LIC Housing Finance Home Loan

LIC Housing Finance Home Loan Highlights
Interest Rates	8.45% – 10.75% p.a.
Loan Amount (LTV Ratio)	90% of property value
Tenure	Up to 30 years
Processing Charges	Flat Rs 3,000

Note: Rates as of 5th June 2023

LIC Housing Finance Home Loan Interest Rates

LIC HFL Grih Siddhi

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.45% p.a.	8.55% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.60% p.a.	8.70% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 5 crore	9.30 % p.a.	9.40% p.a.
More than 5 crore & up to Rs 15 crore	9.50% p.a.	9.60% p.a.

 CIBIL 600-699

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.55% p.a.	9.65% p.a.
More than 50 lakh & up to Rs 2 crore	9.75% p.a.	9.85% p.a.
More than Rs 2 crore & up to Rs 15 crore	9.90% p.a.	10.00% p.a.

 CIBIL <600

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	10.00% p.a.	10.10% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.20% p.a.	10.30% p.a.
More than Rs 2 crore & up to Rs 5 crore	10.40% p.a.	10.50% p.a.

 CIBIL 150≤CIBIL≤200

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.30% p.a.	9.40% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.50% p.a.	9.60% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.55% p.a.	9.65% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.75% p.a.	9.85% p.a.

Advantage Plus Scheme (Housing Loan Component)

CIBIL Score	Loan Amount	Salaried	Non-Salaried
>=750	HL component should be greater than or equal to 10 lakh	8.60% p.a.	8.70% p.a.
700-749		9.30% p.a.

Sure Fixed Scheme

CIBIL Score	Loan Amount	Interest Rate
>=750	Up to Rs 15 crore	10.00% p.a. (fixed for entire team)
<750	Up to Rs 15 crore	10.25% p.a. (fixed for entire team)

LIC HFL Griha Bhoomi- Loan towards Purchase of Residential Plots/Residential Plots and Construction

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.75% p.a.	8.85% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.90% p.a.	9.00% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 5 crore	9.50 % p.a.	9.60% p.a.
More than Rs 5 crore & up to Rs 15 crore	9.70% p.a.	9.80% p.a.

CIBIL 650-699

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.75% p.a.	9.85% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.95% p.a.	10.05% p.a.
More than Rs 2 crore & up to Rs 15 crore	10.10% p.a.	10.20% p.a.

 CIBIL 150≤CIBIL≤200

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.50% p.a.	9.60% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.70% p.a.	9.80% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 50 lakh	9.75% p.a.	9.85% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.95% p.a.	10.05% p.a.

LIC HFL Griha Suvidha

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	8.70% p.a.	8.80% p.a.
More than Rs 2 crore & up to Rs 3 crore	8.85% p.a.	8.95% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 3 crore	9.55 % p.a.	9.65% p.a.

 CIBIL 600-699

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	9.80% p.a.	9.90% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.00% p.a.	10.10% p.a.
More than Rs 2 crore & up to Rs 3 crore	10.15% p.a.	10.25% p.a.

 CIBIL <600

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	10.25% p.a.	10.35% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.45% p.a.	10.55% p.a.
More than Rs 2 crore & up to Rs 3 crore	10.65% p.a.	10.75% p.a.

 CIBIL 150≤CIBIL≤200

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	9.55% p.a.	9.65% p.a.
More than Rs 50 lakh & up to Rs 2 crore	9.75% p.a.	9.85% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	9.80% p.a.	9.90% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.00% p.a.	10.10% p.a.

LIC HFL Griha Suvidha Asha (2 year ITR Self Employed or Class IV Salaried)

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	8.95% p.a.	9.05% p.a.
More than Rs 2 crore & up to Rs 3 crore	9.10% p.a.	9.20% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 3 crore	9.80% p.a.	9.90% p.a.

 CIBIL 650-699

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	10.05% p.a.	10.15% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.25% p.a.	10.35% p.a.
More than Rs 2 crore & up to Rs 3 crore	10.40% p.a.	10.50% p.a.

  CIBIL 150≤CIBIL≤200

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	9.80% p.a.	9.90% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.00% p.a.	10.10% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 50 lakh	10.05% p.a.	10.15% p.a.
More than Rs 50 lakh & up to Rs 2 crore	10.25% p.a.	10.35% p.a.

