LIC HFL Griha Suvidha Home Loan is a Mortgage Guarantee backed housing loan scheme. The age or income type of the applicant is not taken under consideration under this scheme. The loans can be availed for a period of up to 30 years. The rate of interest for the loans start at 7.15% p.a.
LIC HFL Griha Suvidha Home Loan Interest Rates
The LIC HFL Griha Suvidha Home Loan interest rates are decided for a borrower on the basis of a number of factors such as the loan repayment tenure, the type of employment of the applicant, and the quantum of loan, and most importantly, the CIBIL Score of the applicant. The current LIC Housing Prime Lending Rate (LHPLR) is 14.70%.
Interest Rate for Salaried and Professional Individuals:
Quantum of Loan
CIBIL Score
Salaried & Professionals
Rs.10 lakh to Rs.50 lakh
700 or more
7.15% p.a.
Between 650 – 699
7.35% p.a.
Between 600 - 649
7.55% p.a.
Lower than 600
7.75% p.a.
Between Rs.50 lakh to Rs.1 crore
700 or more
7.15% p.a.
Between 650 – 699
7.55% p.a.
Between 600 - 649
7.85% p.a.
Lower than 600
7.95% p.a.
Between Rs.1 crore to Rs.3 crore
700 or more
7.15% p.a.
Between 650 – 699
7.65% p.a.
Between 600 - 649
7.95% p.a.
Lower than 600
7.95% p.a.
Interest Rate for Non-salaried and non-professional individuals:
Quantum of Loan
CIBIL Score
Non-Salaried & Non-Professionals
Rs.10 lakh Rs.50 lakh
700 or more
7.25% p.a.
Between 650 – 699
7.45% p.a.
Between 600 - 649
7.65% p.a.
Lower than 600
7.85% p.a.
Between Rs.50 lakh to Rs.1 crore
700 or more
7.25% p.a.
Between 650 – 699
7.65% p.a.
Between 600 - 649
7.95% p.a.
Lower than 600
8.05% p.a.
Between Rs.1 crore to Rs.3 crore
700 or more
7.25% p.a.
Between 650 – 699
7.75% p.a.
Between 600 - 649
8.05% p.a.
Lower than 600
8.05% p.a.
Interest Rate for individuals with no CIBIL score:
Eligibility Criteria for LIC HFL Griha Suvidha Home Loan
The eligibility criteria for the LIC HFL Griha Suvidha Home Loan can be summed up as follows:
Self-employed individuals who are looking for extended loan terms
Applicants who are nearing retirement are looking for extended loan terms
Applicants who are earning part of their salary through cash
Documents Required to Apply for LIC HFL Griha Suvidha Home Loan
The documents required to apply for the LIC HFL Griha Suvidha Home Loan are as listed below:
Property documents (for identified properties)
Allotment letter from the builder or residential society, in the case of flats.
Proof of property ownership
Updated and duly paid tax receipts
Know Your Customer (KYC) Documents:
PAN card
Aadhaar card
Proof of residential address
Passport (Mandatory for NRIs)
Income documents:
Bank statements for the previous 6 months to 12 months
Income tax returns of the previous 3 years as well as other financials (For self-employed and professionals)
Salary slips and Form 16 (For salaried individuals)
Note: The list of documents mentioned above are indicative. Applicants might be required to provide additional documents as per the requirement of LIC HFL.
FAQs
What percentage of salary should I get through cash if I want to apply for the LIC HFL Griha Suvidha Home Loan?
Being an applicant, you should be getting at least 70% of the salary in cash through banking channels to be eligible to apply for the LIC HFL Griha Suvidha Home Loan.
Can I apply for the LIC HFL Griha Suvidha Home Loan with a co-applicant?
Yes, you can apply for the LIC HFL Griha Suvidha Home Loan with a co-applicant. LIC HFL allows a maximum of 2 cash salaried applicants to be borrowers for a loan.
What is the maximum loan amount that I will be eligible for?
You will be eligible for a loan amount of up to Rs.3 crore under the LIC HFL Griha Suvidha Home Loan scheme.
What will be the effective rate of interest in case I do not have a CIBIL Score?
If you do not have a CIBIL Score, the effective rate of interest on your home loan will be calculated at par with the rates applicable to the CIBIL Scores of less than 600.
What is the maximum processing fee that is payable towards a home loan under the LIC HFL Griha Suvidha Home Loan?
For a loan amount of up to Rs.1 crore, the processing fee is charged at the rate of 0.50% of the loan amount (subject to a min. of Rs.5,000 and a max. of Rs.15,000). In the case of a loan amount exceeding Rs.1 crore (up to Rs.3 crore), the effective processing fee is charged at the rate of 0.25% of the loan amount (subject to a maximum of Rs.50,000 plus GST).
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I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
Hi All,
If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
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234
Ashok Kumar NV
, bangalore
Reviewed on Mar 11, 2020
I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
I purchased a home loan from Axis bank in the year of 2011 Just because of my salary account is with them. I have taken the loan amount of Rs. 7.5L and I have chosen the tenure period of 20 years. To sanctioned this loan almost they took 10 to 15 days. Since I'm a salary account holder, the documentation process was quite high. I pay EMI amount of Rs. 7000 on a monthly.
I have taken yes bank home loan directly through bank. The rate of interest and processing fee was nominal and the loan got sanctioned on proper time .This loan is still active and documents submitted through agent and the loan process was clearly shared by the agent .
