LIC Housing Finance

LIC Housing Finance Home Loan Highlights
Interest Rates	8.40% – 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 28th November 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	8.40% p.a.	8.50% p.a.
More than Rs 2 crore & up to Rs 15 crore	8.70% p.a.	8.80% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.75 % p.a.	8.85% p.a.
More than 2 crore & up to Rs 15 crore	8.95% p.a.	9.05% 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 2 crore	8.75% p.a.	8.85% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	9.25% p.a.	9.35% p.a.

Advantage Plus Scheme (Housing Loan Component)

CIBIL Score	Loan Amount	Interest Rate
>=750	More than Rs 10 lakh and up to Rs 2 crore	8.40% p.a.	8.50% p.a.
	More than Rs 2 crore and up to Rs 10 crore	8.70% p.a.	8.80% p.a.
700-749	More than Rs 10 lakh and up to Rs 2 crore	8.75% p.a.	8.85% p.a.
	More than Rs 2 crore and up to Rs 10 crore	8.95% p.a.	9.05% 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)

Loan towards Purchase of Residential Plots/Residential Plots and Construction

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	8.60% p.a.	8.70% 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 2 crore	8.95 % p.a.	9.05% p.a.
More than Rs 2 crore & up to Rs 15 crore	9.15% p.a.	9.25% 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 2 crore	8.95% p.a.	9.05% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
Up to Rs 2 crore	9.45% p.a.	9.55% p.a.

LIC HFL Griha Suvidha

CIBIL >=750

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	8.65% p.a.	8.75% p.a.
More than Rs 2 crore & up to Rs 3 crore	8.95% p.a.	9.05% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	9.00 % p.a.	9.10% p.a.
More than Rs 2 crore & up to Rs 3 crore	9.20% p.a.	9.30% 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 and up to Rs 2 crore	9.00% p.a.	9.10% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh and up to Rs 2 crore	9.50% p.a.	9.60% 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	8.90% p.a.	9.00% p.a.
More than Rs 2 crore & up to Rs 3 crore	9.20% p.a.	9.30% p.a.

 CIBIL 700-749

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	9.25% p.a.	9.35% p.a.
More than Rs 2 crore & up to Rs 3 crore	9.45% p.a.	9.55% 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 2 crore	9.25% p.a.	9.35% p.a.

 CIBIL 101≤CIBIL<150

Loan Slab	Salaried & Professional	Non-Salaried
More than Rs 10 lakh & up to Rs 2 crore	9.75% p.a.	9.85% 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.)
750 & above	Up to Rs 15 crore	9.10%
700-749		9.25%

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	8.40% - 10.15% p.a.	8.40% - 10.05% p.a.	8.40% - 10.05% p.a.
HDFC Bank Limited	8.35% p.a. onwards	8.35% p.a. onwards	8.35% p.a. onwards
LIC Housing Finance	8.40% – 10.35% p.a.	8.40% – 10.55% p.a.	8.40% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.
Punjab National Bank	8.45%-10.25% p.a.	8.40%-10.15% p.a.	8.40%-10.15% p.a.
Bank of Baroda	8.40% - 10.65% p.a.	8.40% - 10.65% p.a.	8.40% - 10.90% p.a.
Union Bank of India	8.40% – 10.80% p.a.	8.40% – 10.95% p.a.	8.40% – 10.95% p.a.
IDFC First Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
L&T Finance Limited	8.60% p.a. onwards	8.60% p.a. onwards	8.60% p.a. onwards
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Tata Capital Housing Finance	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
Federal Bank	8.80% p.a. onwards	8.80% p.a. onwards	8.80% p.a. onwards

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: LIC Housing Finance offers regular home loans to resident Indians for purchasing under-construction properties, ready to move in homes and construction of new houses.

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 for Pensioners

Purpose: LIC Housing Finance offers Home Loan for Pensioners to employees of State/ Central Government, PSU insurers, PSUs and Nationalized Banks eligible for pension under Defined Benefit Pension Scheme. Applicants can avail 2 EMI waivers (1st EMI waiver at 61st month of loan tenure and 2nd EMI waiver at 121st month of loan tenure) under Home Loan for Pensioner scheme.

