LIC Housing Finance Limited (LICHFL) offers affordable home loan options ranging from Rs.1 lakh to Rs.15 crore at attractive interest rates starting from 6.90% p.a. and with flexible tenures going up to 30 years. The applicable processing fee is up to 0.50% of the loan amount plus GST depending. LIC HFL also offers housing loan schemes for NRIs and pensioners at competitive rates of interest.LIC Home Loan Details
|Loan Amount||Rs.1 lakh - Rs.15 crore|
|Interest rate||6.90% p.a. onwards|
|Processing Fees||0% - 0.50%|
|Max Repayment Tenure||30 Years|
TABLE OF CONTENT
LIC HFL home loan interest rates start at 6.90% p.a. The rates vary from scheme to scheme and depends on your type of employment, i.e., salaried or self-employed. There are a number of home loan schemes offered by LIC Housing Finance. The interest rates for all the schemes are listed in the table below:
|Schemes||Interest Rate for salaried||Interest Rate for Self-employed|
|LIC HFL Home Loan||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Griha Varishtha||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Griha Suvidha||7.15% p.a. - 7.95% p.a.||7.25% p.a. - 8.05% p.a.|
|LIC HFL Home Loan for NRI||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Home Construction Loan||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Home Extension Loan||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Home Renovation Loan||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Home Loan Top Up||8.50% p.a. - 9.00% p.a.||8.50% p.a. - 9.00% p.a.|
|LIC HFL “Pay when you Stay”||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL 6 EMI Waiver||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
|LIC HFL Advantage Plus||6.90% p.a. - 7.80% p.a.||7.00% p.a. - 7.90% p.a.|
Note that Pay When You Stay, 6 EMI Waiver and Advantage Plus are part of LIC HFL’s special offers.
Compare: Current Home Loan Interest Rates
|Processing Fee||Up to Rs.0.50%|
|Statutory Charges||Rs.250 – Rs.1,000|
|Cheque Bounce Charges||Rs.350|
|ECS Dishonour Charges||Rs.200|
|Document Retrieval Charges||Rs.2,500|
|Providing List of Documents||Rs.500|
|Photocopies of Title Documents||Rs.1,000|
|Late EMI Payment Charges||1.5% - 2% p.m.|
Note: Additional service tax will be applicable. Check home loan processing fees to learn loan related charges
Calculate your EMI (equated month instalment) amount beforehand with the help of BankBazaar LICHFL Home Loan EMI Calculator. It will help manage your finances in a better way. The entire calculation process is quite simple. All you need to do is enter details regarding your loan, including the loan amount, interest rate, loan tenure, and processing fee. Press the “calculate” button to view the final EMI amount.
LIC HFL Interest Calculation
|Amount||10 years||20 years||30 years|
*Lowest interest rate of 6.90% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.
In order to avail a home loan from LIC HFL you need to fulfil certain eligibility criteria. Your eligibility for the loan is ascertained on the basis of your credit score, income, repayment capacity, etc. The basic criteria which need to be fulfilled is listed in the table below:
|Max Age||Salaried: 50 Years; Self-employed: 75 Years|
|Credit Score||Minimum 600|
|Nationality||Resident and Non-resident Indian|
|Work Experience||2 Years|
Check: PMAY Loan Eligibility
LIC HFL offers a variety of home loan schemes for salaried and self-employed individuals. Listed below are all the home loan schemes which can be availed by the customers.
Listed below are the documents which needs to be submitted when applying for a LIC HFL Home loan:For Salaried Individuals
|Document Type||Document Required|
|Address and Identity Proof||
You can avail a home loan from LIC Housing Finance Limited by applying through any of the methods mentioned below:
If you have any doubts regarding LIC Home loan, you can get in touch with LIC Home Loan customer care
|LIC HFL Corporate Office||Maker Tower F 13th Floor Cuffe Parade Mumbai – 400005 Maharashtra Fax: 912222178777|
For Regional Customer Care Details visit: LICHFL Customer Care Numbers
How to calculate LICHFL home loan eligibility?
The home loan eligibility can be calculated by taking into account your income, CIBIL score, repayment capacity etc. It is always better to check the amount you are eligible for first before applying for a loan. You can check it on the BankBazaar website by simply following the steps mentioned below:
What are the stages involved from application to disbursement of LIC HFL home loan?
The stages involved from application to disbursement of a home loan from LIC HFL are as follows:
How to get list of documents from LIC HFL?
You can get to know the list of documents required to be submitted along with the home loan application by visiting the official website. Some of the documents which needs to be submitted are as follows:
LIC Housing Finance Limited also known as LICHFL is a housing finance company that operates in the country. The company which is a subsidiary of Life Insurance Corporation (LIC) was founded with the objective of providing long term finance for the purchase or construction of house/flat. It has its registered and corporate office in Mumbai.
You can change the interest rate for the home loan availed from LICHFL by logging into the customer portal. After logging in, you need to click on ‘Change ROI’ tab, accept the terms and conditions and click on the ‘Next’ button. Following that, select the loan for which you want to change the rate of interest and click on ‘Submit’. On doing that, you will need to pay the rewriting fee and press on the ‘Submit’.
Yes, you can make the payment of your LIC HFL Home Loan EMI online. It can be done by logging into the customer portal. All you need to do is log in to the portal with user ID and password. Click “pay online” and then select “loan account”. Click “get dues” and then click on “pay”. Select your preferred mode of communication, whether the message to be sent on registered mobile or email. Tick “I accept all terms and conditions of LICHFL”. You will be redirected to Payment Gateway site. Upon payment through netbanking, payment summary will be shown.
Both LIC HFL and HDFC Ltd offer a variety of home loan schemes at attractive rate of interest. However, while choosing home loan products it’s better than you go through all charges and other terms and conditions before applying for one. For instance, LIC HFL charges low processing fee, whereas HDFC offers interest rate concession for women applicants. So, it’s advised that you compare LIC Vs HDFC home loans thoroughly before cashing in on one.
Your home loan eligibility is partially dependent on your CIBIL score. LIC HFL will assess your risk profile before finalising on the final interest rate. For instance, salaried professionals with a CIBIL score of 700 and above can avail a home loan at 6.90% p.a. Similarly, a salaried professional with a CIBIL score of less than 600 can get a loan at 7.80% p.a., which is far higher than the rate offered to an individual with a good credit score. So, do enjoy best rates, try to maintain a good CIBIL score. However, the final rate offered to you is solely at the bank’s discretion.
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