A "low interest" loan shouldn't mean you have very little interest in paying it back!

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 30 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 23 May 2015

LIC Home Loan Details
Interest Rate (Floating) 9.90%
Processing Fees 0.50% of the loan amount
Loan Tenure 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.

New LIC Home Loan Interest Rate:

The LIC reaffirms its position as a people centric organization by offering home loans at an attractive interest rate of 10.10% to 12% on a monthly reducing balance model. No wonder, LIC housing home loans have many takers when it comes to a competent and comprehensive home loan.

News About LIC 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

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LIC Housing Home Loan Reviews

83 % of our customers would recommend this bank. (199 out of 240) Write Review
Customer Reviews
Page 1 of 12 1 2 3 4 5
  • Validated User
    (0)

    I have taken a home loan through LIC and it was really a good experience.The loan disbursement took some time because I was staying in Bangalore and I got the loan in west Bengal so need to travel each time for documents submission and other requirements.The interest rate offered was very good which was as per the RBI and I am happy about the same.

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    sashikanta took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (0)

    Agent of LIC Housing Finance had done everything for me and he processed everything on my door step. I just visited only once the office to sign the papers. When I was taking home loan some offer was going on in interest rate so I got it for 9.25%. The rate is fixed for first five years and yet to check the later part. Agent is very much cooperative and here I have to appreciate him.

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

    I got the loan with LIC housing finance for the rate of interest as 10.1%.The processing time is fine and it took around a month because there was the delay in furnishing the documents from my end.I am happy with them till now and I wish the same forever.

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

    My experience with LIC housing finance was good. They approved my loan within 2 weeks. Very good verification part was done from the LIC housing. The interest rate charged was 10.15% and Rs.3400 was charged as the processing fee. The great advantage that the pre closure charges are very good. Customer service is not so good as we have to approach them for any issues

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    suresh took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (0)

    LIC Housing finance is good. I have taken a top up with them as I already hold the primary housing loan with them. It was in the month of November this was taken. As I was in urgent need of the loan I have approached them again. They were kind enough to grant me that loan with in a span of 3 days. They have minimised the documentation part also. Interest rate and processing fee charged by them was really good.

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

    It was easy to get a Housing loan from LIC but its not so easy to foreclose the same.The interest rate offered was around 10.75% and there is no customer service provided to the customers. I was unable to transfer the loan to some other bank as I don't have proper documents from LIC housing finance.

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

    I took home loan with LIC housing. I got immediate response from them. Documentation process was cool as only required documents were asked. Within 15 days my loan got disbursed. It would be nice if they are flexible in interest rate rather fixing it at one shot.

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

    I am having my LIC housing finance loan with 10.10% as rate of interest and tenure of 12 years.I am happy with them because of their approach .There is very less processing charges like 5000Rs as it be.They provided 80% as the cost of my asset which I bought.

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

    I took home loan with LIC housing finance. They were very good. They provided me a loan amount of 90%. Interest rate is 10.1% which is less compared to HDFC Limited. Processing fee is also good. Customer service was really fantastic. They are doing well, they were cooperative. Even the managers were good to me.

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

    Hi Team, I have taken the home loan from LIC Housing finance. Now everything has been automated. They followed me up with the updates via email and Phone. I didn't face any issue on disbursing the amount. They are doing a good Job. Even the Branch manager whom i met was kind enough to explain me the procedures and formalities. Thank you, syed

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    syed took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • (0)

    My experience is very good with LIC. I just need to signed, rest all taken care by LIC. Till now didn't faced any issue. Trusted and hassle free. Not like other private banks, who hide lot of things from customer. If anyone is looking for home loan, LIC should be number one in preference list. Don't go by advertisements. Home loan means LIC.

