Loan against Property by LIC
Life Insurance Corporation Housing Finance Limited (LICHFL) offers the Griha Vikas where you can avail loan on providing your property as a collateral so that you can meet your immediate financial needs such as getting your business expanded, to purchase another property, financing your children’s education, etc.
You can avail a minimum loan amount of Rs.2 lakh for a repayment tenure of 15 years with interest rate ranging between 9.70% p.a. and 11.55% p.a.
Griha Vikas Detail
Loan amount | Minimum of Rs.2 lakh |
Repayment Tenure | Up to 15 years |
Interest Rate |
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Processing Fee | 1% of the loan amount including the Service Tax |
How is the loan disbursed?
You can repay the loan monthly where you will have to pay a fixed EMI amount to the lender.
Security
Given below are the list of security you will have to provide to avail loan against property from LICHFL:
- Demand Promissory Note
- Registered or Equitable mortgage of residential property where the age of collateral provided should not be more than 35 years.
Eligibility
You must be a resident of India to apply for loan against property from LICHFL.
Loan against Property for Listed and Unlisted Companies
Under this program, financial aid is given to listed and unlisted businesses in exchange for office space that they already possess or will soon acquire using a loan.
Loan against Property for Listed and Unlisted Companies Detail
Loan amount | The properties that are fully finished are eligible for loans. |
Repayment Tenure | Up to 10 years |
Interest Rate offered
If CIBIL score is greater or equal to |
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If CIBIL score is greater or equal to 700 |
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If CIBIL score is greater or equal to 600 |
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Security
The loan money may be used to purchase fixed assets, repay current loans (including takeover), or other purposes.
FAQs on LIC Loan Against Property
- How do I apply to LICHFL for a loan secured by property?
You can go to their nearest branch or submit an online application through their official website to apply for a Loan against Property from LICHFL. You must comply with their requirements by providing all required documentation and completing the application process.
- How is the interest rate for LAP from LICHFL determined?
The size of the loan, the value of the property, your income, your creditworthiness, and the state of the market are only a few of the variables that affect the interest rate for a loan against property. LICHFL will evaluate these elements and give you the appropriate interest rate.
- Is it possible to utilise a home as security for LAP?
Residential properties are acceptable collateral for Loan against Property with LICHFL. Both privately owned homes and those that are rented out can be pledged.
- What is the longest length of time LICHFL will offer LAP?
The maximum loan term offered by LICHFL is often up to 15 years. The actual duration offered, however, may change according to your age, income, kind of property, and loan amount.
- What kinds of properties may LICHFL take into account for LAP?
For Loan Against Property, LICHFL takes into account both residential and commercial properties. Self-occupied homes, unoccupied homes, and homes that are rented out for domestic or commercial use are among them.
- What is the processing fee charged on availing loan against property from Life Insurance Corporation Housing Finance Limited (LICHFL)?
The processing fee charged is 1% of the loan amount including the service tax levied.
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