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LIC Housing Finance Limited offers affordable home loan options ranging from Rs.1 lakh and up to Rs.3 crore at attractive interest rates. The loans can be availed by eligible borrowers looking to purchase/construct/extend/renovate a property. The applicable processing fee ranges between Rs.10,000 to Rs.15,000 plus GST depending on the loan amount being availed. LIC HFL also offers housing loan schemes for NRIs and pensioners at competitive rates of interest.
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LIC Housing Home Loan
Interest Rate Range
Processing Fee Range
8.40% - 8.50%Floating
Up to ₹1 Cr - 0.25% of Loan Amount, subject to maximum ₹10,000/- (Plus GST), Above ₹1 Cr and up to ₹5 Crs - 0.25% of Loan Amount, subject to maximum ₹25,000/- (Plus GST)
LIC Housing Finance Limited offers home loans to Resident Indians, Non-Resident Indians (NRIs), and for pensioners. The home loans can be used for home purchase, home construction, home renovation, extension, loan against property, and more. The maximum tenure is 30 years for salaried, and 20 years for self-employed.
Minimum: Rs.1 lakh , Maximum: Based on income
Up to Rs.15,000 + service charges
Penal Interest Rate
Up to 2% per month on the due instalment amount
LIC Housing Finance Home Loan Interest Rates
The interest offered may vary based on your residency status and whether or not you are a pensioner. Contact your nearest LIC Housing Finance office to know the prevailing interest rates offered on their home loan.
LIC Housing Finance Home Loan Schemes
Getting a home of your own is like a dream come true and LICHFL strives to make that dream possible. The home loan service provider offers financing schemes tailored for resident Indians, non-resident Indians (NRIs), and pensioners.
Some of the major highlights of the plans are competitive rates, loan assistance by skilled professionals, loans for varying needs (home construction, renovation, and extension, to name a few), and exclusion of hidden charges, among others.
LICHFL for Resident Indian
Minimum financing of Rs.1 lakh
Financing of up to 85% of the total property cost
Tenure of up to 30 years
Loans for plot and property purchase, construction, extension, and renovation
Rs.10,000 + GST for loans of up to Rs.50 lakh
Rs.15,000 + GST for loans starting above Rs.50 lakh and up to Rs.3 crore
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.
You can also view a comprehensive breakdown of your payment schedule through the amortisation table.
LIC Housing Finance Ltd Eligibility Criteria
Type of Employment
Permanent service or engaged in a business
Documents Required for LIC Housing Finance Ltd
Identity proof: Passport, PAN card, or voter ID card
2 years’ bank statements
Power of Attorney (if applicable)
For salaried persons
Last 6 months’ salary slips
For self-employed persons
Last 3 years’ income tax returns, income computation, and account statements certified by chartered accountant
Last 3 years’ financial reports
Property registration receipt
Copy of sale agreement
Copy of sanction letter and sanctioned plans
No Objection Certificate (NOC) from builders
Society registration certificate
LICHFL Home Loan FAQs
Can I get insurance against my loans?
Yes, insurance-linked security is available for the home loan products.
What is the minimum and maximum amount that I can borrow?
You can get a minimum financing of Rs.1 lakh and get a maximum financing of 85% of the total cost of the property with the home loan schemes.
Is it possible for an unemployed individual to avail financing?
No, you need to have a regular income to get the loan.
What’s the applicable interest rate?
The interest rate will vary depending on the scheme you choose. Visit your nearest LICHFL branch or write to them for better clarity on the rates.
Who can apply for the available financing schemes?
Residents and NRIs having a stable source of income can apply for the loan. Other than that, pensioners can also apply for the scheme that’s designed for pensioners.
