A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • LIC Plot Loan

    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 2020

    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 2020 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

    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
    • Self-employed individuals
    • Professionals

    Check: Other Plot Loan

    Documents Required for LIC Plot Loan

    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:

    1. 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
    2. 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
    3. Know Your Customer (KYC) documents:
      • Proof of residence
      • Aadhaar card
      • PAN card
      • Passport for Non-Resident Indians (NRIs)

    LIC Plot Loan FAQs

    1. 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.

    2. 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.

    3. 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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    Home Loan Reviews

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      "Excellent Loan"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from ICICI Bank, my loan was sanction on time and its going to be disbursed soon. The amount of the loan is 18 lakh . the bank informed me that for construction plan I have to pay for 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month.
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    • IndusInd Bank
      IndusInd Bank Home Loan
      "Not good loan"
      0.5 3.0/5 "Satisfactory"
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      , ahmedabad
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    • LIC Housing Home Loan
      "Best housing loan "
      0.5 5.0/5 "Blown Away!"
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    • Tamilnad Mercantile Bank Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
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    • Syndicate Bank Home Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
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    • ICICI Bank Home Loan
      "Disappointed with ICICI"
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    • review Home Loan
      "Supporting finance"
      0.5 5.0/5 "Blown Away!"
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      , chennai
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    • SBI Home Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
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    • Indiabulls Home Loan
      "Need to improve customer service "
      0.5 2.0/5 "Expected more"
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      , thane
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    • review Home Loan
      "Home loan closer conditions"
      0.5 1.0/5 "Really Bad"
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      Was this review helpful? 27
      , bangalore
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    • Indiabulls Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
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      Was this review helpful? 8
      , hyderabad
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    • LIC Housing Home Loan
      "Very good home loan and need to improve the interest rate"
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 22
      , kolkata
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    • Union Bank of India Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
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      Was this review helpful? 16
      , chennai
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    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 59
      , kanchipuram
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    • LIC Housing Home Loan
      "Need to decrease the interest rate"
      0.5 4.0/5 "Great!"
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      Was this review helpful? 14
      , lucknow
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    • HDFC Limited Home Loan
      "Comfortable process "
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 8
      , alleppey
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    • HDFC Limited Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
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    • review Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
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      , vadodara
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    • review Home Loan
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
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      Was this review helpful? 12
      , chennai
      Reviewed on Mar 06, 2020
    • HDFC Limited Home Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
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      , rajkot
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