LICHFL Home Construction Loan

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 Home Construction Loan Interest Rates

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 Features and Benefits

LIC Home Construction Loan has many features and benefits such as:

  1. Low interest rates
  2. Both existing and new customers can avail the loan
  3. Online sanction of plot loans
  4. Minimal documentation
  5. Low Equated Monthly Instalments (EMI)
  6. CIBIL score of joint applicants will be considered
  7. Up to 90% of property value
  8. Insurance-linked security
  9. Wide network across India

LIC Home Construction Loan Eligibility Criteria

The eligibility criteria for the LIC Home Construction Loan is as given below:

  1. Salaried or self-employed individuals with a stable and regular source of income.
  2. Indian Residents or Non-Resident Indians

LIC Home Construction Loan Documents Required

The documents required are as given below:

Property documents (for properties that have been selected)

  1. For apartments: Allotment letter of builder or residential society
  2. Proof of property ownership
  3. Up-to-date and paid tax receipts

KYC Documents:

  1. PAN card
  2. Aadhaar card
  3. Residence proof
  4. For Non-Resident Indians: Passport

Income documents:

  1. Bank statements for the previous 6 months to 12 months
  2. For self-employed and professionals: Income tax returns of the previous 3 years as well as other financials
  3. For salaried individuals: Salary slips and Form 16

FAQs on LICHFL Home Construction Loan

  • If I don't have a CIBIL score, will I still be eligible to avail myself of a loan from LIC?

    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.

  • Does the repayment period differ for salaried and self-employed individuals?

    Yes, for salaried individuals, the repayment tenure can go up to 30 years while for self-employed individuals it is up to 20 years.

  • Will I get 100% property value as a home loan from LIC?

    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.

  • What is the maximum loan amount that can be availed in LIC home loans?

    The maximum loan amount depends on several eligibility criteria but can go up to Rs.15 crore.

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