LIC HFL has been offering various types of home loans for the last 20 years. This includes buying a manufactured or under-construction home, building your own home, home improvement or buying land.
LIC HFL offers home loans to employed, self-employed and retired individuals. Indians living abroad can also take a loan from LIC to buy a home. They charge lower interest than other lenders. Let's know how to get a home loan from LIC.
LIC Home Loan is a loan that is given to you to buy or build your dream home. This loan is provided by LIC Housing Finance Limited (LIC HFL), a subsidiary of Life Insurance Corporation (LIC). You will get this loan at low interest for a long period. You get this loan for various residential purposes like buying a manufactured house or flat, building your own house, home improvement, buying land, etc.
LIC Home Loan is a loan given by LIC Housing Finance Limited (LIC HFL), another subsidiary of LIC. With this loan, you can borrow from ₹ 100000 to ₹ 150000000 for your home. You have to repay this loan within 30 years.
In this home loan, you will also get the benefit of balance transfer takeover. This means that if you pay less interest then you can get your loan from another company. In this home loan, retired people also get senior home loan. With this home loan, you can get a loan up to 90% of your property.
Following are the different types of home loans offered by LIC Housing Finance and their interest rates 2024:
LIC Griha Suvidha Home Loan Starting from 8.85%
LIC Home Loan for Pensioners Starting from 8.50%
LIC Home Renovation Loan Starting from 8.50%
LIC Home Loan Top-up 9.70% – 11.55%
LIC Home Extension Loan Starting from 8.50%
LIC Home Loan for NRI Starting from 8.50%
LIC Plot Loan Starting from 8.70%
LIC Advantage Plus Starting from 8.50%
Documents Required for LIC Home Loan
To avail LIC home loan, you need to show some important documents. The list of these documents is given below – KYC Documents –
PAN Card, Aadhar Card, Residence Card, Passport are mandatory for Indians living abroad.
You must fulfil certain conditions to be eligible for a LIC home loan. These conditions depend on your age, income, employment, CIBIL score and property value. Whether you are working, self-employed, a pensioner or an Indian living abroad, you can avail a home loan from LIC.
The government is giving you a loan of Rs 3 lakh without any guarantee, you just have to do this work!
You must fulfil the following criteria to be eligible for LIC home loan:-
Your age should be between 23 to 75 years (salaried) or 25 to 70 years (self-employed).
Your minimum monthly income should be ₹30,000 (salaried) or annual income ₹3 lakh (self-employed).
Your CIBIL score should be more than 650.
Your property value should be less than 90% of the loan amount.
If you meet these criteria, you can apply for a home loan from LIC.
LIC home loan interest rate depends on your loan type, amount, tenure and CIBIL score. Currently, the home loan interest rate offered by LIC Housing Finance Limited (LIC HFL) starts at 8.40% per annum and goes up to 10.75% per annum.
LIC Housing Finance offers various types of home loans, such as Home Facility Home Loan, Home Loan for Pensioners, Home Renovation Loan, Home Loan Top-up, Home Extension Loan, Home Loan for NRI, Plot Loan, Advantage Plus, Sure Fixed Scheme and Home Land – Loan for purchase of residential plot / purchase and construction of plot.
Given below is a table of interest rates for these different types of home loans:
Gruha Suvidha Home Loan Starting from 8.85% to 8.85%
Home Loan for Pensioners Starting from 8.50% to 8.60%
Home Renovation Loan Starting from 8.50% to 8.60%
Home Loan Top-up 9.70% – 11.55% Not Applicable
Home Extension Loan Starting from 8.50% to 8.60%
Home Loan for NRI Starting from 8.50% to 8.60%
Plot Loan Starting from 8.70% to 8.80%
Advantage Plus Starting from 8.50%, Starting from 8.60%
LIC Home Loan Processing Fees and Charges
LIC Home Loan Professional
