LIC HFL Griha Suvidha Home Loan
LIC HFL Griha Suvidha Home Loan is a mortgage guarantee-backed housing loan that looks past your age or income type to help you buy a home. Loans run for up to 30 years, with interest rates starting at 7.40% p.a. for well-qualified salaried applicants.
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) for housing loans is 16.90% p.a.
These interest rates are floating and linked to the LIC Housing Prime Lending Rate (LHPLR).
Interest Rate for Salaried and Professional Individuals:
CIBIL Score | Loan Slab | Interest Rate (p.a.) |
CIBIL 825 or more | More than Rs.5 lakh & up to Rs.3 crore | 7.40% |
CIBIL 800 to 824 | More than Rs.5 lakh & up to Rs.3 crore | 7.60% |
CIBIL 775 to 799 | More than Rs.5 lakh & up to Rs.1 crore | 7.75% |
CIBIL 775 to 799 | More than Rs.1 crore & up to Rs.3 crore | 7.85% |
CIBIL 750 to 774 | More than Rs.5 lakh & up to Rs.1 crore | 7.85% |
CIBIL 750 to 774 | More than Rs.1 crore & up to Rs.3 crore | 7.95% |
CIBIL 725 to 749 | More than Rs.5 lakh & up to Rs.1 crore | 8.05% |
CIBIL 725 to 749 | More than Rs.1 crore & up to Rs.3 crore | 8.15% |
CIBIL 700 to 724 | More than Rs.5 lakh & up to Rs.1 crore | 8.35% |
CIBIL 700 to 724 | More than Rs.1 crore & up to Rs.3 crore | 8.45% |
CIBIL 600 to 699 | More than Rs.5 lakh & up to Rs.1 crore | 9.15% |
CIBIL 600 to 699 | More than Rs.1 crore & up to Rs.3 crore | 9.25% |
CIBIL 201 to 599 | More than Rs.5 lakh & up to Rs.1 crore | 9.95% |
CIBIL 201 to 599 | More than Rs.1 crore & up to Rs.3 crore | 10.05% |
CIBIL 150 to 200 | More than Rs.5 lakh & up to Rs.35 lakh | 8.05% |
CIBIL 150 to 200 | More than Rs.35 lakh & up to Rs.2 crore | 8.15% |
CIBIL 101 to 149 | More than Rs.5 lakh & up to Rs.35 lakh | 8.35% |
CIBIL 101 to 149 | More than Rs.35 lakh & up to Rs.2 crore | 8.45% |
Interest Rate for Non-salaried and non-professional individuals:
CIBIL Score | Loan Slab | Interest Rate (p.a.) |
CIBIL 825 or more | More than Rs.5 lakh & up to Rs.3 crore | 7.55% |
CIBIL 800 to 824 | More than Rs.5 lakh & up to Rs.3 crore | 7.75% |
CIBIL 775 to 799 | More than Rs.5 lakh & up to Rs.1 crore | 7.90% |
CIBIL 775 to 799 | More than Rs.1 crore & up to Rs.3 crore | 8.00% |
CIBIL 750 to 774 | More than Rs.5 lakh & up to Rs.1 crore | 8.00% |
CIBIL 750 to 774 | More than Rs.1 crore & up to Rs.3 crore | 8.10% |
CIBIL 725 to 749 | More than Rs.5 lakh & up to Rs.1 crore | 8.20% |
CIBIL 725 to 749 | More than Rs.1 crore & up to Rs.3 crore | 8.30% |
CIBIL 700 to 724 | More than Rs.5 lakh & up to Rs.1 crore | 8.60% |
CIBIL 700 to 724 | More than Rs.1 crore & up to Rs.3 crore | 8.70% |
CIBIL 600 to 699 | More than Rs.5 lakh & up to Rs.1 crore | 9.40% |
CIBIL 600 to 699 | More than Rs.1 crore & up to Rs.3 crore | 9.50% |
CIBIL 201 to 599 | More than Rs.5 lakh & up to Rs.1 crore | 10.10% |
CIBIL 201 to 599 | More than Rs.1 crore & up to Rs.3 crore | 10.20% |
CIBIL 150 to 200 | More than Rs.5 lakh & up to Rs.35 lakh | 8.20% |
CIBIL 150 to 200 | More than Rs.35 lakh & up to Rs.2 crore | 8.30% |
CIBIL 101 to 149 | More than Rs.5 lakh & up to Rs.35 lakh | 8.60% |
CIBIL 101 to 149 | More than Rs.35 lakh & up to Rs.2 crore | 8.70% |
Interest Rate for individuals with no CIBIL score:
LIC HFL no longer publishes a separate rate slab for applicants with no CIBIL score. Such applications are now assessed against the lowest CIBIL bands shown in the tables above (CIBIL 101 to 149 and 150 to 200).
