Life Insurance Corporation Housing Finance Ltd. (LIC HFL) offers two different kinds of plot loans for the purchase of residential plot of land. Interest rates range from 6.90% p.a. to 7.90% p.a. depending on the type of employment and Credit Score of the applicant. Repayment tenures can go up to 30 years with a maximum loan amount of 75% of the property value.
LIC plot loan interest rates are linked to the applicant's employment type, credit score, and quantum of loan applied for. The interest rates for LIC plot loan for the year 2023 are as given below:
For Salaried and Professional Individuals
Loan Amount | Credit Score | Interest Rate |
Up to Rs.50 lakh | Above 700 | 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 | Above 700 | 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 | Above 700 | 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 | Above 700 | 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. |
For Non-Salaried and Non-Professional Individuals:
Loan Amount | Credit Score | Interest Rate |
Up to Rs.50 lakh | Above 700 | 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 | Above 700 | 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 | Above 700 | 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 | Above 700 | 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. |
Credit Score Below Zero:
Quantum of Loan | Non-Salaried & Non-Professionals | Salaried & Professionals |
Up to Rs.50 lakh | 7.50% p.a. | 7.40% p.a. |
Check : LICHFL Interest Rate
Some of the features of LIC Plot loan are listed below:
The two different types of LIC plot loan along with their respective features are given below:
Composite Loan for Purchase of Plot and Construction of House
The features of this loan are:
Purchase of plot of land from development authorities/approved layouts/government bodies
The features of this loan are:
The eligibility criteria for LIC plot loan are as given below:
Check: Other Plot Loan
The following documents are required to apply for the LIC plot loan:
Proof of property (if property is already identified):
Proof of income:
You can apply for the LIC plot loan either online on the official website of the company or by visiting the nearest branch office.
Yes, you can use the LIC plot loan for balance transfer or takeover of other home loans.
The interest rate is floating rate based on the prevailing market conditions and is reviewed every three months in January, April, and July. The interest rates are also linked to the LIC Housing Finance Prime Lending Rate (LHPLR) which is currently at 14.70%.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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