Note: Other conditions will be same as applicable to Griha Siddhi Product

For P+C cases under Griha Suvidha, applicable ROI is 25 bps more than Griha Bhoomi

LIC HFL New Face Lift

CIBIL Score	Loan Slab	Interest Rate (p.a.)
700 & above	Up to Rs 15 crore	9.60%
Below 700		10.35%

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Compare LIC Home Loan Interest Rates with Other Lenders

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.50% - 10.15%	8.50% - 10.05%	8.50% - 10.05%
HDFC	8.50% - 10.35%	8.50% - 10.60%	8.50% - 10.70%
LIC Housing Finance	8.60% – 10.35%	8.60% – 10.55%	8.60% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.85% onwards	8.85% onwards	8.85% onwards
PNB Housing Finance	8.75% - 14.50%	8.75% - 13.00%	8.75%-11.35%
Punjab National Bank	8.65%-9.60%	8.60%-9.50%	8.60%-9.50%
Bank of Baroda	8.60% - 10.65%	8.60% - 10.65%	8.60% - 10.90%
Union Bank of India	8.50% – 10.75%	8.50% – 10.95%	8.50% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Housing Finance	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.50% onwards	8.50% onwards	8.50% onwards
Tata Capital	9.15% onwards	9.15% onwards	9.15% onwards
Federal Bank	10.15%-10.20%	10.20%-10.25%	10.25%-10.30%

LIC Home Loan Processing Fees & Charges

Nature of Fees or Charge	Applicable Charges (exclusive of GST)
Processing fee	Flat Rs 3,000
Prepayment Charges	In case of fixed-rate home loan/applicants other than individuals: 2% on the principal repaid In the case of a floating home loan: prepayment charges are not applicable
CERSAI Statutory Charges applicable at the time of loan disbursement	For loans of up to Rs. 5 lakh: Rs. 250 For loans of above Rs. 5 lakh: Rs. 500
Rewriting charges for Conversion fee	For loans up to Rs. 75 lakh: Up to Rs. 1,000 For loans above Rs. 75 lakh & up to Rs. 3 crore: Up to Rs. 2,500
Cheque bouncing charges on dishonour of cheques submitted for loan repayment	Rs. 350
ECS dishonour charges	Rs. 200
Document retrieval charges payable on the closure of the loan	Rs. 2,500
A miscellaneous fee of providing a list of documents	Rs. 500 (on each request)
Miscellaneous fee for a photocopy of title documents	Rs. 1,000 (on each request)
Late fee for late payment of EMIs	Up to 2.00% on default instalment
Recovery charges payable for defaulting the repayment of loan instalment	All types of charges, costs, expenses and incidental charges which LIC Housing Finance Corporation has incurred for the recovery of the defaulted loan. Up to and including default of 12 months: 1.50% per month on the amount of the defaulted instalment Default of instalments beyond 12 months: 2% per month on the amount of the defaulted instalment

Types of LIC HFL Home Loan

Home Loan for Resident Indians

Purpose: Regular home loan scheme for purchasing under construction, ready to move in homes or construction of new house

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Griha Varishtha Home Loan for Pensioners

Purpose: Home loan for pensioners, Central/State government and PSU employees eligible for Defined Benefit Pension Scheme with 6 EMI waivers (2 EMIs at 37th and 38th month, 2 EMIs at 73rd and 74th month, 2 EMIs at 121st and 122nd month of loan tenure)

Tenure:

• For Pensioners- Up to the age of 80 years
• For Younger Applicants- Up to 30 years or 80 years of age

Pradhan Mantri Awas Yojna (PMAY)

Purpose: Interest subsidy of up to Rs 2.67 lakh for constructing/purchasing the first pucca house of the borrowers

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Griha Suvidha

Purpose: This home loan scheme backed by Mortgage Guarantee, where age and type of income does not matter. These home loans are offered to applicants receiving part of their salary through cash or those requiring extended loan tenures due to their nearing retirement age. This loan scheme is also available to self-employed applicants requiring extended loan tenure.

Tenure: Up to 30 years

LIC HFL Home Loan for NRIs

Purpose: LIC NRI Home Loan for purchasing plot, carry out home improvement/renovation, availing top-up home loans and for balance transfer of existing home loans from other banks/NBFCs to LIC Housing Finance.

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Plot Loan

Purpose: Plot loans are offered for purchase of residential plot from Government bodies/Development Authorities/Approved Layout and for purchasing plot under Composite Scheme if the applicant intends to construct within 3 years from date of purchase

Tenure: Up to 15 years

LTV Ratio: Up to 75% of property value

LIC HFL Home Construction Loan

Purpose: Home construction loan is a finance facility availed for construction of homes

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Home Extension Loan

Purpose: Home extension loans are offered to applicants for extension or addition of space to their existing home properties.

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Home Improvement Loan

Purpose: Home improvement/renovation loans are offered for carrying out improvement/renovation to existing home properties

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Top-up Home Loan

Purpose: Home loan top-up is an additional loan provided on the existing home loan for new as well as existing home loan borrowers. New borrowers can avail top-up during balance transfer of existing home loan to LIC Housing Finance

Interest Rate:

• For New Applicants- 8.50% p.a.
• For Existing Applicants- 9.00% p.a.
• For Balance Transfer applicants availing top-up- 9.00% p.a.

Home Loan Balance Transfer

Purpose: For transfer of existing home loan from other banks/HFCs to LIC Housing Finance at lower interest rates, applicants opt for home loan balance transfer facility. The applicants can get waiver of 2 EMIs.