Compare: Other LICHFL Home Loan Interest Rate
Features and Benefits of LIC Griha Suvidha Home Loan
LIC HFL Griha Suvidha Home Loan has a number of features and benefits which are listed below:
- Note: CLSS validity under PMAY lapsed on 31 March 2020, so this subsidy benefit is no longer available under this scheme.
- Enjoy the benefits of competitive rates of interest
- Access all types of services across all the branches around the country
- Avail a loan amount of up to Rs.3 crore
- Enjoy the benefits of nominal processing fee
- Loans can be availed by both existing and new customers
- Minimal and hassle-free documentation process
- Enjoy low Equated Monthly Instalments (EMI) facility
- Enjoy quick processing and disbursal of loans
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
- Total gross income for cash-salaried applicants is capped at Rs.30,000 per month for a single borrower, or a combined Rs.40,000 per month where more than one cash-salaried applicant is a co-borrower
- Loan tenure is restricted up to the age of retirement of the senior applicant whose income is considered for the loan
Documents Required 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.
Processing Fee for LIC HFL Griha Suvidha Home Loan
The processing fee for the LIC HFL Griha Suvidha Home Loan depends on the loan amount slab, as shown below.
Loan Amount | Processing Fee |
Up to Rs.1 crore | 0.25% of the loan amount, subject to a maximum of Rs.15,000 plus GST |
Above Rs.1 crore & up to Rs.2 crore | Rs.20,000 plus GST |
Above Rs.2 crore & up to Rs.5 crore | Rs.25,000 plus GST |
Above Rs.5 crore & up to Rs.15 crore | Rs.50,000 plus GST |
FAQs on LIC HFL Griha Suvidha Loan
1.What is the LIC HFL Griha Suvidha Home Loan?
The LIC HFL Griha Suvidha Home Loan is a mortgage guarantee-backed home loan from LIC Housing Finance for applicants who don't fit standard eligibility norms, including those paid partly in cash or nearing retirement. It covers salaried, self-employed and professional borrowers across LIC HFL's branch network. The scheme is designed to make homeownership accessible without strict age or income-type restrictions.
2.What will be the effective rate of interest in case I do not have a CIBIL Score under the LIC HFL Griha Suvidha Home Loan?
If you do not have a CIBIL score, the LIC HFL Griha Suvidha Home Loan assesses your application against the lowest CIBIL bands published in the interest rate tables above. This generally places your rate at the higher end of the pricing grid. Speak with LIC HFL directly to confirm the exact rate that applies to your application.
3.What percentage of salary should I get through cash if I want to apply for the LIC HFL Griha Suvidha Home Loan?
You should be receiving at least 70% of your salary through banking channels to be eligible for the LIC HFL Griha Suvidha Home Loan. The remaining cash component may still count toward your income depending on how it is structured. Check the eligibility criteria above for the full conditions.
4.Can I apply for the LIC HFL Griha Suvidha Home Loan with a co-applicant?
Yes, the LIC HFL Griha Suvidha Home Loan allows a co-applicant, with a cap on how many cash-salaried applicants can be borrowers on a single loan. Adding a co-applicant can help combine incomes for eligibility purposes. Refer to the eligibility criteria above for the exact limit.
5.What documents are required to apply for the LIC HFL Griha Suvidha Home Loan?
Applying for the LIC HFL Griha Suvidha Home Loan needs property documents, KYC proof such as PAN and Aadhaar, and income documents like bank statements or salary slips. Self-employed applicants also submit income tax returns and other financials. The full list is available in the documents section above.
6.What is the maximum tenure for the LIC HFL Griha Suvidha Home Loan?
The LIC HFL Griha Suvidha Home Loan can be repaid over an extended tenure, though the exact term depends on the applicant's age and repayment capacity. Applicants nearing retirement or self-employed individuals may be offered a longer repayment window. Check with LIC HFL for the tenure that applies to your profile.
7.What is the maximum loan amount that I will be eligible for under the LIC HFL Griha Suvidha Home Loan?
The maximum loan amount for the LIC HFL Griha Suvidha Home Loan depends on your CIBIL score and the loan quantum slab you fall into, as shown in the interest rate tables above. A higher CIBIL score generally unlocks access to the higher loan slabs. Review the tables above for the slab that applies to you.
8.What is the processing fee payable towards a home loan under the LIC HFL Griha Suvidha Home Loan?
The processing fee for the LIC HFL Griha Suvidha Home Loan varies by loan amount slab, as listed in the processing fee table above. It typically includes GST on top of the base fee or percentage charged. Check the table above for the exact fee that applies to your loan amount.
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