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 2023
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:
Some of the features of LIC Plot loan are listed below:
Interest rate is low
Documentation process is simple
Loan is sanctioned quickly
Low EMIs
Facility of Balance Transfer or Takeover of existing home loans available
Facility of online sanction of plot loan available
Features of LIC Plot Loan
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:
Maximum tenure of 30 years
The sanctioned amount can be used for purchase of plot (up to 60% of loan amount) and construction of a house on the plot (40% or remaining loan amount)
Construction of the house should be completed within 3 years of purchase of the plot
Purchase of plot of land from development authorities/approved layouts/government bodies
The features of this loan are:
Maximum tenure of 15 years
Used for purchase of land only from statutory authorities
Maximum loan amount of up to 75% of the property value
LIC Plot Loan Eligibility Criteria
The eligibility criteria for LIC plot loan are as given below:
Resident Indians
Non-Resident Indians
Salaried individuals in public, private, or government organisations
The following documents are required to apply for the LIC plot loan:
Proof of property (if property is already identified):
Tax receipts that are up to date and paid
Proof of property ownership
Proof of income:
For salaried individuals:
Bank statements for the last 6 months to 12 months
Income tax returns for the last 3 years
Form 16
Salary slips
For self-employed individuals:
Bank statements for the last 6 months to 12 months
Income tax returns for the last 3 years
Financial statements for the last 3 years
Know Your Customer (KYC) documents:
Proof of residence
Aadhaar card
PAN card
Passport for Non-Resident Indians (NRIs)
FAQs on LIC Plot Loan
Where can I apply for the LIC plot loan?
You can apply for the LIC plot loan either online on the official website of the company or by visiting the nearest branch office.
Can I use the LIC plot loan for balance transfer or takeover of other loans?
Yes, you can use the LIC plot loan for balance transfer or takeover of other home loans.
What is the type of interest rate offered by LIC HFL?
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%.
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I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
Hi All,
If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
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233
Ashok Kumar NV
, bangalore
Reviewed on Mar 11, 2020
I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
I purchased a home loan from Axis bank in the year of 2011 Just because of my salary account is with them. I have taken the loan amount of Rs. 7.5L and I have chosen the tenure period of 20 years. To sanctioned this loan almost they took 10 to 15 days. Since I'm a salary account holder, the documentation process was quite high. I pay EMI amount of Rs. 7000 on a monthly.
I have taken yes bank home loan directly through bank. The rate of interest and processing fee was nominal and the loan got sanctioned on proper time .This loan is still active and documents submitted through agent and the loan process was clearly shared by the agent .
