LIC Housing Finance Home Loan

LIC Housing Finance (LICHFL) Home Loan Details 2021
Interest Rates	6.66% onwards
Loan Amount	At least 1 lakh
Loan Tenure	Up to 30 years
Processing Charges	0.25% – 0.50% (Min. Rs. 5,000 & Max. Rs. 15,000 + GST

Note: Rates as on 26th October 2021. The figures given in the table are indicative and are subject to change as per any change in the LIC home loan scheme at LICHFL or the RBI policy, without prior information.

Table of Contents LIC Home Loan Interest Rates Types of LIC Home Loan LIC Home Loan Eligibility LIC Home Loan Documentation LIC Home Loan Fees & Charges Why to Apply for LIC Home Loan LIC Home Loan FAQs

LIC Home Loan Interest Rates

Loan Slab (CIBIL >= 700)	Salaried & Professional	Non Salaried & Non Professional
Up to 2 crore	6.66%	6.66%
More than 2 crs & up to 15 crs (For Griha Sidhi/Apna Ghar/Advantage Plus)	6.90%	7.00%
More than 2 crs & up to 3 crs (2020 Homecoming)	7.10%	7.20%
More than 3 crs & up to 5 crs (2020 Homecoming)	7.20%	7.30%

 

Loan Slab	CIBIL Score		Salaried & Professional		Non-Salaried & Non Professional
Up to Rs. 50 Lakh	650 – 699		7.10%		7.20%
	600 – 649		7.30%		7.40%
	< 600		7.50%		7.60%
	< 0 NTC		7.20%		7.50%
More than Rs. 50 Lakh & Up to Rs. 1 Cr	650 – 699		7.30%		7.40%
	600 – 649		7.60%		7.70%
	< 600		7.70%		7.80%
	< 0 NTC		7.40%		7.80%
More than Rs. 1 Cr & Up to Rs. 3 Cr	650 – 699		7.40%		7.50%
	600 – 649		7.70%		7.80%
	< 600		7.70%		7.80%
	< 0 NTC		7.70%		7.80%
More than Rs. 3 Cr & Up to Rs. 15 Cr	650 – 699		7.50%		7.60%
	600 – 649		7.70%		7.80%
	< 600		7.80%		7.90%
	< 0 NTC		7.80%		7.90%

LIC HFL Fixed Interest Rate

My Choice –Sure Fixed & Apna Ghar (PMAY-CLSS) – Sure Fixed

Loan Slab	ROI
Up to Rs. 50 lakh	10.05%
Above Rs. 50 lakh & up to Rs. 5 cr	10.15%

Types of LIC Home Loan

LIC Housing Loan	Features: LIC HFL offers multiple home loan schemes to help you fund expenses related to purchasing, constructing or renovating a residential property. Individuals can avail the loan for construction/ purchase of a new house and repairs/renovation to the existing properties. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure: Up to 30 years or attainment of 60 years, whichever is earlier
Griha Suvidha Home Loan	Features: Loans where an applicant’s age or income type don’t matter. The loan is backed by Mortgage Guarantee and are also eligible for subsidy under Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY- CLSS). Applicants (who get part of their salary in cash, are nearing retirement and want to extend their loan term). Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure: Up to 30 years
Griha Varishtha Home Loan	Features: In this loan scheme LIC waives off 6 EMIs in the form of adjustment against the outstanding principal. 2 EMIs each are waived off at the beginning of 4th, 6th and 11th year of the loan tenure. Applicants under this loan are also eligible for subsidy under PMAY – CLSS. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure: Up to 30 years or till attainment of 80 years of the co-applicant (in case of joint home loan), whichever is earlier
Home Loan for Non-Resident Indians (NRIs)	Features: Get 12 EMIs off on regular payments of EMIs. 6 EMIs each are waived at the end of the 10th and 15th years. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure: Up to 30 years
Plot Loan	Features: Loans for the purchase of a residential plot from Government Bodies/ Development Authorities/Approved Layout. LIC also offers Composite Loan (plot purchase and construction) but only to those only intending to complete house construction within 3 years from the date of plot purchase. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure for Plot Loan: Up to 15 years Tenure for Composite Loan: Up to 30 years
Home Construction Loan	Features: Loans for the construction of a house on an already owned plot. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure (for salaried): Up to 30 years Tenure (for self-employed): Up to 20 years
Home Extension Loan	Features: Covers costs related to adding more space to an existing house. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure (for salaried): Up to 30 years Tenure (for self-employed): Up to 20 years
Home Improvement Loan	Features: Loans for covering renovation costs of an existing house. Interest Rate: 6.66% onwards Loan Amount: Up to 90% of property value Tenure (for salaried): Up to 30 years Tenure (for self-employed): Up to 20 years
Top Up on Home Loan	Features: For existing home loan customers and for balance transfer customers who need additional financing for personal or business requirements. Interest Rate (for existing customers): 8.5% p.a. Interest Rate(for new customers availing top-up on balance transfer): 9% p.a. Loan Amount: As per the eligibility
Home Loan Balance Transfer	Features: Loans for existing home loan borrowers who want a lower rate or better terms to lower their loan repayments. The loan comes with various benefits including a lower rate of interest, affordable EMIs, top-up loans, etc. Interest Rate (existing customers): 6.66% p.a. onwards Interest Rate (new customers availing top-up on balance transfer): 9% p.a. Loan Amount: Up to 90% of property value Loan Tenure: Up to 30 years or attainment of 60 years whichever is earlier
Advantage Plus (Special Offer)	Features: This is a special balance transfer offer scheme wherein applicants get a waiver of 2 EMIs. The EMI waiver will be given at the end of the 5th year or during the closure of the loan provided the customer has a default-free record and has not made any pre-payment during the initial 5 years of the loan. Interest Rate (existing customers): 6.66% p.a. onwards Interest Rate (new customers availing top-up on balance transfer): 9% p.a. Loan Amount: Up to 90% of property value Loan Tenure (salaried): Up to 30 years Loan Tenure (self-employed): Up to 20 years

Note: Rates as on 19th October 2021. The interest rate above is subject to change without prior notice. The final rate of interest for the customers shall depend on their credit assessment and the product variant.