Tenure: Up to 30 years, or up to 80 years of age of the applicant

LIC HFL Griha Suvidha

Purpose: LIC Housing Finance Griha Suvidha scheme is a home loan scheme backed by Mortgage Guarantee, where age and type of income does not matter. This home loan scheme is 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 Plot Loan

Purpose: Consumers can avail LIC HFL Plot Loan for purchase of residential plot from statutory authorities such as government bodies, development authorities and approved layout. The lender also offers Composite Loans to its applicants for plot purchase and home construction provided the construction is completed within 3 years from the date of plot purchase.

Tenure:

• Plot Loan- Up to 15 years
• Composite Loan- Up to 30 years

LTV Ratio

• Plot Loan- Up to 75% of property value
• Composite Loan- Up to 60% of the sanctioned amount should be used for plot purchase and the remaining amount should be used for home construction

LIC HFL Home Construction Loan

Purpose: LIC Housing Finance offers Home Construction Loan to existing as well as new home loan borrowers to fulfil their financial requirements for home construction purposes.

Tenure:

• For Salaried- Up to 30 years
• For Self-employed- Up to 25 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: Applicants can avail Home Extension Loan from LIC Housing Finance for carrying out extension or addition of space to existing 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 Renovation/Improvement Loan

Purpose: LIC Housing Finance offers Home Renovation Loan or Home Improvement Loan for improvement and renovation of existing property of its applicants.

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: LIC Housing Finance offers Top-up Home Loan to its existing home loan borrowers over and above their existing home loans to finance their personal needs.

LIC HFL Home Loan Balance Transfer

Purpose: Existing home loan borrowers of other banks and HFCs can avail LIC HFL Home Loan Balance Transfer facility to transfer their existing home loans to LIC Housing Finance at lower interest rates. The lender also offers waiver of 2 EMIs under LIC Home Loan Balance Transfer facility.

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 Scheme

Purpose: Existing home loan borrowers of other banks and HFCs can avail LIC Housing Finance Advantage Plus Home Loan scheme to transfer their existing home loans to LIC HFL at lower interest rates. The lender also offers waiver of 2 EMIs, one at the end of 5th year and the other during loan closure under this scheme.

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 Loan for NRIs

Purpose: NRIs aspiring to own houses in India can avail LIC Housing Home Loan for NRIs to finance the purchase of under-construction or ready to move in properties and construction of own house. NRIs can also avail Plot Loans and Home Renovation Loan, Home Improvement Loan, Home Loan Balance Transfer facility and Top-up Home Loans from 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 Housing Finance Home Loan Eligibility Criteria

For Griha Suvidha Home Loan

For Applicants who get part of their salary in cash

• Applicant should receive at least 70% component of the salary through banking channel
• The maximum loan tenure is up to the retirement age of senior applicant whose income is considered for loan calculation
• Maximum 2 cash salaried borrowers can apply as co-applicants for the loan.
• Total gross income requirement for 1 borrower is up to Rs 30,000 per month & for more than 1 cash salaried borrower in total is up to Rs 40,000 per month

For Salaried Employees having No Pension

• 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), i.e. the maximum loan term can be extended by 10 more years post-retirement
• The maximum age at the time of application of a loan will be 50 years

For Home Loan for Pensioners

• Employees working with State/Central Government, PSU insurers, PSUs, and Nationalized Banks drawing pension under Defined Benefit Pension Scheme (DBPS) who are up to 65 years of age as per last birthday can avail LIC HFL Home Loan for Pensioners.
• The spouse must be a joint applicant irrespective of the ownership of the property
• Children can be added as co-applicants to the home loan and their income can be added for allowing longer tenure and higher loan amount

For Top-up Home Loan

• New applicants transferring their existing home loan from other banks/HFCs
• Existing home loan borrowers with consistent track record of timely repayment of their home loan EMIs.

In addition to the above-mentioned LIC Home Loan eligibility criteria, the lender may also consider the credit score of its applicants while evaluating their home loan eligibility, just like other lenders do.

Also know the home loan eligibility calculator

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.