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    amit took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (0)

    I went for Bhakyalakshmi plan that was running in LIC Housing Finance particularly for women so I took home loan in my spouse name and got discounts in interest rate. Paper works were minimal and the agent helped me a lot by collecting papers form my home. From the time of documentation, it took only 7 days to receive the loan amount. Interest rate is fixed for first three years and would be of floating in followed years.

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    yogeesha took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • (0)

    The process for applying for a LICHFL home loan is extremely simple. The documentation is minimum and you don't have to run from pillar to post to get your loan approved as in case of other banks. I took a loan of Rs. 20 lacs from LICHFL for my flat in Kolkata. At the time of loan disbursal in Nov 2014, the rate of interest was 10.10% which was the lowest rate available in market. However, the rate remains fixed for the first 2 years and then the interest rate becomes significantly more as compared to other banks. It will be better to shift the loan to some other bank like SBI or HDFC after 2 yrs to get a more competitive rate. I also feel that the charges associated with LICHFL home loans are very high. I was charged Rs. 10000 + GST for documentation, Rs. 500 + GST for CERSAI and Rs. 2000 for agreement between LICHFL and me. I would recommend LICHFL for the simple and user-friendly process. Loan application is processed very quickly within a week which is useful in many cases.

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

    LIC Housing Finance helped alot in the emergency of the Home loan.It is helpful were as there are no more formalities for the process of the loan. My loan application got processed in 3 days and the amount got transfered within 1 week of the time. Customer service is good . They offer the lowest interest rate for first 2 years and after that rate will be increased.

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

    Horrible Service Delivery by Janak Puri Branch. Area Manager is rude and horrible. Agent - Raj Kunwar Yadav is not helpful. This agent doesn't know how to work. He will never call you back, harras you. Zero pro-activeness and he is a liar too. Kanwaljeet Kaur - Area Manager - is a pathetic lady, she doesn't how to deal with senior citizens and customers in general. My case was made pending for 2 months by her (can you imagine 2 months and later rejected). Regional office DO NOT HELP. There is no GRIEVANCE Mechanism in LIC HOUSING FINANCE. Without paying money to VALUATION PERSON, The file doesn't move at all. You need to bribe them to get your work done. They discourage you to apply directly with him but ask for an agent and who harras the customers.

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    tony took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (0)

    Important reason to go with LIC housing finance is that they are very explicit in giving details and they never put customers in trouble. Also interest rate for home loan is par with market. The only demerit is that, for EMI payment we have to visit only the respective branch where we have availed loan so it should be changed. Post two years, interest rate would be of floating.

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    shuban took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Fair experience!!
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , bhubaneshwar
    Recommend Recommended by user
    Validated User
    (2)

    The executives of LIC housing finance is interacting in pleasing way to their customers and they are very kind enough. Interest rate that been offered for home loan is of 10.10% and the rate is going to be floating post two years. Infact the builder of mine recommended to avail home loan in LIC housing finance. Background verification were genuine and smooth.

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    bijaya took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Validated User
    (0)

    Definitely I rate five in all the aspects for LIC housing finance because they answered promptly and helped me in all the sources of home loan process. The process was a little combustion during the documentation because I have to arrange lots of documents, rest of all were good. Advising LIC to go with same stamina as they are very good.

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

    Rate of interest offered by LIC Housing finance was really good which is 10.1% they have given me a special scheme where I will be charged only about 560 for stamp duty until 31st march. I have applied it on 13th March it was processed only after 7th of April. The only down side here is I have to follow-up with them to get my work done.

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    pradeep took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • Wonderful!!
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , muzaffarpur
    Recommend Recommended by user
    Validated User
    (0)

    Fee and charges are high in LIC housing finance for the home loan as they collected extra of 11thousand. The interest rat is of 10.10% in starting two years and later it fluctuates as per government norms. Nice experience with LIC and the documentation process was simple. Twice visited their place for paper works and later they came my place. I did not find any discomfort with LIC during home loan process.

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    sahani took a Home Loan from LIC HOUSING FINANCE Reviewed on
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