| LIC Housing Finance Home Loan Highlights 2022 | |
| Interest Rates | 6.90%-8.40% p.a. |
| Loan Amount (LTV Ratio) | 90% of property value |
| Tenure | Up to 30 years |
| Processing Charges | 0.35% of loan amount subject to maximum of Rs 50,000/- + GST |
Note: Rates as on 16th may 2022. The figures given in the table are indicative and are subject to change as per any change in the LIC home loan scheme at LIC HFL or the RBI policy, without prior information.
Table of Contents
LIC Home Loan Interest Rates
Griha Siddhi Home Loan
For CIBIL >=700
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 6.95% | 7.05% |
| Rs 50 lakh-Rs 2 crore | 7.15% | 7.25% |
| Rs 2 crore-Rs 15 crore | 7.30% | 7.40% |
For CIBIL 600-699
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.20% | 7.30% |
| Rs 50 lakh-Rs 2 crore | 7.40% | 7.50% |
| Rs 2 crore-Rs 15 crore | 7.55% | 7.65% |
For CIBIL<600
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.65% | 7.75% |
| Rs 50 lakh-Rs 2 crore | 7.85% | 7.95% |
| Rs 2 crore-Rs 5 crore | 8.05% | 8.15% |
For CIBIL 101-200 or NTC
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.60% | 7.70% |
| Rs 50 lakh-Rs 1 crore | 7.80% | 7.90% |
Advantage Plus Scheme (Housing Loan Component)
For CIBIL >=700
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| HL component should be greater than or equal to Rs 10 lakh | 6.90% | 6.90% |
Note: Under Sure Fixed Scheme, Fixed ROI will be 200 bps over and above the above ROI for respective CIBIL score in the respective slabs.
Griha Bhoomi- Loan towards Plot Purchase/ Plot Purchase and Construction
For CIBIL >=700
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.15% | 7.25% |
| Rs 50 lakh-Rs 2 crore | 7.35% | 7.45% |
| Rs 2 crore-Rs 15 crore | 7.50% | 7.60% |
For CIBIL 650-699
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.40% | 7.50% |
| Rs 50 lakh-Rs 2 crore | 7.60% | 7.70% |
| Rs 2 crore-Rs 15 crore | 7.75% | 7.85% |
For CIBIL 101-200 or NTC (only P+C)
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.80% | 7.90% |
| Rs 50 lakh-Rs 1 crore | 8.00% | 8.10% |
Griha Suvidha Home Loan
For CIBIL >=700
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.20% | 7.30% |
| Rs 50 lakh-Rs 2 crore | 7.40% | 7.50% |
| Rs 2 crore-Rs 3 crore | 7.55% | 7.65% |
For CIBIL 600-699
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.45% | 7.55% |
| Rs 50 lakh-Rs 2 crore | 7.65% | 7.75% |
| Rs 2 crore-Rs 3 crore | 7.80% | 7.90% |
For CIBIL<600
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.90% | 8.00% |
| Rs 50 lakh-Rs 2 crore | 8.10% | 8.20% |
| Rs 2 crore-Rs 3 crore | 8.30% | 8.40% |
For CIBIL 101-200 or NTC
| Loan Slab | Interest Rates (p.a.) | |
| Salaried | Non Salaried | |
| Up to Rs 50 lakh | 7.85% | 7.95% |
| Rs 50 lakh-Rs 1 crore | 8.05% | 8.15% |
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
New Face Lift
| CIBIL Score | Loan Slab | Interest Rate (p.a.) |
| 700 & above | Up to Rs 15 crore | 7.50% |
| Below 700 | 8.00% |
Compare LIC Home Loan Interest Rates and Other Lenders
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| LIC Housing Finance | 6.90 – 8.00 | 6.90 – 8.20 | 6.90 – 8.40 |
| State Bank of India | 6.65-7.65 | 6.65-7.65 | 6.65-7.65 |
| HDFC | 7.00-8.45 | 7.00-8.60 | 7.00-8.70 |
| Axis Bank | 7.00-11.90 | 7.00-11.90 | 7.00-11.90 |
| ICICI Bank | 7.10-7.95 | 7.10-7.95 | 7.10-7.95 |
| Kotak Mahindra Bank | 7.00 onwards | 7.00 onwards | 7.00 onwards |
| PNB Housing Finance | 6.75-12.00 | 6.75-12.00 | 6.90-9.75 |
| Punjab National Bank | 6.95-8.35 | 6.90-8.05 | 6.90-8.00 |
| Bank of Baroda | 6.90-8.40 | 6.90-8.40 | 6.90-8.65 |
| Union Bank of India | 6.90-8.65 | 6.90-8.85 | 6.90-8.85 |
| IDFC First Bank | 7.10 onwards | 7.10 onwards | 7.10 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj Housing Finance | 6.65 onwards | 6.65 onwards | 6.65 onwards |
| Godrej Housing Finance | 6.94-9.99 | 6.94-9.99 | 6.94-9.99 |
| Tata Capital | 7.15 onwards | 7.15 onwards | 7.15 onwards |
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LIC Home Loan Processing Fees & Charges
| Nature of Fees or Charge | Applicable Charges (exclusive of GST) |
| Processing fee | 0.35% of loan amount subject to maximum of Rs 50,000/- + GST |
| 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 |
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.
Types of LIC HFL Home Loan
Home Loan for Resident Indians
Purpose: For purchase of under construction or ready to move in homes or construction of own 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 |
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
Home Loan for NRIs
Purpose: Home loan scheme for NRIs 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 |
Plot Loan
Purpose: 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
Home Construction Loan
Purpose: For construction of home
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 |
Home Extension Loan
Purpose: For extension of existing home
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 |
Home Improvement Loan
Purpose: For improvement of existing home
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 |
Top-up Home Loan
Purpose: Additional loan on the existing home loan for new as well as existing 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/NBFCs to LIC Housing Finance at lower interest rates. 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 |
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 |
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Eligibility Criteria for LIC Home Loan
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.
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
LIC Home Loan EMI Calcualtor
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQ
1. Are there any restrictions on prepaying LIC Housing Home Loan?
Ans. No, there are no restrictions on prepayment of LIC Housing 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 specified any cut-off credit score for home loan applicants. However, the HFC has set lower home loan interest rates for home loan applicants having higher credit scores. For example, LIC Housing Finance has set lowest interest rates for home loans applicants having credit scores of 700 and above.
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.
