| LIC Housing Finance (LICHFL) Home Loan 2020 | |
| Interest Rates | 6.90% onwards |
| Loan Amount | At least 1 lakh |
| Loan Tenure | Up to 30 years |
| Processing Charges | As applicable + GST |
Note: 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.
LIC Housing Finance Limited (LICHFL) offers multiple home loan options to salaried, self-employed and pensioners. LIC home loan interest rates start from 6.90% p.a., which is one of the best home loan rates in India. The housing finance company offers home loans for home construction, home purchase, plot purchase or home improvement. LIC HFL also offers interest concession to women home loan borrowers. The loan amount offered under LIC housing loans starts from Rs. 1 lakh.
LIC HFL Home Loan Features and Benefits
- Different loan schemes to suit every customer’s fund needs
- Low home loan interest rates starting from 6.90% p.a.
- Longer repayment period extending up to 30 years
- Interest concession for women home loan borrowers
- No prepayment charges on floating rate home loans
- Top up loan facility for all existing home loan customers
- Multiple loan repayment options to suit customers’ needs
- Customer can avail home loan tax benefits.
LIC Housing Finance Home Loan Interest Rate
The LIC home loan interest rates are linked with LIC Housing Prime Lending Rate (LHPLR), which as on October 7, 2019 stands at 14.70%. Any increase or decrease in LHPLR will also lead to change in the LIC Housing Finance’s home loan rates. The applicable LHPLR linked home loan interest rates for other LICHFL home loan schemes are given as below:
| Loan Slab | LIC Griha Siddhi/Apna Ghar/Advantage Plus (Housing Loan Component) LHPLR Linked Home Loan Interest Rates | ||
| Woman Borrower | Salaried & Professional | Non Salaried & Non Professional | |
| Up to Rs. 50 Lakh | 8.35% – 8.60% | 8.40% – 8.65% | 8.50% – 8.75% |
| Above Rs. 50 Lakh & Up to Rs. 5 Cr. | 8.45% – 8.70% | 8.50% – 8.75% | 8.60% – 8.95% |
Note: The interest rate at which you will get LIC home loan depends on your credit profile, which includes your credit score and repayment capacity. The above rates are subject to change without prior information.
| Loan Slab | Griha Suvidha/Griha Suvidha Apna Ghar – EWS/LIG/MIG -I , MIG-II LHPLR Linked Home Loan Interest Rates | |
| Salaried & Professional | Non Salaried & Non Professional | |
| Up to Rs. 10 lakh – Rs. 50 lakh | 8.55% – 8.80% | 8.75% – 9.00% |
| Above Rs. 50 lakh& Up to Rs. 3 crore | 8.65% – 8.90% | 8.85% – 9.20% |
Note: The interest rate at which you will get LIC home loan depends on your credit profile, which includes your credit score and repayment capacity. The above rates are subject to change without prior information.
| Product Name | Interest Type | Loan Slab | Rate of Interest |
| My Choice & Apna Ghar (PMAY-CLSS) | Fixed Rate | Up to Rs. 50 lakh | 10.05% |
| Above Rs. 50 lakh & Up to Rs. 5 crore | 10.15% | ||
| New Face Lift | Floating Rate (Linked to LHPLR) | Up to Rs. 5 crore | 9.70% |
Note: The interest rate at which you will get LIC home loan depends on your credit profile, which includes your credit score and repayment capacity. The above rates are subject to change without prior information.
LIC Home Loan Processing Fees & Charges
In addition to home loan interest rates and LIC Home Loan processing fee that ranges between Rs.10,000 to Rs.15,000 plus GST, LIC Housing Loan includes a few other charges. Some of these charges are given as below:
| Nature of Fees or Charge | Applicable Charges |
| Processing fee (payable once at the time of loan application) | For loans up to Rs. 50 lakh: Up to Rs. 10,000 For loans above Rs. 50 lakh & up to Rs. 3 crore: Up to Rs. 15, 000 |
| Prepayment Charges | In case of fixed rate home loan/applicants other than individuals: 2% on the principal repaidIn case of floating home loan, the 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 dishonor charges | Rs. 200 |
| Document retrieval charges payable on the closure of the loan | Rs. 2,500 |
| Miscellaneous fee of providing a list of documents | Rs. 500 (on each request) |
| Miscellaneous fee for 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.
LIC Home Loan EMI Calculator
Paisabazaar’s Home Loan EMI Calculator facilitates easy calculation of monthly instalment to be paid towards the repayment of the availed loan amount within the selected tenure. Knowing the EMI in advance helps borrowers plan their finances better. The LIC housing loan EMI calculator is easy to use, accurate and free of cost. LIC Housing Loan EMI depends on – loan amount, loan tenure and interest rate. The table below shows how home loan EMIs varies with the varying loan amount and tenure while keeping home loan interest rate at a constant value of 6.90% p.a.:
| Loan Amount | LIC Home Loan EMIs as per Different Loan Tenures | ||
| 15 years | 20 years | 30 years | |
| Rs. 50 lakh | Rs. 48,798 | Rs. 42,918 | Rs. 37,915 |
| Rs. 70 lakh | Rs. 68,318 | Rs. 60,085 | Rs. 53,082 |
| Rs. 90 lakh | Rs. 87,837 | Rs. 77,252 | Rs. 68,248 |
| Rs. 1.2 crore | Rs. 1,17,116 | Rs. 1,03,002 | Rs. 90,997 |
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. But the increase in tenure also increases the total interest pay out.
