LIC Housing Special Offers on Home Loans

Interest Rate for Salaried and Professional Individuals:

Interest Rate for Top-Up Loan on Balance Transfer with Advantage Plus

Features and Benefits of LIC Housing Special Offers on Home Loans

LIC HFL has the following special offers on home loans:

• Pay When You Stay
• 6 EMI Waiver
• Advantage Plus

Pay When You Stay Offer

The main features of this offer are:

• Payment of the Equated Monthly Instalment (EMI) which includes the principal amount and interest component of the loan, can be started either on possession of the residential unit or 4 years from the date of the first disbursement of the loan or after the moratorium, whichever is earlier.
• The interest for the amount that has been disbursed during this period will have to be paid.
• The tenure of the loan will not be extended, however, so the EMI will be calculated and scheduled accordingly.
• The moratorium period of the principal amount will not exceed 20% of the sanctioned term.
• The start of EMI payments will be based on the prevalent interest rate and remaining loan tenure.
• This offer can only be availed for houses or flats that are under construction.
• This offer cannot be availed for renovations, repairs, or balance transfer of home loan from other financial institutions

6 EMI Waiver Offer

The main features of this offer are:

• Waiver of up to 6 EMIs as given below:
  • At the end of the 3rd year: Waiver of 2 EMIs
  • At the end of the 6th year: Waiver of 2 EMIs
  • At the end of the 10th year: Waiver of 2 EMIs
• The waiver of EMIs is subject to the following conditions:
  • EMI is waived as an appropriation towards the loan outstanding amount
  • There will be no prepayment of the principal amount during 3 years
  • There has been no default on the repayment of loan EMIs
• The offer can only be availed to purchase a ready-to-move-in apartment or house or a flat with an Occupancy Certificate (OC)
• This offer cannot be availed for renovations, repairs, or balance transfer of home loan from other financial institutions
• For a limited period, there will be no processing fee for loans of up to Rs.50 lakh
• For a limited period, there will be a waiver of 50% in processing fee of loans ranging from Rs.50 lakh to Rs.5 crore
• Maximum loan tenure is 30 years

Advantage Plus

The main features of this offer are:

• Transfer home loan from other financial institutions to LIC HFL for a lower rate of interest
• Avail waiver of two EMIs at the end of the 5th year or at the end of the loan closure
• This is subject to the following conditions:
  • The borrower has a regular repayment track record without any default on payment
  • There has been no prepayment during the first five years of the loan
• Maximum tenure of 30 years
• No prepayment penalty
• Top-up loan can be availed at attractive interest rates

Eligibility Criteria for LIC Housing Special Offers on Home Loans

The eligibility criteria are as given below:

• Indian Residents or Non-Resident Indians
• Salaried or self-employed/professional individuals with a regular and stable source of income

Documents Required for LIC Housing Special Offers on Home Loans

The documents required are as follows:

KYC Documents:

• Proof of residence
• Aadhaar card
• PAN card
• For Non-Resident Indians: Passport

Income documents:

• Bank statements for the last 6 months to 1 year for both salaried and self-employed/professionals
• For salaried individuals: Form 16 and salary slips
• For self-employed and professionals: Income tax returns for the last 3 years and other financials

Property documents (if property has already been identified)

• Proof of ownership of property
• Paid and up-to-date tax receipts
• For apartments: Allotment letter of residential society or builder

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