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    We found 1 LIC Housing Finance
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    1L Min
    5-30 Years
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    LIC Housing Finance is Rated as "Great!" by 669 Users
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    LIC Housing Finance

    LIC HFL offers long-term home loan finance to its customers to help fulfil their varied housing needs, Monitored by the National Housing Bank (NHB).

    • 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.

    LIC Home Loan Interest RatesUpdated on 20 Feb 2018

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

    Benefits of Home Loans By LIC Housing Finance Ltd

    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.
    Apply for Home Loan Online

    Eligibility Criteria for LIC Housing Finance

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

    Documentation Required for LIC Housing Loan

    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 Loan Interest Rate

    LIC Housing finance Home Loan

    The LIC reaffirms its position as a people centric organization by offering home loans at an attractive interest rate of 8.50% to 8.70% (floating) 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.

    LIC Home Loan Fees and Charges:

    • Housing loan / Renovation / Improvement / Refinance / Extension / Plot Purchase by self-employed customers / Plot Purchase by salaried customers / NRI loans (loan amount of upto Rs.50 lakh) – Rs.10,000 plus tax.
    • Housing loan / Renovation / Improvement / Refinance / Extension / Plot Purchase by self-employed customers / Plot Purchase by salaried customers / NRI loans (loan amount of between Rs.50 lakh and Rs.3 crore) – Rs.15,000 plus tax.
    • Mortgage loans – Processing fee of Rs.25,000 or 1% of the loan amount plus tax, whichever is lower.
    • Cheque bouncing charges – Rs.350.
    • Statutory charges (loan amount upto Rs.5 lakh) – Rs.250 plus tax.
    • Statutory charges (loan amount above Rs.5 lakh) – Rs.500 plus tax.
    • Charges for document retrieval – Rs.2,500 plus tax.

    Types of Home Loans Offered By LIC HFL

    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

    • Resident Indians
    • Non-resident Indians (NRIs) and
    • 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.

    LIC Housing Finance Loan 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.

    LIC Housing Finance for New House/Apartment 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).

    LIC Housing Finance 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.

    LIC Housing Finance 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.

    LIC Housing Loan 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).

    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.

    Why Should You 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.

    LIC Housing Finance Loan 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).