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC HFL Advantage Plus

Purpose: Special home loan balance transfer scheme with 2 EMI waivers (at the end of 5th year or during loan closure)

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

LIC Housing Finance Home Loan Eligibility Criteria

For Griha Suvidha Home Loan

For Applicants who get part of their salary in cash

• Applicant should necessarily be getting at least 70% component of the Salary through Banking channel
• Cash components in the form of OT/ Incentive/ Bonus / Vehicle charges/ Reimbursements not forming part of CTC or not reflected in Form no. 16, can be treated as an additional income for salaried employees. Such cash component will be restricted to a maximum of 30% of the total income
• Loan term to be restricted up to the age of retirement of Senior Applicant whose income is considered for loan calculation
• Maximum 2 cash salaried borrowers can be Co-Applicants in the loan.
• Total gross income will be capped to Rs. 30,000 per month for 1 borrower & Rs. 40,000 per month in total for more than 1 cash salaried borrower

For Salaried Employees having No Pension

• The loan term can be considered beyond retirement age, subject to payment of the entire outstanding loan at the time of retirement
• The maximum loan term can be extended by 10 more years post-retirement i.e. if an applicant is aged 45 years and retiring at the age of 58 years, the term that can be given will be 23 years (attainment of 68 years of age)
• Maximum loan tenure will be 30 Years
• The maximum age at the time of application of a loan will be 50 Years

For Self Employed Individuals wanting extended loan term

• Loan term beyond 70 years and up to 75 years of the senior applicant
• Maximum loan tenure will be 30 years

For Griha Varishtha Home Loan

• Retired from PSU insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and drawing pension under Defined Benefit Pension Schemes (DBPS) who are up to 65 years of age as per last birthday
• Working with PSU Insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and eligible for pension under Defined Benefit Pension Scheme (DBPS)
• The spouse must be a joint applicant irrespective of the ownership of the property
• Children can be co-applicant in the loan and their income can be added for allowing longer-term and higher eligibility amount
• Maximum loan term up to the attainment of 80 years of age applicant drawing pension in case of joint applicant
• If the income of younger applicant/s (son/daughter/spouse) is considered, then the maximum loan term up to 30 Years or till attainment of 80 years of the younger applicant whichever is earlier

Top-up Loan

• New applicants transferring their existing home loan from other banks/NBFCs
• Existing customers with default free housing loan seasoning

PMAY

• The family of beneficiary comprise of husband, wife, unmarried children and should not own a pucca house anywhere in the country
• In case of married couple, either of the couples singly or jointly can avail single subsidy
• The beneficiary/family should not have availed Central assistance under any housing scheme from Indian Government
• In case of EWS/LIG, the property should be in the name of female head of the house or jointly with the male head. If there is no female head, the house can be in the name of the male member of the house.

Also know the home loan eligibility of various lenders

Documents Required for LIC Housing Finance Home Loan

KYC documents

• Pan Card
• Aadhaar Card
• For NRIs, a passport is required
• Proof of residence

Income documents

• Salary slips and Form No.16 for salaried
• Last 3 years income tax returns along with financials for self-employed or professionals
• Bank statements for the last 6 to12 months

Property Documents (in case property is identified)

• Proof of ownership of property
• In the case of flats, the allotment letter of the builder/society
• Up to date tax paid receipt

Also Read: Home Loan Documents Required

LIC Housing Finance Home Loan EMI Calculator

FAQs

1. Are there any restrictions on prepaying LIC Housing Finance Home Loan?
Ans. No, there are no restrictions on prepayment of LIC Housing Finance Home Loan. The HFC does not levy any prepayment charges on home loans.

2. What is the minimum credit score required to avail home loan from LIC Housing Finance?
Ans. LIC Housing Finance has not set any cut-off credit score for home loan applicants. The HFC also offers home loans to ‘new to credit’ applicants i.e. those who have never availed any loan or credit card in the past. However, the HFC has set lower interest rates for home loan applicants having higher credit scores, and higher interest rates for applicants having lower credit scores . For example, LIC Housing Finance has set lowest interest rates for home loans  applicants having credit scores of 700 and above whereas the highest interest rates are charged from applicants having credit scores less than 600.

3. I receive a part of my salary through cash. Can I apply for a home loan from LIC Housing Finance?
Ans. Applicants receiving part of their salary through cash can apply for Griha Suvidha Home Loan from LIC Housing Finance. However, such salaried applicants should be receiving at least 70% of their salary through banking channels.

4. Can I choose between fixed and floating rate of interest?
Ans. LIC Housing Finance offers home loans at both fixed and floating rates. Home loan applicants wishing to avail loans at fixed interest rates can apply for “MY Choice-Sure Fixed” home loan scheme. The interest rates offered under this scheme remain fixed for the entire loan tenure.

5. Whose credit score will be considered in case of joint home loans?
Ans. In case of joint home loans, LIC Housing Finance will consider the credit score of the applicant having the highest credit score.