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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.60% - 9.90% Floating
    1,000 to ₹15,000 One time fee
    1L Min
    5-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    LIC Housing Home Loan is Rated as "Pretty good" by 580 Users

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    Home Loan BYTES FROM OUR KITCHEN

    LIC Housing Finance Limited (LIC HFL) is an Indian housing finance company having its Registered and Corporate office at Mumbai. It provides housing loans to individuals, builders, development authorities, employers organisations, etc. LIC was founded in 1989. It has 7 regional offices, 13 back-offices and 181 marketing units across India. LIC has different loan product like Home Loan, Corporate Loan, Builders/ Developers. Home Loans in LIC even lends loan to resident as well as non resident for purchase, Construction, Extension and even to repair your houses. LIC HFL offers eligible customers instant e-approval on home loan applications on BankBazaar.com. View details below


    You’re probably eligible for an LIC Home Loan if you are

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    LIC Home Loan Minimum Age

    At least 22 years old

     LIC Home Loan Maximum Age

    Less than 65 years old

    LIC Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    LIC Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your LIC Home Loan amount eligibility is based on these factors

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    LIC Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    LIC Home Loan Maximum Loan to property value

    Loan capped @ 75% to 85%
    of property value

    LIC Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible LIC Home Loan amount by these steps

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    LIC Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    LIC Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    LIC Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an LIC Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee cheque
    • 4. Last 6 months bank statements
    • 5. Documentation for salaried applicants:

      - Last 3 months salary-slips

      - Form 16 or Income Tax Returns

    • 6. Documentation for self-employed applicants:

      - Education qualification certificate & proof of business existence

      - Last 3 years Income Tax Returns with computation of Income

      - Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


    LIC Home Loan Interest RatesUpdated on 28 May 2016

    LIC Home Loan Details
    Loan Tenure 30 Years
    Guarantor Requirement No guarantor required
    Pre Closure Charges Nil
    Partial PrePayment Charges Nil

    LIC Housing Finance:

    LIC HFL or LIC Housing Finance Ltd., was formed in 1989 by the Life Insurance Corporation of India (LIC). The company has, since its inception, grown to become a leading institution in the home loan market. Monitored by the National Housing Bank (NHB), LIC HFL Home Loan offers long-term finance to its customers to help fulfil their varied housing needs. Listed on the NSE and BSE, and headquartered in Mumbai, the company has representation in the Middle East with offices at Dubai and Kuwait.

    One of LIC HFL’s key strengths is its impressive distribution network; arguably one of the largest amongst its peers, marking its presence across India.

    LIC Housing Finance Home Loans – Overview:

    Home Loans from LIC Housing Finance Limited are offered to customers at very attractive interest rates. They come with great features including minimal documentation, quick processing times and quick approvals and disbursals. The entire process of obtaining a loan from LIC Housing Finance is simple and easy to understand and track. Customers also have the added advantage of clarity through a transparent cost structure.

    These loans are designed around the needs and financial position of borrowers. Customers can avail funding for varying tenures customised to suit their requirements based on their individual servicing capacities. Funds obtained through these schemes can be used to fund a variety of purposes like purchases, construction, renovation etc.

    The company reaches out to different kinds of customer classes. Its housing finance products are tailored to suit the needs of individuals as well as groups; retail borrowers as well as corporate borrowers; resident as well as non-resident Indians. The company also meets the funding requirements of builders, developers and development authorities.

    Besides home loans, LIC Housing Loan offers different types of secured personal loans. Funds so raised are provided against specific assets, depending on the scheme chosen.

    Benefits of Home Loans Provided by LIC Housing:

    Owning a house is dream for every individual. However, LIC Housing Finance has introduced a variety of home loans which are accompanied by multiple benefits to the user. These home loans are designed to cater to the home financing needs of resident Indians, NRIs and pensioners. These loans come with easy terms like comfortable repayment periods, low interest rates, easy repayment options, minimal documentation, quick loan processing and more.

    Types of Home Loans Offered by LIC Housing Finance

    To cater to the needs of a diverse customer base, LIC offers a variety of home loans to its customers which can be availed for different purposes. These home loans are available for

    1. Resident Indians,
    2. Non-resident Indians (NRIs) and
    3. Pensioners (pre-retirement and postretirement).

    Given below are some of the features and benefits of each home loan plan offered by LIC HFL to help you realize your dream of owning a house.

    1. LIC Home Loans for Resident Indians

      LIC offers home loans to resident Indians for the purposes of purchasing a new house /residential unit, for the construction of a new house or residential unit or for making an extension to an existing house or residential unit.

      Home Loan for Purchase:

      • You can avail this home loan for the purchase of a new house/apartment r residential unit.
      • You can avail this loan for a minimum amount of Rs 1,00,000.
      • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
      • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.
      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

      Home Loan for Construction:

      • This home loan can be availed for the construction of a new housing/residential unit.
      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC HFL provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
      • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
      • You can avail this loan for a minimum amount of Rs 1,00,000.
      • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.

