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  • LIC Home Renovation Loan Reviews

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  • Now you can do a complete renovation of your residential property and make it a gratifying accomplishment, just like buying a new home. The LIC Housing Finance Ltd. helps you with your home makeover by offering quick loans with a lower EMI. A home renovation loan is the best way to ensure quick cash which can be repaid in monthly installments. So just renovate or furnish your home with the easy repairs/renovation loans offered by LIC Housing Finance Ltd. There are basically two types of repair/renovation loan offered by LIC Housing Finance – loans for resident Indians and loans for non-resident Indians.

    Features of LIC HFL Repair/Renovation Loans

    • Experienced and well qualified professionals to guide you through the application process.
    • All over India presence and also has offices in Dubai and Kuwait.
    • Loan is offered at a competitive interest rate.
    • Other than repair/renovation loan, LIC HFL also offers various other loans for construction, plot purchase, loan against property, etc.
    • Helps you choose the right loan based on your financial requirements.
    • No hidden charges are involved.

    Eligibility Criteria for Repair/Renovation Loans (Resident Indians)

    Minimum loan amount Rs.1 lakh
    Loan to property
    • Provides loans up to 85% of the total cost of the property for a maximum loan amount Rs.20 lakhs.
    • For loans above Rs.20 lakhs and up to Rs.75 lakhs, the amount of loan sanctioned will be 80% of the property value.
    • If the loan amount applied is above Rs.75 lakhs, then an amount equal to 75% of property value is offered
    Loan tenure Maximum loan term is 30 years for salaried individuals and 20 years for self-employed.
    Mode of repayment EMIs on a monthly rest basis
    Interest rate Contact your nearest LIC HFL office for the prevailing interest rates of repair/renovation loans
    Upfront fees As per the prevailing rate

    Eligibility Criteria for Repair/Renovation Loans (Non Resident Indians)

    Minimum loan amount Rs.1 lakh
    Loan to property
    • Provides loans up to 85% of the total cost of the property for a maximum loan amount Rs.20 lakhs.
    • For loans above Rs.20 lakhs and up to Rs.75 lakhs, the amount of loan sanctioned will be 80% of the property value.
    • If the loan amount applied is above Rs.75 lakhs, then an amount equal to 75% of property value is offered
    Loan tenure
    • 20 years for persons with professional qualification
    • 15 years for others
    Mode of repayment EMIs on a monthly rest basis
    Interest rate Contact your nearest LIC HFL office for the prevailing interest rates of repair/renovation loans
    Upfront fees As per the prevailing rate

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    Home Loan Reviews

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