    LIC Housing Home Loan Reviews

    • LIC Housing Home Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Recently I took home loan from LIC Housing, they are good in interest rate around 8.70% for the loan amount of Rs. 30 lakhs for the tenure of 20 years. The documentation was simple they took less paper and they approved the loan on time. I am doing auto debit payment from Karnataka bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • LIC Housing Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Within 15 to 20 days of time I have got the home loan from the LIC HOUSING FINANCE. The customer support service was good with the LIC HOUSING FINANCE. I have got the home loan from LIC HOUSING FINANCE around 7 years ago. The rate of interest and the charges were average at the time.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 14, 2018
    • LIC Housing Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      The LIC HOUSING FINANCE is not giving proper response to the customers. The portal is very slow with the LIC HOUSING FINANCE,, They have offered me the home loan around 3 years ago. The rate of interest and the charges which they have offered was very high .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 09, 2018
    • LIC Housing Home Loan
      "Needs to improve"
      0.5 2.0/5 "Expected more"
      I have taken a Housing loan from LIC housing finance and my loan experience was good. The loan amount was for RS 14.75 lakhs with the rate of interest of 13% which is high when compared to all other sources. The process was long and the disbursal of the loan amount was delayed. Customer service was not up to the mark and the processing fees was too high.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 05, 2018
    • LIC Housing Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken Home loan with LIC Housing Finance.The loan amounts is 13.50 lakhs,rate of interest is nominal as compared to others.The tenure is taken for 15 years.They had deducted mini u processing fees from the principal.I had submitted documents to process the same.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 02, 2018
    • LIC Housing Home Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      Around 2 years ago , I have got the home loan from LIC HOUSING FINANCE. The customer support of LIC HOUSING FINANCE helped me to get the loan on time. They have disbursed the loan amount within the time period but the required loan amount has not disbursed and I am not satisfied with it. The rate of interest is 9.5% which is fixed for 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 15, 2018
    • LIC Housing Home Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have got the home loan from LIC HOUSING FINANCE around 6 years ago. The customer support team is average with LIC HOUSING FINANCE. The rate of interest and the charges are high with LIC HOUSING FINANCE. and it is floating interest rate as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 12, 2018
    • LIC Housing Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my home loan with LIC which was taken 7 years back. The loan amount was 26 lakhs and the interest rate was 10-115 which was bit high than other banks in the market. I had a smooth and easy process here but the processing fee high here. The loan approved on time so I would like to recommend to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2018
    • LIC Housing Home Loan
      "Satisafctory"
      0.5 3.5/5 "Pretty good"
      I have my home loan with LIC 3 years back.The loan amount was 22 lakhs and the Interest rate was 8.85% which was bit high than other banks in the market. The tenure period was 10 years . The processing fee was nominal and I had a smooth loan process here. My overall experience was satisfactory and it is very much recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • LIC Housing Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my home loan with LIC for about 2.5 years back . The loan amount was 15 lakhs and the interest rate was9% which was bit high than other banks in the market. The tenure period was 15 years and the loan process was very good. Here the processing fee was 10,000 which was avergae in the market. My overall experience was good and Its recommendable.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Dec 28, 2017
    • LIC Housing Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have a home loan from Lic and the documents have been submitted their branch directly ,the customer service was good ,other staffs of lic was awesome and they offered me a loan amount of 15.5 lakhs it was a good experience with Lic home loan service.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 20, 2017
    • LIC Housing Home Loan
      "Rate of Interest is high"
      0.5 2.5/5 "Just OK"
      I took this Loan some Three years ago and the overall experience with it has been alright. The process of getting the Loan is a bit stretch. They have given me a Rate of Interest of 9% which I feel is a little high compared to other Banking offers available in the market.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 20, 2017
    • LIC Housing Home Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      My home loan was taken with LIC Housing Finance. I have a purchased residential property. The process was good but response can be better. They are charging more interest rate when compared with other banks. The charges are applicable for processing fee.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 19, 2017
    • LIC Housing Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      I do have the home loan with the Life Insurance Corporation housing finance limited. The rate of interest is around 8% and the REPO rate immigration will not be getting immediately affected on equated monthly installment.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 15, 2017
    • LIC Housing Home Loan
      "Have to improve their online option"
      0.5 3.5/5 "Pretty good"
      I am having the home loan with the Life Insurance Corporation of India housing finance limited and the rate of interest is good one . Response is good one with the LIC housing finance limited. I am happy with the LIC housing finance limited.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 11, 2017
    • LIC Housing Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am having the home loan with the LIC Housing finance limited and the customer service is good , also the rate of interest is really huge one. I am really happy with the LIC Housing finance limited, also everything is fine one with them.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 30, 2017
    • LIC Housing Home Loan
      "Deals are good"
      0.5 3.5/5 "Pretty good"
      There was no much hassles for me to get the home loan from LIC housing finance. The disbursement was more or less on time and the rate of interest was good. I got a floating rate of 8.35%. The processing charges was normal as well. In all no issues.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 23, 2017
    • LIC Housing Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for a home loan with LIC housing finance in June 2014 till August 2017. They offered the rate of interest at 10.2% but after 2 years they increased the rate of interest to 11.7% and then when I reached out to them to reduce the rate of interest they reduced it to 9.65%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 20, 2017
    • LIC Housing Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have an active running home loan with LIC housing finance for an amount of 40 lakhs.Rate of interest is 8.5% is nominal as compared to others.The website is easy to understand and navigate.The Institution need to work on the basic needs of the premises.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 09, 2017
    • LIC Housing Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I am having the home loan with the LIC HFL and the interest rate is around 8.5% and the customer service is fine one for me and the loan amount got disbursed within a month of time and am really happy with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 08, 2017
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