      Home Loan for Extension:

      • You can avail this loan in order to build an extension to your existing house. For example, an additional room to an existing house.
      • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.

      • You can avail this loan for a minimum amount of Rs 1,00,000.

      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
      • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.
    2. LIC Home Loans for Non Resident Indians (NRIs)

      Just like it caters to its resident Indian customers, LIC Housing Finance understands the importance for a non-resident Indian to have their own house, in their motherland. For this purpose, LIC provides NRI customers with home loans which can be availed for the purchase of a new house, for the construction of a new house or to make an extension to an existing house. Given below are some features and benefits of these housing loans in brief.

      Home Loan for Purchase:

      • You can avail this home loan for the purchase of a new house/apartment r residential unit.
      • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC Housing Finance provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

      • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
      • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.

      Home Loan for Construction:

      • Applicants can avail this loan in order to finance the cost of construction of a new house or residential unit.
      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
      • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
      • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
      • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.

      Home Loan for Extension:

      • NRIs who already have an existing house in India and wish to make any extensions to their existing house can avail this home loan to finance the cost of the extension.
      • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
      • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
      • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
      • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
    3. LIC Home Loans for Pensioners

      While it is relatively easy for a young working individual to obtain a home loan, the same might not be as easy for someone who might be approaching their retirement age or has already retired. LIC Housing makes that easy as they provide home loans for individuals who are approaching or have crossed their retirement age. These home loans come with easy terms and provide multiple benefits like ease of repayment, low interest rates, comfortable tenure, etc.

      Home Loan before Retirement:

      • Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
      • This home loan is available for a term of up to 15 years or till the applicant reaches 70 years of age, whichever occurs earlier.

      Home Loan after Retirement:

      • Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
      • Borrower must repay this loan before he/she attains 70 years of age.

    New LIC Home Loan Interest Rate:

    The LIC reaffirms its position as a people centric organization by offering home loans at an attractive interest rate of 10.10% to 12% on a monthly reducing balance model. No wonder, LIC housing home loans have many takers when it comes to a competent and comprehensive home loan.

    Why Should I Apply for An LIC Housing Loan via BankBazaar?

    If you wish to apply for an LIC Housing Finance home loan, there is no place better than BankBazaar, an online portal which is a one-stop shop for all your personal finance needs. When it comes to home loans, BankBazaar has no shortage of options for you. The site provides not only information but also offers on various home loans offered by multiple providers. You can not only enquire about these loans but also draw comparisons between home loans offers by different providers, to choose which one suits your needs the closest. For comparison purposes, the home loans are differentiated on the basis of factors like announcement date by lenders, interest rates, benefits, etc. Once you have chosen a particular home loan from among the available choices, you can also apply for the same via the website itself. All you have to do is enter some basic details about your income and check whether you are eligible for your preferred loan. The BankBazaar website has been designed to provide you with a user experience which is extremely convenient, quick and easy to comprehend. Not only that, you also stand to benefit from exclusive offers and deals which are offered by different banks/loan providers from time to time, as a result of their collaboration with BankBazaar.

    Eligibility for LIC Housing Finance Home Loans:

    • The LIC Housing loan for Resident Indians is open to all individuals who are residents of India.
    • The LIC Housing Loan for NRIs is only available to salaried individuals who hold an NRI (non-resident Indian) or PIO (person of Indian origin) status.
    • The LIC Housing Loan for Pensioners (before retirement) is available to those individuals who are 50 years or above in age and hold a pension scheme post retirement. The LIC Housing Loan for Pensioners (after retirement) is available to those individuals who are pensioners drawing a pension which forms a stable source of income.

    Documentation Required for LIC HFL Home Loans

    LIC offers a variety of housing loans to help you finance the cost of a new house, whether it for purchasing, construction or for making an extension to an existing housing unit. The documentation requirements are different for salaried applicants and self-employed applicants. For further details on the required documentation, please contact your nearest LIC branch.

    Basic Documents:

    • Duly filled and signed application form.
    • Passport sized photographs.
    • Cheque with processing fee amount.
    • Bank statements for the last 6 months.

    Salaried Applicants:

    In addition to the aforementioned documents, salaried applicants wishing to apply for this home loan must provide:

    • Salary slips for the last 3 months
    • Form 16 or Income Tax Returns

    Self-employed Applicants:

    • Certificates of educational qualifications.
    • Proof of existence of said business.
    • Income Tax Returns for last 3 years along with computation of Income.
    • Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.

    LIC Housing Finance FAQs:

    1. What are the different types of home loans provided by LIC Housing?

      LIC Housing provides home loans for resident Indians, non-resident Indians (NRIs) and for pensioners.

