LIC Housing Home Loan

LIC Housing Home Loan
 3.5 / 5.0   by 16 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

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 offer loan for various customer who work in corporate. 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.


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 30 Jul 2014

LIC Home Loan Details
Interest Rate (Monthly reducing balance) 10.10%
Processing Fees Rs. 10,000 to 15,000(+ Service tax)
Loan Tenure 1 year to 25 years
Partial pre-payment Charges Nil
Pre-closure Charges Nil

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LIC Housing Home Loan Reviews

100 % of our customers would recommend this bank. (16 out of 16) Write Review
Customer Reviews
Page 1 of 1 1
  • Validated User
    (0)

    I had a very disappointing service with the LIC housing finance the processing and the documentation was very slow and the there was no transparency in the rate of interest and the my whole process got completed in 45 days it was really disappointing.The Bank bazaar web site was good when ever i log in i get the call from the customer service executive and they have a regular follow up on the customers.

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

    LIC Home Loan overall satisfied with service the approval process took just 7 days there customer service and response was very good i have no suggestion i am satisfied with interest rate no extra charges been taken overall i am satisfied with the services.

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    Fees & Charges
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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Needs Improvement
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    DIPANKAR CHAKRABORTY, bangalore
    Recommend Recommended by user
    Validated User

    LIC Housing loan i am comfortable only with the interest rate but I am not satisfied with the other aspects LIC Housing finance should improve on many aspects, there are many hidden charges which are not been aware by the customers, Need to improve a lot on the processing.

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

    Last week I have applied a housing loan with LIC of India. One of the LIC agent met me directly and collected my documents explaining all the details. He was very friendly and co-operative. I am quite happy because the loan is currently in process. Rate of interest, fees charges are affordable and are quite less comparatively to other banks.

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

    The relationship with LIC house loan for 2.5 years is quite OK. Even its a government oriented, few services needs to get improvised. AM not able to view all my transactions and they are not transparent on what they provide for mobile number registration, it took lot of time but it just shows a message saying updated successfully but it was not updated. Even the customer support did not respond well.

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Wonderful
    /images/customer_review/default-unknown-person.png
    NIPUN SRIVASTAV, bangalore
    Recommend Recommended by user
    Validated User

    LIC Housing Finance the document processing is very quick and the agent name Nagendra Singh from LIC, he helped me out in completing the full process from the day one, he took the initiative and he was following up till my loan amount got credited to my account and it got processed in one month, the overall service was very good.

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Good Service
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    MURUGESAN NALLASIVAN, mumbai
    Recommend Recommended by user
    Validated User
    (4)

    LIC Housing Finance Loan overall process was good took only 2 weeks to get approval disadvantage is after approval no proper response from staffs apart from that everything was fine they provide good interest rate when compare to other banks iam very much satisfied.

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Overall good service
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    GORAKSH MADHUKAR KARANJULE, ahmedabad
    Recommend Recommended by user
    Validated User
    (5)

    Service provided by LIC Home Loan is good. They had informed me that I will receive the cheque within 15/20 days and I received it within 16days. I am quite satisfied with the interest rate provided by LIC. It was a very simple process and no documentation issues.

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

    I took my home loan disbursement from LIC Housing Finance.They provided a wonderful service but initially I got a good response but after my documents got collected they showed very poor response. The reason for approaching LIC was they gave me larger loan amount than other banks.It will be better if they show good response throughout the loan process.

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Validated User
    (5)

    I took my loan with LIC Housing finance and the services are excellent with good follow up. Processing fee is higher when compared with other banks and their loan rate is less. Within 15 days, I got my loan disbursed. Executive who handled my case gave complete information about loan process and documentation procedure was very simple. LIC is even good at giving regular updates about the loan status"

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Good Rapport
    /images/customer_review/default-unknown-person.png
    DAVID FRANCIS, bangalore
    Recommend Recommended by user
    Validated User
    (1)

    I processed my home loan with LIC, they were very helpful in filling up the forms and collecting the documents. Executive educated me well about the loan process and within 2 weeks time I got my loan approval done. They took a very normal time for processing the loan and their rates are also less when compared with other banks"

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

    LIC provided a wonderful service in sanctioning my home loan.They did everything on time and received good response from them with regard to partial disbursement.I got my loan within 15 days and got processed at lower rate of interest and processing fees.LIC executives provided good support with door step services

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

    LIC offered me a better rate of interest and did a regular follow up for my loan and kept me posted on loan status. They are very good in communicating things to their customers and I received proper information on documents list that was required to process the loan. Executives are really good and maintained a good rapport But unfortunately i could not avail loan from LIC and they updated me the reason also for not processing the loan from their end.

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

    LIC's Loan processing system is very poor.They took a very long time to approve my loan and their follow up was too poor . I had to walk in to the branch for everything and they failed to provide door step services. LIC's online Portal is not that good and no facility to make payments in the website. Their customer service is also not fine when compared with other organizations. Their Response was not good once when i called them to update my contact details.LIC must improve their online portal and customer service. "

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

    when I applied for the Home loan in Axis bank unfortunately i did not get it. am glad i could get my loan through LIC. they have given this loan with low processing fee charges and their interest rate is also reasonable one. am very happy happy!!

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    took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • Long standing loan from LIC
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    DHINAKARAN RAMAKRISHNAN, ludhiana
    Recommend Recommended by user
    Validated User
    (3)

    LIC is a government body, where many of my friends have recommended. Since housing loan is a long term atleast for 20 years it needs lot of trust. Lic benefits will be standard and very reliable. Other Banks usually don't follow what they promise they keep changing the loan details at the time of disbursement which I am not comfortable with.

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