LIC HFL Home Loan Eligibility
To get Home Loan, customers should be eligible for it. Check LIC Housing Finance’s home loan eligibility criteria from the table below:
LIC Home Loan Eligibility Criteria | |
| Borrower Profile | Indian Residents/NRIs/PIOs |
| Employment Type | Salaried/Self Employed |
| Age | As applicable |
Factors Affecting LIC Housing Finance Loan Eligibility
Mentioned below are certain factors that impact an applicant’s ability to avail home loan from LIC Housing Finance Ltd.:
- An applicant’s source of income (income from self-employment or monthly gross salary)
- Age of the applicant at the time of the loan application and their retirement age
- An applicant’s family income
- An applicant’s employment or business stability and continuity
- An applicant’s assets and liabilities (if any)
- The number of dependents on the applicant’s income
Customers can use LIC home loan eligibility calculator to check their eligibility for the loan by entering the relevant details.
LIC HFL Home Loans Documents Required
- Duly filled in home loan application form
- Proof of Identity such as Aadhaar Card, PAN Card, Voter’s ID Card or Passport
- Proof of Residence such as Passport, Ration Card, Electricity Bill or Telephone Bill
- Bank Passbook or bank account statements of last two years
- Power of Attorney, wherever applicable
Other documents that might be asked by the Housing Finance Company (HFC) are:
For Salaried
- Salary slips for last 6 months
- Form 16
For Businessmen / Self-employed
- Three years’ income tax returns/assessment orders along with the computation of income and statements of accounts certified by C.A.
- Three years financials – Profit and Loss account, Balance Sheet, Audit Reports, etc.
Purchase from Builder
- A copy of Agreement for Sale
- A copy of registration receipt
- A few copies of receipts of payment already made
- No Objection Certificate (NOC) from builders
- A copy of sanctioned plan and sanction letter
- A copy of NA permission / ULC clearance, wherever applicable
Direct Allotment in a Co-operative Housing Society
- Allotment letter
- Share certificate
- Society registration certificate
- Copy of sale/lease deed in favour of the society
- NOC from society
- Copy of Sanctioned plan and sanction letter
- Copy of NA permission / ULC clearance, wherever applicable
Direct Allotment in a Co-operative Housing Society by Public Agency
- Allotment Letter, Share Certificate, Society Registration Certificate
- Lease Agreement
- Public agency’s approved list of members
- NOC from Public Agency in favour of LICHFL
- NOC from society
Public Agency’s allotment to individuals
- Allotment letter from Public Agency
- Tripartite Agreement between the borrower, LICHFL and the Public Agency in the prescribed format
Resale
A copy of all previous vendors’ registered documents along with copy of your purchase agreement duly stamped and registered and the registration receipt, wherever applicable
- NOC from Society/Builder
- Original Share Certificate wherever applicable
Check: Home Loan Documents Required
LIC Home Loan Schemes
Home loan requirements may vary from one customer to another. Therefore, LIC HFL offers multiple housing loan schemes to cater to every fund requirement of its customers. The details of some are as below:
| LIC Home Loan for Resident Indians | LIC Home Loan for Non-Resident Indians | LIC Home Loan for Pensioners |
| Pradhan Mantri Awas Yojana – Credit Linked Subsidy (PMAY-CLSS) | ||
LIC Home Loans for Resident Indians
This home loan facility is available to all resident Indians who are salaried or self-employed with a good credit score and a regular and stable income. Here are some features of this type of home loan:
For Purchase/Construction/Extension/Repairs/Renovation of House/Flat
- Interest Rate: 6.90% onwards
- Loan Amount: Minimum Rs. 1 lakh
- Loan-to-Value Ratio
- For loans up to 20 lakh: 85% of total cost of the property
- For loans above 20 lakh & Up to 75 lakh: 80% of total cost of the property
- For loans above 75 lakh: 75% of total cost of the property
- Loan Tenure
- For salaried:Up to 30 years
- For self-employed: Up to 20 years
For the Purchase of Residential Plot
- Loan-to-Value Ratio: 75% of total cost of the property
- Loan Tenure: Up to 15 years
- Interest Rate: 6.90% onwards
LIC Home Loan Balance Transfer and Home Loan Top Up
- Interest Rate: 6.90% onwards
- Loan-to-Value Ratio: 75% of total cost of the property
- Loan Tenure
- For salaried: Up to 30 years
- For self-employed: Up to 20 years
LIC Home Loan for Non-Resident Indians
LIC NRI home loan is available only for salaried individuals with Non-Resident Indian (NRI) or Persons of Indian Origin (PIO) status. Interest rate for LIC HFL home loan for NRIs depends on the credit profile of the applicant. LIC housing NRI Home Loans available for Purchase/Construction/Extension/Repairs/Renovation. Click to get more details on LIC NRI home loan.
