spite of a slowdown in the real estate and housing market, LIC housing finance contrary to the market conditions is seeing a rise in the demand for home loans. The rise is especially in the low end and homes that fall in the middle income category. The company which is the third largest in the housing finance sector registered a 25 percent growth in home loan disbursals for the quarter ending in September. The month of September itself hit 40 percent growth with the average loan disbursal standing at 20 lakhs.


    Sunita Sharma, MD and CEO, LIC HFL said the company is on target to hit 20 percent in terms of the home loans disbursed when compared to 18-19 percent in the same period last 2013. Sharma further added the factors owing to the growth is attributed to the stable government and positive sentiments from the consumer. Currently, the company has 11 percent market share compared to less than 10 percent in the last 12 months. The leading home loan disbursement rank is held by none other than the banking behemoth State Bank of India followed by HDFC Bank.

    9th January 2015


LIC Housing Home Loan Reviews

91 % of our customers would recommend this bank. (166 out of 182) Write Review
Customer Reviews
Page 1 of 10 1 2 3 4 5
  • GOOd
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , hyderabad
    Recommend Recommended by user
    Validated User
    (0)

    I have taken a home loan from LIC Housing Finance. It was a very easy process as my property is listed out with the company. Compared to HDFC ,LIC is good as the charges are less. Compared to private sectors there is shortage of customer service. It would be nice if the online services are extended.

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    mohammed took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Interest rate is less in LIC housing finance thus I taken home loan but the charges are equal to private sectors. Satisfied with processing duration as they sanctioned in 7 days. Interest rate is fixed in first two years but later it will be like floating. LIC housing finance is lacking in customer service so they have to improve.

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    p took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (3)

    I had taken a home loan from LIC housing Finance as I felt it is much secured and safe. As my cousins had a good experience with the company and the agent from LIC guided him well I had opted for it. The processing fee was also less.

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    rajashekhar took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Only reason to go with LIC housing finance for home loan is interest rate because the rate is 10.1%. For first two years the interest is fixed and in followed months it would be floating. Worried about LIC because they rely more on manual paper works rather than online services. Nice if LIC gives good online services because it would easy to get status.

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    shekhar took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The response provided by LIC housing Finance was not upto the mark for the home loan I have taken. During submission of documents the agent did not give me a clear picture as and what documents to be submitted as everytime he demanded for new documents. And also I had to pay extra for the processing fee and that too it was not one time payments as I had to pay separately for franklin charges for documents registration. There is no proper interaction between the customers and the banker. It would be nice if proper training is given to the executives working in LIC Housing Finance.

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    ravinder took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (4)

    LIC Housing finance is really good. It was undertaken by the Government. Interest rate offered by them was ok. This loan was taken long back. This loan was taken against a new land and it was closed successfully as well. I have got my paper works pertaining to this loan.

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    sai took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (1)

    The home loan process was good with LIC housing finance and the sales executive was helpful and he was aware of all details like required documents, project. Rate of interest is very less and it is competitive. For first two years, interest is fixed and later it will be floating. LIC have prepayment penalty during fixed period so it should be removed.

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    nirav took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (2)

    Drawback in LIC Housing finance is that, delay in updating details. Whenever we want to update the contact details, they donâ??t listen to customers and they will take a long time to complete the procedure. Moreover they did not call customers to ask feedback where we have to run behind them to get things done. Interest rate for home loan is as per the market. Now the interest rate is floating and it is 10% where later it may increase.

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    linga took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (3)

    Glad about LIC housing finance and the reason behind is the interest rate as it is only 10.10%. Executives gave door step services and they completely cooperated. Actually I recommended already the LIC. Special quality with LIC is maximum finance and long tenure period as they are offering home loan up to 25 years of tenure.

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    gaurav took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Charges are very less in LIC housing finance so I went with them for home loan and interest rate offered is 10% which is fixed for one year. In future the interest may vary if they change in to floating. I have availed 30lakhs and in this amount they did not deduct amount because I have submitted cheque worth of 5000 for processing charge. EMI is through ECS and date is 10th of every month.

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    took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (4)

    Processing is very very simple in LIC housing finance and document process was simple. Private banks will ask the documents in different slots wherein LIC they informed everything in prior and collected in a single goal. In LIC housing finance the interest rate is 10.5% for home loan and I can close the loan at any time. Date of payment is 5th.

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    siddhanta took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (4)

    Other banks are giving 10.25% of interest for home loan whereas LIC housing finance is offering only 10% and this is fixed for two years. After two years the interest rate is 10.5%. Interest rate is good but they are not good in response. LIC is not giving response on my queries properly. Around 9000 been collected from my side for processing fee. LIC should respond the customer on time.

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    rahul took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Good
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , chennai
    Recommend Recommended by user
    Validated User
    (5)

    LIC Housing finance is good. I have limited options has the builder has got a tie up with them I have chosen them. I am highly impressed with the service provided by them , interest rate is fine and documentation process was quite lengthy. I did not bother much about it as the construction people was taking care of that.

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    arul took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (1)

    LIC Housing finance is really good. I am very much happy with their follow ups. Documentation procedure was good. I am very much happy with the rate of interest and processing fee . They do provide a lot of schemes and we are allowed to make partial payments and lump sum with out any charge and its really good.

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    bivab took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (4)

    I am holding a housing loan with LIC Housing Finance. The rate of interest is equivalent to SBI as they are offering about 10.1% . The best part about LIC Housing finance is the response time I have approached LIC housing finance simultaneously along with SBI and PNB and LIC Housing Finance was the first one to approach me. The processing fee offered by them is quite similar to other Nationalized Bank.

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    samar took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (2)

    LIC is good. Payment options are excellent. There are no charges after 2 years a customer can make a partial payment whenever a customer wants how much ever he wants. Through online I make the payment. Interest rate offered by them is the lowest in the market. Processing fee is reasonable.

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    praveen took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (6)

    10% is the interest rate for home loan and that is fixed for first two years, followed to that it will be floating. I hold life insurance with LIC so LIC housing finance did not collect documents from my end. Totally they took a month to process the loan amount. They collected minimal processing charge where it is 5,000. I suggest LIC housing finance to provide insurance on home loan.

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    sachin took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (2)

    LIC is good. LIC is very much traditional. We dont wish to go ahead with the new Bank or private sector . I am very much interested with LIC that was the main reason for selecting LIC. It is quite similar to other policy and overall its good.

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    amit took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (1)

    LIC housing finance offered 10.25% of interest and this is minimal rate. The processing charge is too high as they collected around 4500 for the amount of 18.5%. For home loan the interest rate is fixed for first two years and followed that it will be floating, quiet comfortable with the rate. Never interacted with the executive as agents are interacting from LIC.

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    rajiv took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (1)

    Only because of interest rate and added to it, even Gram panchayat property is been approved by LIC, due to which I was able to get home loan. The particular agent is been assigned and they take care of overall process. Only drawback is the processing fees which is at higher end. Added to it, even there are issues in terms of payment as there is no prior intimation about the EMI amount.

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    deepak took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
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