LIC Housing Finance launches special offers on its home loan products
To boost the real estate sector, one of the largest housing finance companies in the country, LIC Housing Finance Ltd. (LICHFL) has launched several offers on its home loan products. Under the scheme known as ‘2020 Home Loan Offer’, LIC Housing Finance will offer special offers in its home loan products to cover the purchase of ready-to-move-in houses and houses under construction. The ‘Pay When You Stay’ option under the scheme will let borrowers start payment of the principal on home loans only when they have the possession of the house or after 48 months from the first disbursement, whichever is earlier. The borrower must only pay the interest on the disbursed amount during the period and for the benefit of people who have purchased ready-to-move-in houses, LICHFL will waive off up to 6 EMIs during the loan tenure. Borrowers can avail the waiver of two EMIs each at the end of the 5th, 10th, and 15th year provided they have not made any prepayment for the first 5 years and has been making regular repayments.
16 January 2020
Processing fees to be waived off from home loans availed from LIC Housing Finance
Government-owned LIC Housing Finance has decided to waive off the processing fee on loans for those homebuyers who apply for a loan with 30 years repayment tenure and apply before the end of November. The interest rate for these loans will start from 8.35% and the scheme will apply on loans that disbursed before the end of December. An additional rebate of Rs.1 lakh will also be offered to new homebuyers along with the existing subsidy of Rs.2.67 lakh subsidy under the Pradhan Mantri Awas Yojana (PMAY). The MD and CEO of LIC Housing Finance Limited have revealed that they have around Rs.1,200 crore to exposure to stalled infrastructure projects and are having talks with developers for the completion of these projects. The company has also revealed that good growth has been witnessed in the affordable housing segment with 26% of the loan portfolio comprising of loans under PMAY. LIC Housing Finance also expects higher demand from e-commerce giants in logistics godown, office space, etc.
18 November 2019
LIC Housing Finance raised Rs.19,000 crore in Financial Year 2020
Life Insurance Corporation Housing Finance, through commercial papers and non-convertible debentures, has raised Rs.19,000 crore in the current financial year.
According to ICRA, LIC Housing Finance has been known for its ability to raise strong funds and will need to raise extra capital in order to meet the revised norms of the National Housing Bank. The company does have adequate liquidity. The company has a total debt of Rs.28,384 crore which is maturing till 31 December 2019.
The Housing Finance company has raised Rs.10,610 crore through commercial papers and Rs.8,754 crore through non-convertible debentures in FY 2020 as on month to date. Apart from this, the company has Rs.9,435 crore worth of unutilized funds from banks along with liquid balances of Rs.1,149 crore as on 30 June 2019.
Along with this, LIC HFL also had a book overdraft of Rs.2,500 crore as on 30 June 2019 through cheques not drawn. With this, the company can raise additional funding of up to 15% of its borrowings from LIC and net worth.
16 October 2019
7% increase in net profit for Quarter 1 posted by LIC Housing Finance
LIC Housing Finance has announced an increase of 7.39% in their net profit for the first quarter of the financial year that ended on 30 June 2019. The consolidated net profit of LIC Housing Finance is at Rs.609.13 crore compared to the Rs.567.18 crore the same time last year.
According to LIC Housing Finance, the total revenue of the company for the first quarter also increased to Rs.4,815.57 crore compared to the Rs.4,068.93 crore at the same time last year. Siddhartha Mohanty, the MD & CEO of LIC Housing Finance, said that despite the challenging business environment, the company’s loan book and home loan segment grew consistently. He further added that the company is focusing on the recovery aspect and asset quality for the current year. The net profit of the company for the fourth quarter of the last financial year grew by 16.7%. The net profit of the company was at Rs.693.58 crore for the fourth quarter of 2018-2019 compared to the Rs.594.34 net profit at the same time the previous fiscal. According to Siddhartha Mohanty, an additional deduction of Rs.1.5 lakh on home loan interest will make it more popular among consumers.
28 August 2019
FY19 net profit of LIC Housing Finance grew by 21 percent
LIC Housing Finance, an arm of life insurance behemoth LIC has informed that its FY19 net profit grew by 21 percent. On Saturday, the mortgage lender posted a 17% surge in the net profit that was backed on a jump in core income. It has also reported an increase in asset quality stress. It needs to be mentioned here that the net interest income grew on the back of a 16% portfolio growth and 0.10% jump in net interest margins.
