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    LIC HFL - Home Loans for Non Resident Indians

    With rising real-estate prices and expenses, it has become a herculean task to be able to purchase a house. Burning up the savings of a lifetime for a property is not the right choice to make as it would leave us struggling in case of a financial emergency. Instead, one can avail a home loan and repay the amount in affordable EMIs over the time.

    A pioneer in housing finance sector, LIC Housing Finance Limited offers loan for home construction, purchase and extension. Offered for non-resident Indians, LIC HFL NRI home loans will assist the NRIs financially to purchase a property in India. LIC Housing Finance also has over 209 marketing units across India which offers more convenience to the borrower.

    Features and Benefits of LIC HFL Home Loans for Non Resident Indians:

    The following advantages offered by LIC HFL Home Loans for NRIs makes it stand a league apart from other NRI Housing Loan products in the market.

    • High Quantum

      LIC HFL offers up to 85% of the property cost meaning the borrower can purchase the property of his dreams without any compromise.

    • Flexible Tenure Options

      Customers can choose a comfortable repayment tenure to pay back the EMIs. LIC HFL offers a repayment tenure of 15 years for people with professional qualification and 10 years of maximum tenure for others.

    • MultiPurpose Loan

      LIC HFL NRI housing loan can be used for purchase of a home, construction of a home, repairs and renovation, extension and for plot purchase. This versatility of the NRI Home loan makes it one of the most popular home financing choice for NRIs.

    • Transparent Process

      Minimal documentation requirements and hassle-free home loan process makes it very convenient for all Non-Resident Indians to avail a LIC HFL home loan in India.

    Types of LIC HFL Home Loans for Non Resident Indians:

    LIC HFL offers five types of Home Loans, each specially crafted for the NRIs. Here’s a list of five types of NRI Home financing solutions offered by LIC HFL.

    • LIC HFL NRI Home Purchase Loan:

      This loan is offered to NRIs for the purchase of a house.

      Minimum Loan Amount Rs.1 lakh
      Loan Term For people with professional qualifications, maximum term of 15 years. The tenure is maximum 10 years for people with no professional qualification.
      Loan to property Cost For loans up to Rs.20 lakh, 85% of the property cost including registration and stamp duty. For property above Rs.20 lakhs, 80% of the total property cost including stamp duty and registration charges For loans above Rs.75 lakhs, 75% of the total property cost.
      Repayment Mode/Interest Rate Repayment is in Equated Monthly Instalments (EMIs)
    • LIC HFL Home Extension Loans for NRIs:

      This loan is offered for expanding or extending space in the house, already owned by the customer. This loan can be utilized for the construction of additional rooms and space.

      Minimum Loan Amount Rs.1 lakh
      Loan Term The tenure is maximum 10 years for people with no professional qualification. For people with professional qualifications, maximum term of 15 years.
      Loan to property Cost For loans above Rs.75 lakhs, 75% of the total property cost. For loans up to Rs.20 lakh, 85% of the property cost including registration and stamp duty. For property above Rs.20 lakhs, 80% of the total property cost including stamp duty and registration charges
      Repayment Mode/Interest Rate Repayment is in Equated Monthly Instalments (EMIs)
    • LIC HFL Home Construction Loan for NRIs:

      Using this loan, NRIs can construct a home from scratch in India at a location of their choice.

      Minimum Loan Amount Rs.1 lakh
      Loan Term The tenure is maximum 10 years for people with no professional qualification. For people with professional qualifications, maximum term of 15 years.
      Loan Quantum For loans above Rs.75 lakhs, 75% of the total property cost. For loans up to Rs.20 lakh, 85% of the property cost including registration and stamp duty. For property above Rs.20 lakhs, 80% of the total property cost including stamp duty and registration charges.
      Repayment Mode Repayment is in Equated Monthly Instalments (EMIs)
    • LIC HFL NRI Loans for Plot Purchase:

      For NRIs who want to purchase a plot, LIC HFL plot loan is the right choice. This loan is for purchase of a residential plot by statutory authorities.

      Minimum Loan Amount Rs.1 lakh
      Loan Term The tenure is maximum 10 years for people with no professional qualification. For people with professional qualifications, maximum term of 15 years.
      Loan to property Cost 75% of the plot property value.
      Repayment Mode/Interest Rate Repayment is in Equated Monthly Instalments (EMIs)
    • LIC HFL NRI Loan for Repairs and Renovation:

      This loan can be availed by NRIs and can be used for home enhancement such as painting, flooring & tiling, external and internal plaster etc.

      Minimum Loan Amount Rs.1 lakh
      Loan Term The tenure is maximum 10 years for people with no professional qualification. For people with professional qualifications, maximum term of 15 years.
      Loan to property Cost For loans above Rs.75 lakhs, 75% of the total property cost. For property above Rs.20 lakhs, 80% of the total property cost including stamp duty and registration charges. For loans up to Rs.20 lakh, 85% of the property cost including registration and stamp duty.
      Repayment Mode/Interest Rate Repayment is in Equated Monthly Instalments (EMIs)

    Eligibility for LIC HFL - Home Loans for Non Resident Indians:

    The following is the eligibility criteria for LIC HFL Home Loans for NRIs.

    • The home loan schemes for NRIs are available only to salaried people with NRI (Non-Resident Indians) and PIO (Person of Indian Origin) status.
    • The applicant must be at least 18 years old.
    • Good credit score and repayment history is an added plus.
    • For more information on income criteria and other eligibility conditions pertaining to a select scheme, do contact the nearest LIC HFL branch.

    Documentation for LIC HFL - Home Loans for Non Resident Indians:

    The borrower must submit the following documents to complete the home loan application process.

    Proof of Identity and Residence:

    • Valid Passport (mandatory for NRIs)
    • Aadhaar card
    • Driving license
    • Voter ID

    Any of the above can be submitted for address and ID proof.

    Proof of Income:

    • Last 3 months salary slip specifying the name as it is in passport, date of joining, designation, passport number and salary.
    • Copy of employment letter
    • Last 6 months bank statements with salary credit
    • Copy of last 6 months bank statement of NRO/NRE account in India
    • Credit Report

    Miscellaneous Documents:

    • Copy of valid resident Visa on passport
    • Application form with photographs, duly signed by applicants
    • Copy of payments made to developer
    • Copy of buyer’s agreement and allotment letter

    Interest Rates for LIC HFL - Home Loans for Non Resident Indians:

    The interest rate for LIC HFL NRI home loans vary between 10.25% to 12% per annum. As interest rates are subject to frequent change and dependant on the scheme that you are choosing, enquire with LIC HFL to know more about the prevailing NRI Home Loan Interest Rates before applying for a home loan.

    FAQs:

    1. Will I have to pay any upfront fee for LIC HFL NRI home loan schemes?

      Yes, you will have to pay an upfront fee which is as applicable from time to time.

    2. Q. Will I be able to avail a NRI home loan of Rs.50,000 for home renovation?

      A. No, the minimum loan amount that can be availed under all schemes is Rs.1 lakh.

    3. Q. I am a self-employed person with PIO status. Will I be able to avail a loan for plot purchase?

      A. LIC HFL NRI Home Loans for plot purchase is offered only to salaried people with NRI/PIO status.

    4. Q. Does the property cost include registration also?

      A. Yes, the total property cost includes stamp duty charges and registration charges also.

    5. Q. How is the rate of interest calculated?

      A. The interest rate is calculated on a monthly rest basis for payment of EMIs. You can also use a home loan EMI calculator to find out your repayment schedule.

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