Eligibility Criteria for LIC Home Loan

LIC Housing Finance offers several schemes to suit the home loan requirements of their various customer segments. Each scheme has its own eligibility criteria. However, let us look at the basic eligibility to apply for LIC Housing 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

Eligibility Criteria 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

Also Read: How to Check & Improve Your Home Loan Eligibility

Documents Required for LIC Home Loan

The documents required to apply for LIC Housing Loans may differ from one scheme to another, however, the common list of documents that you must keep ready at the time of home loan application is given as below:

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

Note: Original documents are required for verification purposes only. Also, the above list is indicative. Additional documents may be asked by the lender on a case-to-case basis.

LIC Home Loan Processing Fees & Charges

Nature of Fees or Charge	Applicable Charges (exclusive of GST)
Processing fee	0.25% – 0.50% (Min. Rs. 5,000 & Max. Rs. 15,000 + GST
Prepayment Charges	In case of fixed-rate home loan/applicants other than individuals: 2% on the principal repaid In 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

Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.

Why to Apply for LIC Home Loan through Paisabazaar

1. Top Offers at One Place: Paisabazaar brings to you the best home loan offers from 20+ financial institutions including at a single platform.

2. Compare & Choose: When applying for a loan as big as a home loan, the interest rate becomes an important consideration. After all, even a slight dip in your home loan rate can help you save big on the interest outgo. At Paisabazaar, you can compare all possible options available to you and choose the lowest interest rate on offer.

3. Pre-Approved Offers: All home loan borrowers who are registered with Paisabazaar get personalised pre-approved home loan balance transfer offers at low-interest rates from time to time as per their past credit behaviour.

4. Check Your Credit Score for Free: Lenders check your credit score when reviewing your home loan application. A higher credit score generally qualifies you for lower rates and better loan terms. Therefore, before applying for a home loan one must check their credit score and if found low must take necessary steps to improve it.

At Paisabazaar, you can check your credit score and credit report for free and ensure that your credit history and personal details are in order so as to avoid rejection from a lender. You also get free monthly credit score updates and credit advisory services to help you build, improve and maintain a high credit score for easy access to credit in future.

5. End-to-end Assistance: Team Paisabazaar is there for you right from the time you start looking for a home loan offer till you get the money disbursed in your bank account. Our team works with you and the lender throughout the process in an effort to give you a seamless loan experience.

FAQs

1. What makes LIC HFL the best home loan provider?

The following features are some of the many reasons why LICHFL is one of the best home loan providers:

• Offers home loans starting at 6.66% p.a., which is one of the lowest home loan interest rates in India
• Provides interest concession to women borrowers
• Applying for a LIC home loan is easy as it has an online application process
• The Housing Finance Company also offers insurance-linked security
• It has one of the largest networks spread across India and other parts of the world

2. Does LIC Housing Finance check CIBIL score before when considering a home loan application?

Yes, LIC Housing Finance may check your CIBIL score when considering a home loan application. This is because your credit score or CIBIL score is a reflection of how responsibly you have handled your credit in the past. Higher the credit score, the better. A good credit score increases your chances of loan approval and getting the loan on favourable terms and rates.

3. How to check home loan status online at LIC Housing Finance?

The steps to check your LIC Housing Finance home loan application status online are:

Visit the official website of LIC Housing Finance Limited (LICHFL)

• On the homepage, click the ‘Home Loans’ tab

You will be redirected to a new page.

• Click on ‘Online Loan Application’ on the left panel
• Click the ‘Click to Track Application’ option and again you will be redirected to a new page
• Enter your application number in the field given on the page and click the ‘Submit’ button

On the next page, the LIC home loan application status will appear.

4. How to get a home loan from LIC?

The process to get a home loan from LIC Housing Finance is:

• Submission of home loan application along with supporting documents
• Verification of Know Your Customer (KYC) and other details
• Evaluation of CIBIL report
• Personal interview by a company official
• Issue of Loan Offer Letter by the Company
• Title clearance through our panel advocate
• Valuation of the property by LICHFL’s Panel Valuers
• Inspection of property by Company Officials
• If the above reports are good, collection of documents for stamping
• Submission of original title deeds
• Stamping of documents, execution of documents and disbursement of loan

Note: The validity of a stamped document for its execution is 6 months. Therefore, the documents should be stamped only after the approval of the valuer’s report.

5. How should I contact LIC HFL for home loan related queries and assistance?

Your LIC home loan related queries and complaints will be resolved by the team of LICHFL Customer Care. You can reach the LIC Housing Finance Customer Care 24×7 through call, email and post. You can also visit their nearest branch to share your grievance or register a complaint. The details of LIC Housing Finance Customer Care are:

• Customer Care Number of LIC HFL Corporate Office: 912222178600
• LIC Housing Loan Customer Care Email ID:
  • Email ID of LIC HFL Corporate Office lichousing@lichousing.com
  • For Customer Grievance – customersupport@lichousing.com
• Postal Address of LIC HFL Corporate Office:

LIC HOUSING FINANCE LIMITED
Maker Tower-F, 13th Floor,
Cuffe Parade,
Mumbai-400 005
Maharashtra

Customers can also write their service request, enquiry or complaint on LIC HFL official website.