|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
|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%|
|< 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%|
|< 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%|
|< 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%|
|< 0 NTC||7.80%||7.90%|
LIC HFL Fixed Interest Rate
My Choice –Sure Fixed & Apna Ghar (PMAY-CLSS) – Sure Fixed
|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|
|Griha Suvidha Home Loan|
|Griha Varishtha Home Loan|
|Home Loan for Non-Resident Indians (NRIs)|
|Home Construction Loan|
|Home Extension Loan|
|Home Improvement Loan|
|Top Up on Home Loan|
|Home Loan Balance Transfer|
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|
|For Salaried Employees having No Pension|
|For Self Employed Individuals wanting extended loan term|
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
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:
(in case property is identified)
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.
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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.
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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.
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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.
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 email@example.com
- For Customer Grievance – firstname.lastname@example.org
- Postal Address of LIC HFL Corporate Office:
LIC HOUSING FINANCE LIMITED
Maker Tower-F, 13th Floor,
Customers can also write their service request, enquiry or complaint on LIC HFL official website.