Vinay Sah, the company’s managing director and chief executive has stated that the company was targeting a 15% growth in assets during FY20. He was hopeful that the lender will be able to raise Rs.60,000 crore from the Non-Convertible debentures route, if the rates remained favorable.
The lender informed that the gross non-performing assets from the project loans segment have doubled to 1.53%. Sah attributed this to stressed accounts slipping into NPAs.
It is noteworthy to mention here that as per the managing director and the chief executive of the company the average ticket size has moved up by 10% to Rs.22 lakh during the fiscal. He added that the bulk of the demand was coming from non-metro areas.
8 May 2019
LIC Housing Finance expects over 15% loan growth during FY-2019
According to reports, Vinay Sah, Managing Director and CEO of LIC Housing Finance Limited has reportedly made a statement that the home loan lending firm is expected to see a rise in loan growth up to 15% during the financial year 2019. Sah stated that with the growth in retail business until the third quarter holding its ground around 6% - 8%, the lending firm expects a rise in loan growth in Q4, considering the period to be a high volume sector. According to sources, the company had processed up to 21,000 home loans for affordable housing during the last financial year. As per the current stats, the company has been able to already process 31,000 housing loans till February. This amounts for about 20% of the company’s total sales. He further added that it was Tier I and Tier II cities where most of the company’s sales had happened where there is enough scope for affordable housing.
13 March 2019
LIC housing expects a 15% growth in housing disbursement
The MD and CEO of LIC Housing, Vinay Shah has said that the company expects a minimum of 15% growth in housing loan disbursements. The liquidity status has relaxed in the present months as compared to what it was between October and December. As per Shah, LIC Housing has been getting money at a higher rates recently because of its AAA rating. The spreads of LIC Housing Finance have been stable over a long time now. Last April, the company had raised the lending rates by 70 basis points.
12 March 2019
LIC Housing Finance Limited ties up with Indian Mortgage Guarantee Corporation
LIC Housing Finance Limited (LICHFL) announced on Monday that the home loan lender has partnered with India Mortgage Guarantee Corporation (IMGC) in order to offer special schemes where LIC home loan borrowers will be allowed to repay loans until they attain the age of 75 years. The partnership is expected to allow the bank to accommodate more home loans borrowers with enhanced home loan eligibility and extended repayment tenures. The tie-up will also help LICHFL to improve market penetration while combating with the non-performing assets (NPAs). The management announced that LICHFL will also be provided with mortgage guarantee. Mortgage guarantee is a financial product that covers losses that arises for financial institutions due to defaulting on mortgage loan. This will allow the lender to improve its eligibility criteria and extend home loan repayment tenure while easing restrictions on the applicants’ profile who face loan rejection due to work profile, credit history and other reasons unspecified by most financial institutions. Managing Director and CEO LICHFL Vinay Sah said that the the tie-up with IMGC will help the bank accommodate more home loan borrowers while mitigating risk across lending categories.
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I have taken a home loan, going with LIC Housing Finance. I am happy with their service. Rate of interest 8.5% and processing fee of 4500 rupees are nominal. They have sanctioned a loan on time within 2 days completed the process. The builder has approached, so i applied this loan. I am paying EMI 20K with the tenure of 24 years.
I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 9.7% compare to market take little bit higher and their processing fee was fine. This loan was sanctioned on time without any hassle. I had given all required documents during verification process.
the office staff are very bad behaving with customers. LICHFL is very fraud, corrupt to the core and worst organisation. they even wanted money for the closure/balance transfer of loan. employee named piyali das posted at chowringhee sq branch was involved with the branch manager. they ensured the delay of my loan transfer on arious pretexts. i mailed to agm. no respinse. no body listens there to customers. the rae of interest never falls once youbtake loan. is advised to beware of their trap.
I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 8.5% and their processing fee was fine.This loan was sanctioned on time without any hassle .This was a paperless approval and this loan is still active .I have not undergone any issues so far .
I have taken home loan directly through LIC Housing Finance .The rate of interest and the processing fee was quite nominal .This loan was sanctioned on exact time frame without any delay.This loan is still active and i have submitted the required documents as well .If EMI is paid on delay basis there will be extra charges.
