LIC Home Loan for NRI
Specifically designed for Non-Resident Indians (NRIs), with LIC HFL NRI Home Loan you can purchase a property in India while living overseas. You can get a minimum financing of Rs.1 lakh with this scheme.
Exclusively for salaried individuals having NRI or PIO (Persons of Indian Origin) status, you can use this facility for construction or purchase of house, property repairs/renovation, property extension, or plot purchase. You can enjoy a tenure of up to 20 years with the LIC NRI Home Loan.
Interest Rates for LIC NRI Home Loan
Interest Rates | 6.66% p.a. to 7.90% p.a. |
Loan Tenure |
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Loan Amount | Minimum of Rs.1 lakh |
Processing Fees |
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*GST = Goods and Services Tax
Additional Fees and Charges
CERSAI Charges |
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Conversion Fees |
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Cheque Bouncing Charges | Rs.350 |
Document Retrieval Charges | Rs.2,500 + GST |
Photocopies of Title Documents | Rs.1,000 + GST |
Providing List of Documents | Rs.500 + GST |
Late EMI Payment Penalties | Up to 2% per month on the defaulted amount |
Eligibility Criteria for LIC NRI Home Loan
Age | 23 years to 65 years |
Nationality | NRI/PIO |
Type of Employment | Salaried |
Features of LIC HFL NRI Home Loan
- Financing of up to 85% of the total cost of the property.
- Loan can be used for a variety of property-related purposes, including renovation and extension of property.
- Loan tenure of up to 30 years.
- Repayment mode - Equated Monthly Instalments (EMI) on a monthly rest basis.
So, if you are living abroad and contemplating to purchase a property in India, you could consider this scheme. Also, it's not necessary that you have to use the amount for purchasing a property. This loan can also be used to renovate or add space to your existing home in India.
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