    2. What are the terms and conditions associated with the LIC Housing Loan for Pensioners before Retirement?

      The terms and conditions associated with the Home Loan for Pensioners (before retirement) are that the applicant must submit a Letter of Undertaking stating that the entire loan or a minimum of 30% of loan amount (as decided by the Area Office) will be repaid by the applicant out of their retirement benefits. The balance amount of the home loan must be paid from the Pension income. Please note that the principal amount of the loan to be repaid on retirement will be determined on the amount of pension which the borrower is eligible for post-retirement.

    3. Are there any terms & conditions associated with the LC Housing Home Loan for Pensioners after retirement?

      The terms and conditions applicable under this home loan scheme are:

      • Under this scheme, the borrower is not allowed to commutate their pension or any part of their pension.
      • In order to avail the loan, the borrower must present a Guarantor who is approved by the provider.
    4. What are the basic documents that applicants are required to submit in order to apply for an LIC Home Loan?

      The basic documents which applicants must provide to apply for an LIC Housing Home Loan are:

      • Duly filled and signed application form.
      • Passport sized photographs.
      • Cheque with processing fee amount.
      • Bank statements for the last 6 months.
    5. Who all are eligible to apply for an LIC Housing Home Loan?

      For the different categories of home loans, the following individuals may apply:

      • The LIC Housing loan for Resident Indians is open to all individuals who are residents of India.
      • The LIC Housing Loan for NRIs is only available to salaried individuals who hold an NRI (non resident Indian) or PIO (person of Indian origin) status.
      • The LIC Housing Loan for Pensioners (before retirement) is available to those individuals who are 50 years or above in age and hold a pension scheme post retirement. The LIC Housing Loan for Pensioners (after retirement) is available to those individuals who are pensioners drawing a pension which forms a stable source of income.
    6. What are the purposes for which these home loans may be utilized?

      LIC housing Home Loans may be utilized for the purpose of purchasing a new house/flat/residential unit, for constructing a new house or residential unit and also for constructing an extension to an existing house or residential unit.

    7. What are the documents which salaried applicants must furnish in order to apply for this home loan?

      Salaried applicants must provide the following documents, in addition to the basic documents requested by the bank.

      • Salary slips for the last 3 months
      • Form 16 or Income Tax Returns
    8. What are the documents which self-employed applicants must furnish in order to apply for this home loan?

      Self-employed applicants must provide the following documents, in addition to the basic documents requested by the bank.

      • Certificates of educational qualifications.
      • Proof of existence of said business.
      • Income Tax Returns for last 3 years along with computation of Income.
      • Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.
    9. What is the minimum amount for which an applicant may avail an LIC Housing Home Loan?

      The LIC Housing home loan is available for a minimum amount of Rs 1, 00,000.

    10. What is the loan margin available on the LIC Housing home loans?

      The loan margin or Loan to Property cost for home loans for Resident Indians and home loans for NRIs is similar. The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

    News About LIC Home Loan

    • Q3 profit rises by 5.3% for LIC Housing Finance

      LIC Housing Finance saw an increase in profit for the third quarter of financial year 2014-15 as compared to the same quarter last fiscal. The raise has been by 5.3% which amounts to around Rs.344 crore. The same margin was Rs.326.6 crore in the 3rd quarter last fiscal.


      The profit growth, as analyzed by experts is also a result of the overall operating profit rise which went up by 15% as compared to the previous year. LIC Housing Finance’s profit before deferred tax adjustment was Rs378.3 crore which was considerably higher than that projected by CNBC-TV18 poll.


      The net interest income of the company was Rs.546.8 crore which slightly fell behind the anticipated income of Rs.566.4 crore. The total income of LIC Housing saw a leap of 15.2% from RS.2343 crore to Rs.2700 crore. Provision write-off for the third quarter was Rs.6.8 crore against a rite-back of Rs.19.03 crore in the previous quarter and Rs.7.45 in the same quarter the previous fiscal year 2013-14.

      11th February 2015

    • LIC housing finance sees rise in home loans

      In spite of a slowdown in the real estate and housing market, LIC housing finance contrary to the market conditions is seeing a rise in the demand for home loans. The rise is especially in the low end and homes that fall in the middle income category. The company which is the third largest in the housing finance sector registered a 25 percent growth in home loan disbursals for the quarter ending in September. The month of September itself hit 40 percent growth with the average loan disbursal standing at 20 lakhs.


      Sunita Sharma, MD and CEO, LIC HFL said the company is on target to hit 20 percent in terms of the home loans disbursed when compared to 18-19 percent in the same period last 2013. Sharma further added the factors owing to the growth is attributed to the stable government and positive sentiments from the consumer. Currently, the company has 11 percent market share compared to less than 10 percent in the last 12 months. The leading home loan disbursement rank is held by none other than the banking behemoth State Bank of India followed by HDFC Bank.

      9th January 2015

    LIC Housing Home Loan Reviews

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