LIC Housing Finance

LIC Housing Finance

LIC Housing finance limited is today the biggest housing finance company in India. It came into being on 19thJune 1989 under the Companies Act. This company was firstly promoted by LIC OF INDIA but later came into public sector in 1994. The company is listed with National Housing Bank and has been listed in National stock exchange (NSE) and Bombay stock exchange (BSE). The shares of the company can only be traded in demat form.

The company possesses the biggest marketing network in India. The company has its corporate and registered offices in Mumbai. The company has 7 Regional offices,16 Back-office and 209 marketing units. The company has also set up its office in international terrain like Saudi Arabia, Qatar, Bahrain, and Dubai to look after the needs of it NRI customers.

DEPOSITS

Sanchay Public Deposit Schemes

  • Deposit scheme is available for Individuals, limited and private limited companies, Non Resident Indians and Cooperative societies and Association of persons.
  • Minimum deposit of Rs.10000 and additional increment should be in multiples of Rs.1000.
  • The interest payable is compounded annually on 31st March.
  • Rate of interest varies based on the term of deposits.
  • The senior citizens are paid additional 0.10% on the deposits of up to Rs.50000 and 0.25% on deposits of Rs.51000 and above.

LOANS

LOANS AGAINST PROPERTY FOR INDIVIDUALS

  • Loans is provided for the following purposes
    • Children’s education and marriage.
    • Business expansion
    • Purchase of property
  • The minimum amount of loan is Rs.200000.
  • The term of loan is maximum 15 years.
  • The loan is repayable in monthly installments.
  • Loans are provided against
    • The equitable or registered mortgage of the property. The property should not be more than 35 years old.
    • Demand promissory notes.
  • The upfront fees is 0.01%+ service tax as applicable
  • The loan is only for resident individuals.

LOANS AGAINST RENTAL SECURITIZATION

  • This loan is provided to the listed and unlisted companies against the security of the Commercial properties owned by them like office premises or land or property to be purchased by them.
  • Loan can be utilized for the purpose of existing loans, takeovers or for the purchase of fixed assets.
  • Loans are provided only for the properties which are fully completed.
  • Loans are given for the term of 10 years.

LOANS AGAINST PROPERTY NON RETAIL LOAN

  • This loan is provided to the listed and unlisted companies against the security of the Commercial properties owned by them like office premises or land or property to be purchased by them.
  • Loan can be utilized for the purpose of existing loans, takeovers or for the purchase of fixed assets.
  • Loans are provided only for the properties which are fully completed.
  • Loans are given for the term of 10 years.

LOAN AGAINST SECURITIES

  • Loans are provided against the deposits made in nationalized banks, deposits in post-offices like NSC certificates, KisanVikas Patra etc. and LIC policies having surrender value.
  • Loan is provided only upto the 95% of the face value of the securities and the surrender value of the policies.
  • Minimum loan amount given is Rs.50000
  • Maximum term for the loan is upto 20 years.
  • The loans can be clubbed together with the other home loans taken.

LOANS TO PROFESSIONALS

  • Loans are provided for purchasing, extending, modifying of the commercial properties owned by them for their professional practices and can be used for buying any sort of equipments.
  • Resident Indian professional are only eligible for this loan, companies or partnership firms associated with the professionals are also eligible for the loan.
  • The term of loan is of 10 years.
  • Payment mode of the loan is through EMI.
  • The securities that can be given against the loans are:
    1. Equitable or registered mortgage of the property against which the loan is taken.
    2. Demand promissory notes.
    3. Guarantee of the Directors or the partners of the company or the firms.
    4. In case of the companies the R.O.C is also required.
    5. Additional securities are also given if the equipments of the firm is also financed.
    6. Interest rate has to be confirmed from the nearest centers

HOME LOANS TO INDIVIDUALS

This loan is given to the individuals for the PURCHASE/CONSTRUCTION/EXTENSION of a new or existing property.

  • The minimum loan amount is Rs.100000
  • The loan is sanctioned according to the property cost.
  1. 85% of the total cost of the property including stamp-duty and registration charges upto the loan of 20 lacs.
  2. 80% of the total cost of the property including stamp-duty and registration charges upto the loan of 20lacs-75 lacs.
  3. 75% of the total cost of the property including stamp-duty and registration charges for the loan above Rs.75 lacs.
  • Maximum term of loan is 30 years for salaried and 20 years for the self-employed.
  • Repayable mode is through EMI.
  • The interest rate has to be confirmed from the nearest office.
  • The upfront fees have to be confirmed as it is revised time to time.

HOME LOANS TO NON-RESIDENT INDIANS

  • This facility is available to the salaried individual having the status of NRI/PIO for PURCHASE/COSTRUCTION /EXTENSION of a new or an existing property.
  •  The minimum loan amount is Rs.100000
  • The loan is sanctioned according to the property cost:
  1. 85% of the total cost of the property including stamp-duty and registration charges upto the loan of 20 lacs.
  2. 80% of the total cost of the property including stamp-duty and registration charges upto the loan of 20lacs-75 lacs.
  3. 75% of the total cost of the property including stamp-duty and registration charges for the loan above Rs.75 lacs.
  • Maximum term of loan for professionals is 15 years and for others is 10 years.
  • Repayable mode is through EMI.
  • Interest rates have to be confirmed from nearby centers.
  • Upfront fees is payable at prevailing rates.

HOME LOANS TO PENSIONERS

Loans under this scheme are given to the pensioners before retirement for purchasing construction or extension of a house or a flat.

The person should be 50 years or above of age and is governed under a pension scheme on retirement.

The loan term is 15 years or 70 years of age whichever is earlier.

An undertaking letter has to be given for the 30% of the loan or the amount decided by the Area officer which will be paid out of the retirement benefits.

Loans can also be availed after retirement for the same purpose if the person has a stable income throughout his life can apply for this loan.

The loan has to be paid before 70 years of age. And the loan requires a guarantor.

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