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 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 18 Apr 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.

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

85 % of our customers would recommend this bank. (177 out of 209) Write Review
Customer Reviews
Page 1 of 11 1 2 3 4 5
  • Validated User
    (0)

    Rate of interest is very less in LIC housing finance at present and I just visited their place for three times where rest of the procedures were taken care very well. In respect to charges they been charged 1.5% so they can reduce on it. Documentation process was normal for home loan.

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

    LIC housing finance is good. They provide less interest rate. Its safe and secured. I am getting payment notification from them on time, but I dont get any notification for the rate change . However, rate offered to me was fixed for a period of 3 years and after which its floating rate. I am getting the interest paid certificate on time.

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

    It is fixed interest of two years and post that it may varies as on RBI rules. Fee and charges are not much satisfactory because other nationalized sectors are offering 0% of processing fee but here the LIC housing finance deducted around 11thousand for home loan. I am suggesting LIC to minimize the processing charge. Fore closure charge should be same like other nationalized sector.

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

    As per the commitment LIC housing finance provided the interest rate of fixed for first two years. Figure of the rate is 10.10% at present and later two years it would vary. I planned to continue only for two years and later would transfer with other sector. For processing charge they have taken more than ten thousand. When I was taking home loan some discount on processing fee was going on for female but I came to know it later. Agent who assisting me for home loan was lacking in knowledge so the person should be more knowledgeable.

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

    Not at all happy with LIC housing finance because I faced lots of issues. There were no follow ups and no proper guidance for the home loan. For the loan amount of 10.5lakhs they dragged the process almost of six months. Thrice registration was postponed due to LIC and even at the last minute of registration I was not sure whether they would provide the cheque or not. At the end of the registration they asked me to give original documents and due to that I struggled a lot to register my property. Collected processing charge was high. Service manager of LIC was the one helped me other than that no one assisted me.

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

    It was very quick service and paper works were done very fast but the drawback is that they did not have option of paying EMI via online as can pay it either through ECS or via cheque. My suggestion for LIC housing finance is that they have to give online option for EMI payment. Home loan procedures are very good in LIC. For first two year the interest rate is going to be like 10.15% and later it would be based on PLR.

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

    Very fine experience with LIC housing finance and the home loan system is very good where no need to submit many documents as paper works were simple. Rate of interest 10.10% is fixed for first two years. In a week time received the loan amount and details were communicated accurately.

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

    From the time of application, in second day I received call from LIC housing finance and they gave lowest rate of interest as 10.10%. First couple of years it is going to be a fixed rate of interest and followed that as floating. Not much glad about charge as they deducted around 12thousand. Other sectors are offering 50% of discount but LIC did not show any concession. Officers were cooperative while dealing with LIC for home loan.

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

    I am holding a Housing loan from LIC. The service offered by the company are not upto the mark as everything has been taken care by me. There is no proper functioning of the website as there is no quick response. The major drawback about the company is they only give part amount and after the verification they will be providing the full amount. Totally it depends on our interests to take loan as there is no follow up or help from the company. .

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    vamsi took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • (7)

    I took home loan 2 years back with 10.25% fix interest rate. Once two years over they changed it to 11.75% without any notification or anything. If u contact their support they will not reply you. If u contact there regional office they will be rude and ask u to loan transfer to another bank. If u ask them for documents for loan transfer they will charge 2500 Rs. Dont go for LIC HFL.

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

    My experience with LIC Housing Finance was very good for the home loan I have taken. The interaction with the customer service executives was good and helpful, I have mentioned about the date on which the amount needs to be credited and it took place on time. I would suggest to first search in the market which company provided with lowest interest rates and also the processing fee charges.

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

    I am holding a housing loan with LIC housing finance. The rate of interest offered by them was ok. I have taken that for 5 years, it is a fixed one and it would have been great if they would have offered a floating rate of interest. The agent was very prompt and responsive he answered all my queries. No additional charges being charged till now.

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

    LIC HFL has very poor service. Once you enter their office you will have the typical govt office feeling with all files scattered. They did not disburse the loan on time. You may end up paying late fine for builder against this. The interest rate seems to be good initially (for me it was 10.40%) but the very next year you will get the shock rise in interest rate (11.10%). Even when RBI has done two rates cut (till April 2015), most of the BANKs have slashed their home loan interest rates less than 10% as of now. But LIC HFL won't fall under banks category and thus will keep charging the amount it suits them. Planning to move over to SBI Home loan. I would suggest if u can go with SBI home loan as nothing is better than that.

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

    For the amount of 15lakhs I took housing loan with LIC housing finance and got it done for the interest of 10.10%. When I was taking this loan nobody was offering in this scale. First two years the rate is fixed where it fluctuates in followed years. Almost LIC took three months to sanction the amount thus the procedures should be speed up. Lots of documents but all such papers were mandatory so no issues.

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    aashish took a Home Loan from LIC HOUSING FINANCE Reviewed on
  • (8)

    Never go for LIC Housing finance limited. It is not good than even private banks. They gradually increase the interest rates and have no scheme to get it reduced for old customers. Even customer care is poor in fact no customer care. Their charges are also high

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

    I chosen LIC housing finance for home loan for the reason of interest rate because they offered 10.10%. First couple of years the rate is fixed and it would be floating rest of the years. Entire information were shared accurately by the agents. Documentation charge that deducted was like 11thousand where I can show this in form 18c as tax saving.

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

    I got home loan from LIC. My experience with LIC is very good . The rate of interest is very low when compared to HDFC bank. And I would also like to tell that the response time is poor and they should definitely improve on that.

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

    LIC housing finance is providing all the things via mail but the interest rate is very high for home loan as in my case it is 10.7% of fixed. Also charges are very high. If RBI increases the interest rate they inform the customer immediately but if there any fall they will not implement instantly and will take time to update the customers.

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

    The service provided by LIC in the process of availing this Home Loan was awesome.The response was very good and I am happy with the interest rate offered by LIC which is low. Since its a government insurance they streamline everything good and I am satisfactory. I will surely recommend this to my friends and relatives.

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    karthik took a Home Loan from LIC HOUSING FINANCE on BankBazaar.com Reviewed on
  • (8)

    I was happy when I took a loan with LIC as people rated good score. But when i understood thier services , it is like panchayath office kind of service. Nothing avilable online, Everything you should go to their service centers. The people are working their are not really helpful. So i decided to shift from LIC, For shifting i visited more than 7 times their office because of the wrong commitment by LIC. Minimum 10 to 20 people are coming from LIC for take over and closing.

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    anish took a Home Loan from LIC HOUSING FINANCE Reviewed on
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Page 1 of 11 1 2 3 4 5
4.0 8
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