LIC Home Loan Balance Transfer
LIC's home loan balance transfer gives you the freedom to pay lower interest rates and lower your Equated Monthly Instalments (EMIs) on your home loan by transferring your existing loan from any other bank to LIC. You can also avail top-up loans on your home loan at lower interest rates. Interest rates start at 7.50% p.a. with a maximum repayment tenure of up to 30 years.
LIC Home Loan Balance Transfer Interest Rates
LIC's home loan balance transfer interest rates start at 7.50% p.a. and go up to 10.00% p.a. depending on the credit score and quantum of loan. LIC Housing Prime Lending Rate (LHPLR) is currently 16.90%.
Interest Rate for Non-salaried and non-professional individuals
CIBIL Score Range | Quantum of Loan | Interest Rate |
101 to 149 | Up to Rs.35 lakhs | 8.85% |
More than Rs.35 lakhs to Rs.2 crore | 8.95% | |
150 to 200 | Up to Rs.35 lakhs | 8.35% |
More than Rs.35 lakhs to Rs.2 crore | 8.45% | |
<600 | Up to Rs.50 lakhs | 9.70% |
More than Rs.50 lakhs to Rs.2 crore | 9.90% | |
More than Rs.2 crore to Rs.5 crore | 10.00% | |
600 to 699 | Up to Rs.50 lakhs | 9.25% |
More than Rs.50 lakhs to Rs.2 crore | 9.45% | |
More than Rs.2 crore to Rs.15 crore | 9.60% | |
700 to 724 | Up to Rs.50 lakhs | 8.75% |
More than Rs.50 lakhs to Rs.2 crore | 8.80% | |
More than Rs.2 crore to Rs.15 crore | 8.90% | |
725 to 749 | Up to Rs.50 lakhs | 8.40% |
More than Rs.50 lakhs to Rs.2 crore | 8.45% | |
More than Rs.2 crore to Rs.15 crore | 8.55% | |
750 to 774 | Up to Rs.50 lakhs | 8.20% |
More than Rs.50 lakhs to Rs.2 crore | 8.25% | |
More than Rs.2 crore to Rs.15 crore | 8.35% | |
775 to 799 | Up to Rs.50 lakhs | 8.10% |
More than Rs.50 lakhs to Rs.2 crore | 8.15% | |
More than Rs.2 crore to Rs.15 crore | 8.25% | |
800 | Up to Rs.5 crore | 8.00% |
More than Rs.5 crore to Rs.15 crore | 8.25% |
Interest Rate for Salaried and Professional Individuals
CIBIL Score Range | Quantum of Loan | Interest Rate |
101 to 149 | Up to Rs.35 lakhs | 8.50% |
More than Rs.35 lakhs to Rs.2 crore | 8.85% | |
150 to 200 | Up to Rs.35 lakhs | 8.00% |
More than Rs.35 lakhs to Rs.2 crore | 8.35% | |
<600 | Up to Rs.50 lakhs | 9.60% |
More than Rs.50 lakhs to Rs.2 crore | 9.80% | |
More than Rs.2 crore to Rs.5 crore | 10.00% | |
600 to 699 | Up to Rs.50 lakhs | 9.15% |
More than Rs.50 lakhs to Rs.2 crore | 9.35% | |
More than Rs.2 crore to Rs.15 crore | 9.50% | |
700 to 724 | Up to Rs.50 lakhs | 8.50% |
More than Rs.50 lakhs to Rs.2 crore | 8.55% | |
More than Rs.2 crore to Rs.15 crore | 8.65% | |
725 to 749 | Up to Rs.50 lakhs | 8.15% |
More than Rs.50 lakhs to Rs.2 crore | 8.20% | |
More than Rs.2 crore to Rs.15 crore | 8.30% | |
750 to 774 | Up to Rs.50 lakhs | 7.95% |
More than Rs.50 lakhs to Rs.2 crore | 8.00% | |
More than Rs.2 crore to Rs.15 crore | 8.10% | |
775 to 799 | Up to Rs.50 lakhs | 7.85% |
More than Rs.50 lakhs to Rs.2 crore | 7.90% | |
More than Rs.2 crore to Rs.15 crore | 8.00% | |
≥800 | Up to Rs.5 crore | 7.50% |
More than Rs.5 crore to Rs.15 crore | 7.75% |
Interest Rate for individuals with CIBIL score less than zero
Quantum of Loan | Salaried & Professional | Non-Salaried & Non-Professional Individuals |
Up to Rs.50 lakh | 7.40% p.a. | 7.50% p.a. |
Compare: LICHFL Home Loan Interest Rate
LIC Home Loan Balance Transfer Features and Benefits
The features and benefits of LIC home loan balance transfer are as given below:
- Low interest rates leading to lower EMIs and greater savings
- Faster sanction of loan
- Facility for quick online loan sanction
- Can be used for purchase, construction, renovation, or repairs of house or apartment
- No prepayment penalty
- Minimal documentation
- Tenure of up to 30 years or up to 60 years of age, whichever is sooner
- CIBIL score of joint applicants is also taken into account to make eligibility easier
- Top-up loans at low interest rates
LIC Home Loan Balance Transfer Eligibility Criteria
The eligibility criteria for the LIC Home Loan Balance Transfer are:
- Indian Residents or Non-Resident Indians
- Salaried or self-employed individuals with a regular income source
LIC Home Loan Balance Transfer Documents Required
The documents required are as follows:
Income documents:
- Bank statements for the last 6 months to 1 year
- For salaried individuals: Form 16 and salary slips
- For self-employed and professionals: Income tax returns for the last 3 years and other financials
KYC Documents:
- Proof of residence
- Aadhaar card
- PAN card
- For Non-Resident Indians: Passport
Property documents (if property has already been selected)
- Paid and up-to-date tax receipts
- For apartments: Allotment letter of residential society or builder
- Proof of ownership of property
FAQs on LIC Home Loan Balance Transfer
- How do I apply for the LIC home loan balance transfer?
To apply for the LIC home loan balance transfer, just visit your nearest LIC Housing Finance Ltd. (HFL) branch office. You can also apply online on the official website of LIC HFL.
- Can I use the balance transfer loan to repair my existing home?
Yes, you can use the balance transfer loan for repairs or renovation of your existing home as well if your current home loan was being used for that purpose.
- What is the interest rate on the LIC top-up home loan?
The interest rate for the LIC top-up home loan for new customers is currently 9.00% p.a.
- Can I use the LIC home loan to buy a resale property?
Yes, you can use the LIC home loan to buy a resale property providing it is not more than 35 years old.
- Can those who are working in the Gulf apply for an LIC home loan?
Yes, LIC has offices in the Gulf in Kuwait and Dubai so you can apply from there.
Disclaimer
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