Check Also: NRI Home Loans
LIC Home Loan for Pensioners
This type of home loan is available to all retired Resident Indians who receive a pension. The features of loans under this loan category are:
LIC HFL Pensioners’ Home Loan Before Retirement
| Purpose | Purchase/Construction/Extension of House/Flat |
| Eligibility | The age of the applicant should be 50 years or more The applicant should have a pension scheme |
| Loan Tenure | Up to 15 years or 70 years of age, whichever comes earlier |
| Terms & Conditions | An undertaking letter that the entire loan or at least 30 % or an amount as decided by the Area Office will be repaid out of the retirement benefits is required. The balance is to be repaid from the Pension Income. The amount of Principal to be repaid at the time of retirement will depend on the Pension amount the applicant is eligible after retirement. |
LIC HFL Pensioners’ Home Loan After Retirement
| Purpose | Purchase/Construction/Extension of House/Flat |
| Eligibility | Pensioners having a stable income throughout their life from pension may apply for loan under this scheme |
| Loan Tenure | The loan is to be repaid before the applicant attains the age of 70 years |
| Terms & Conditions |
|
LIC PMAY – Credit Linked Subsidy (PMAY-CLSS)
With an aim to provide housing for all, the government launched Pradhan Mantri Awas Yojana (PMAY) in June 2015. The scheme caters to the housing requirements of both urban and rural poor. Under PMAY scheme, there is a Credit Linked Subsidy Scheme (CLSS) wherein the government gives an interest subsidy on home loans to all eligible individuals.
LIC HFL extends the affordable housing benefits of PMAY-CLSS to its all eligible customers through Apna Ghar. It is a floating home loan product exclusively designed with the features of Pradhan Mantri Awas Yojana- Credit Linked Subsidy Scheme (PMAY-CLSS). Under the LIC PMAY loan product, eligible customers can avail maximum subsidy of up to Rs. 2.67 lakhs.
More About PMAY Scheme | |
| All about PMAY | PMAY List |
| How to Apply for PMAY | PMAY Application Status |
| PMAY Urban | CLSS |
| How to Avail PMAY Subsidy | PMAY Eligibility |
How to Apply for LIC Home Loan
Customers can apply online for home loans by LIC Housing Finance Ltd. at Paisabazaar.com. To proceed with the process, follow these steps:
- Click here to begin with the home loan application process
- Fill out the given fields and accept the terms and conditions
- Provide your personal and home loan related information to proceed further
- A few eligible loan options will appear. Compare and apply for a home loan which suits your loan needs the best.
On successful submission of your home loan application, a message will appear which will also have a reference number. Save the number as you may require it for tracking your LIC home loan status. To guide you through the home loan process, you will also receive a call from one of our home loan experts.
LIC Home Loan Customer Care
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:
LIC Housing Loan 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
LIC Housing Loan Customer Care – 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 at LIC HFL official website.
LIC Housing Finance FAQs
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 6.90% p.a., which one of the lowest home loan interest rates in India
- Provides interest concession to women borrowers
- Applying for LIC home loan is easy as it has 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
What is LIC Housing Finance interest rate?
The home loan interest offered by LICHFL depends on the purpose for which the housing loan is availed. The current LIC home loan interest rate starts from 8.10%, which is one of the best home loan rates offered in India. To know the latest LIC Housing Finance home loan interest rates table, click here.
What is the LHPLR of LIC Housing Finance?
The LIC home loan interest rates are linked to LIC Housing Prime Lending Rate (LHPLR), which as on October 7, 2019 stands at 14.70%.
What documents are required to get LIC Home Loan?
Click here to see the list of documents required to apply for LIC Home Loan.
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 the 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 get loan on favourable terms and rates.
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.
How to get home loan from LIC?
The process to get 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 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.
LICHFL News
LICHFL 2020 Home Loan Offer: No principal repayment till possession
15th january 2020 – LIC Housing Finance Limited (LICHFL) launched its “2020 Home Loan Offer” with an aim to give a push to the embattled real estate sector. The lending institution in its ‘Pay When You Stay’ scheme allows homebuyers to make pay home loan principal amount on receiving possession of the house or after 48 months from the first disbursement, whichever is earlier. During this period, borrowers need to pay only the interest amount. For borrowers, the scheme will not only ease the monthly burden of EMI and rent but also ease the principal payment up to a maximum period of up to 48 months. Waiver of up to 6 EMIs is also an upfront benefit for customers taking home loans for ready to move houses.