From LIC housing i have taken my home loan. In other bank, there are lots of documentation process but in LIC, the document process is very less. Within 3 days, they have sanctioned the loan. I got the loan amount of Rs. 14.5 lakhs and i bought it 16 years back and the total tenure period of the loan is 20 years.
I have taken LIC home Loan on June 2018, to buy a flat, they have approved loan amount of Rs.26 lakhs with the interest rate of 8.45% floating type. I applied through bank executive and loan disbursement done with in a week. Processing fee is around Rs.12,000. I am not aware of the part-payments method.
Purchased the home loan 3 years back. I have chosen the LIC housing because i heard about them through my friends and relatives and the interest rates also little less compared to others. I bought the loan amount of Rs. 18 lakhs and the rate of interest is 8.40% and i have selected the tenure period of 25 years.
I got the good interest rate of 8.5% from the LIC housing with minimal documents. Overall process also very fast and good so i have chosen this bank. I had applied the loan amount of Rs. 17 lakhs and i have chosen the tenure period of 10 years. Totally, i'm satisfied with the loan service provided by LIC.
I am not happy with rate of interest which was given by LIC Housing Finance. I have purchased the Flat in 2017August. The loan amount was 40L and its 15 years tenure. The processing fee is not applicable. The customer service is good. But every year, they are raising the interest rate which was not good.
My home loan running with LIC, I availed Rs. 32 lakhs the process was hassle free. The field executive gave me the door step service and within 20 days I received the money based on the builder plan in one shot. But the drawback with them is the rate of interest is higher than others.
I have availed Home loan directly through LIC Housing Finance .I have got the loan on stipulated time and got all the details about the loan process through the agent and it was sufficient as well .I have submitted the required documents also.This loan is still active and no drawbacks faced so far.
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Reviewed on Sep 21, 2019
I am not happy about the home from LIC and I'm planning to close the loan. There is no proper response from them even though i have visited their branch. Its a 15 years tenure period. Its a pre-closure and it has a charges of 2.5%. I had taken the loan amount of Rs. 8 lakhs.
There is a lots of hassles in communicating with the Non Banking Financial. They do not have any automated statement facility but they are improving. That time, they were a only authorized banker to provider to give a loan for my flat. The interest rates are same as other banks. I took the loan amount of Rs. 11 lakhs and the tenure period is 12 years in that 7 years is already completed.
I have applied for Home loan directly through LIC Housing Finance directly.The rate of interest and the processing fee was high .Since have requirement taken this loan .I have applied for 8lakhs for 15 years of tenure .The agent gave all the details about the loan process .
LIC housing loan process was easy since I am a staff, generally the procedure is simple for the salary person. They collect basic required documents and also the rate of interest is good even I got 8.4% its good. Being a centralized company its trust worthy, I took Rs. 20 lakhs for 20 years my emi amount is around Rs.17,000. They do have balance transfer, foreclosure, part payment without any charges.
I have taken a home loan with LIC HOUSING FINANCE on 2 years before which was processed directly to them. The amount which was given sufficient for the duration of 2 years. The rate of interest and processing fee are nominal. I use to do payment on monthly EMI for 16 thousands through an online.
I have taken a home loan going with LIC Housing Finance on 2 years before. I am happy with their service. Rate of interest and processing fee of 4500 rupees are nominal. They have sanctioned a loan on time within 2 days completed the process. The amount quite sufficient for the duration of 20 years.
I have taken a home loan in LIC HOUSING FINANCE for more than 4 years which was applied directly to the finance company. The process was smooth and sanctioned a loan on time with sufficient for the tenure period of 15 years. The rate of interest was high for 12.5% and processing fee for 11 thousands both are high so I have closed the loan with pre closure charge of 3500 rupees. Their service is unhappy.
I have a home loan going on with LIC Housing Finance. I am not happy with their services. Rate of interest is very high, when I applied for the loan rate of interest was ok but the loan got disbursed they increase the rate of interest. I spoke to their customer service and the executive told me that it's the bank policy.