LIC HFL Home Extension Loan
LIC HFL Home Extension Loan, as the name suggests, can be availed for the extension of an existing property. The loans can be availed for a period of up to 30 years. The rate of interest for the loans start at 6.90% p.a.
LIC Home Extension Loan Interest Rates
LIC Home Extension Loan interest rates are primarily decided on the basis of the CIBIL Score of the applicant. However, there are a few more factors such as the type of employment of the applicant, the loan repayment tenure, and the quantum of home loan, which are considered to ascertain the effective rate of interest. 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 |
Up to Rs.50 lakh | 700 or more | 6.90% p.a. |
Between 650 - 699 | 7.10% p.a. | |
Between 600 - 649 | 7.30% p.a. | |
Lower than 600 | 7.50% p.a. | |
Between Rs.50 lakh to Rs.1 crore | 700 or more | 6.90% p.a. |
Between 650 - 699 | 7.30% p.a. | |
Between 600 - 649 | 7.60% p.a. | |
Lower than 600 | 7.70% p.a. | |
Between Rs.1 crore to Rs.3 crore | 700 or more | 6.90% p.a. |
Between 650 - 699 | 7.40% p.a. | |
Between 600 - 649 | 7.70% p.a. | |
Lower than 600 | 7.70% p.a. | |
Between Rs.3 crore to Rs.15 crore | 700 or more | 6.90% p.a. |
Between 650 - 699 | 7.50% p.a. | |
Between 600 - 649 | 7.70% p.a. | |
Lower than 600 | 7.80% p.a. |
Interest Rate for Non-salaried and non-professional individuals:
Quantum of Loan | CIBIL Score | Non-Salaried & Non-Professionals |
Up to Rs.50 lakh | 700 or more | 7.00% p.a. |
Between 650 - 699 | 7.20% p.a. | |
Between 600 - 649 | 7.40% p.a. | |
Lower than 600 | 7.60% p.a. | |
Between Rs.50 lakh to Rs.1 crore | 700 or more | 7.00% p.a. |
Between 650 - 699 | 7.40% p.a. | |
Between 600 - 649 | 7.70% p.a. | |
Lower than 600 | 7.80% p.a. | |
Between Rs.1 crore to Rs.3 crore | 700 or more | 7.00% p.a. |
Between 650 - 699 | 7.50% p.a. | |
Between 600 - 649 | 7.80% p.a. | |
Lower than 600 | 7.80% p.a. | |
Between Rs.3 crore to Rs.15 crore | 700 or more | 7.00% p.a. |
Between 650 - 699 | 7.60% p.a. | |
Between 600 - 649 | 7.80% p.a. | |
Lower than 600 | 7.90% p.a. |
Interest Rate for individuals with no CIBIL score:
Quantum of Loan | Salaried & Professionals | Non-Salaried & Non-Professionals |
Up to Rs.50 lakh | 7.40% p.a. | 7.50% p.a. |
Compare: LICHFL Home Loan Interest Rate
Features and Benefits of LIC Home Extension Loan
LIC Home Extension Loan has a number of features and benefits which are listed below:
- Enjoy competitive rates of interest
- Loans can be availed by both existing and new customers
- Enjoy the facility of online sanction of plot loans
- Minimal and hassle-free documentation process
- Enjoy low Equated Monthly Instalments (EMI) facility
- Enjoy quick processing and disbursal of loans
- Access all types of services across all the branches around the country
Eligibility Criteria for LIC Home Extension Loan
The eligibility criteria for the LIC Home Extension Loan can be summed up as follows:
- Salaried or self-employed individuals
- Indian Residents or Non-Resident Indians
Note: In either case, the applicant will be required to have a stable source of income.
Documents Required to Apply for LIC Home Extension Loan
The documents required to apply for the LIC Home Extension 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
- How will LIC HFL consider the CIBIL score in case I apply for a home loan along with a co-applicant?
In case you apply for the LIC HFL Home Loans along with a co-applicant, the higher CIBIL Score will be considered for the processing of the loan application.
- I do not have a CIBIL Score, will I able to apply for the LIC HFL Home Extension Loan?
Yes, you will be able to apply for the LIC HFL Home Extension Loan despite having no CIBIL Score.
- What is the maximum loan amount that I will be eligible for?
You will be eligible for a loan amount of up to Rs.15 crore under the LIC HFL Home Extension 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 loan repayment tenure under the LIC HFL Home Extension Loan Scheme?
The maximum tenure for which a home loan can be availed is 30 years for salaried borrowers. The same goes up to 20 years, in the case of self-employed borrowers. However, these terms will be subject to the loan repayment capacity and the age of the borrower.
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