LIC Home Construction loan makes it possible to build a house of your own by availing home loans with affordable interest rates starting at 6.90% p.a. with maximum repayment tenure of up to 30 years.
LIC's home construction loan interest rates are linked to a number of factors such as the applicant's CIBIL score, type of employment, and quantum of loan. 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 |
Upto Rs.2 crores | Above and equal to 750 | 8.50% p.a. |
Between 700 - 749 | 8.75% p.a. | |
Between 600 - 699 | 9.75% p.a. | |
Lower than 600 | 7.50% p.a. | |
Between Rs.2 crores up to Rs.15 crores | Above 750 | 8.70% p.a. |
Between 700 - 749 | 8.95% p.a. | |
Between 600 - 699 | 9.90% p.a. | |
Lower than 600 | 10.40% p.a. |
Interest Rate for Non-salaried and non-professional individuals:
Quantum of Loan | CIBIL Score | Non-Salaried & Non Professionals |
Upto Rs.2 crores | Above and equal to 750 | 8.60% p.a. |
Between 700 - 7499 | 8.85% p.a. | |
Between 600 - 699 | 9.85% p.a. | |
Lower than 600 | 10.30% p.a. | |
Between Rs.2 crores up to Rs.15 crores | Above and equal to 750 | 8.80% p.a. |
Between 700 - 749 | 9.05% p.a. | |
Between 600 - 699 | 10.00% p.a. | |
Lower than 600 | 10.50% p.a. |
Compare: LICHFL Home Loan Interest Rate
LIC Home Construction Loan has many features and benefits such as:
The eligibility criteria for the LIC Home Construction Loan is as given below:
The documents required are as given below:
Property documents (for properties that have been selected)
KYC Documents:
Income documents:
Those who don't have a CIBIL score can still avail themselves of a loan of up to Rs.50 lakh but the interest rates will be higher. Those who want a home loan exceeding Rs.50 lakh with no CIBIL score will have to pay an interest rate that is equivalent to those with CIBIL scores less than 600, according to the quantum of loan applied for as well.
Yes, for salaried individuals, the repayment tenure can go up to 30 years while for self-employed individuals it is up to 20 years.
LIC offers home loans of up to 90% of property value for loans of up to Rs.30 lakh, 80% of property value for loans between Rs.30 lakh and Rs.75 lakh, and 75% of property value for loans exceeding Rs.75 lakh.
The maximum loan amount depends on several eligibility criteria but can go up to Rs.15 crore.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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