LIC Housing Loan Against Property

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :28/01/2020

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Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

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K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :28/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 28/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :28/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 28/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :28/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :28/01/2020

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Updated: 22-02-2019 07:03:19 AM

LIC Housing Finance Limited is among the largest housing finance companies in India which started on 19th of June 1989 under the Companies Act. The basic mission of LIC HFL is to provide extended finance for those customers who are looking to purchase or build a house or a flat, or to provide finance for those who are looking to renovate an already existing property. LIC HFL extends loan against property to those individuals who either own any residential or commercial property. It is one of the most secure loans which allows longer loan tenure at lower interest rate than a personal loan.

LIC HFL has one of the largest marketing networks in India headquartered in Mumbai. It has seven regional offices, along with 16 back office establishments as well as 209 marketing units spread across the country. Furthermore, over years LIC HFL has appointed more than 10000+affiliates and intermediaries. Their representative offices are in Dubai and Kuwait that provides service to NRI’s in Kuwait, Bahrain, Qatar, Saudi Arabia and Dubai.

Types of LIC Housing Finance Loan against Property

The LIC Housing Finance Ltd offers four types of loan against property –

  • Loan against property for individuals
  • Loan under rental securitization
  • Loan against property for companies
  • Loans to professionals

The LIC HFL property loans are provided as per the needs and requirements of the loan applicants. We will take a closer look at the features of the loan for each category.

Why should one take a loan against property?

  • Cost-effective
  • Lower interest rates
  • Quick approvals
  • Faster loan processing
  • Partial pre-closure without any penalties
  • Top-up loan available

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Features of the LIC Housing Finance Ltd Loan Against Property
Features of the LIC Housing Finance Ltd Loan Against Property

For individuals

  • Minimum amount that may be availed through this loan is Rs. 2 lakh
  • Maximum loan term is 15 years
  • The loan applicant has to provide the following security to avail the LIC Housing Finance Ltd:
    • Equitable or registered mortgage of residential property
    • Demand Promissory note
  • Processing fees is 1% of the total loan amount plus service tax.
  • No prepayment penalties charged by LIC Housing Finance Ltd
  • The collateral property cannot be older than 35 years.
  • Interest rates are as per prevailing industry standards
  • LIC Housing Finance Ltd will take into consideration the loan applicants’ income, past credit history and repayment capacity while sanctioning the loan.
  • Basic KYC documents required to apply for LICHFL loan against property:
  • Valid proof of identity
  • Valid proof of address
  • Form 16
  • Previous two years Income Tax Returns

Rental Securitization

  • Provide financial assistance
  • The company that wishes to avail this LICHFL LAP may be listed or unlisted
  • The loan amount can be used to meet any short term or long-term business requirements
  • Maximum of loan term 10 years
  • Processing fees that are 1% of the total loan amount plus service tax.
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years.
  • The interest rates that are charged by LIC Housing Finance Ltd are attractive as per prevailing industry standards.
  • No prepayment penalties charged by LIC Housing Finance Ltd.

For companies

  • Repay any existing loan
  • Finance the purchase of the company’s fixed assets, etc
  • The company that wishes to avail this loan may be listed or unlisted
  • to finance a company’s short term or long-term business requirements
  • The term of this loan is for a maximum of 10 years
  • Processing fees that are 1% of the total loan amount plus service tax
  • The loan amount has to be repaid in Equated Monthly Instalments over the loan tenure
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years
  • The interest rates are attractive as per prevailing industry standards
  • No prepayment penalties charged for the loan against property scheme

Reverse Mortgage Loan:

  • Loan against property for senior citizens who can borrow against their existing self owned property and self acquired property
  • The loan from LIC HFL is provided through monthly/quarterly/half yearly and annual disbursement or a lump sum or as a committed line of credit or as combination of the two
  • The maximum tenure of the loan is 15 years. The borrower of the loan can continue to stay in the property as long as the he/she is alive and after his/her, their spouse or husband can stay till death
  • You can even prepay the loan , whenever you feel so during the tenure without any prepayment charges
  • The pre-condition or to be more precise, the only precondition is that borrower should be the owner of a self-acquired and self-occupied property or flat located in India, with clear title indicating the ownership of the property
  • The residential property should be free from any encumbrances and the residual life of the property should be at least 20 years
  • LIC Housing finance Ltd charges a processing fee of 1% of the loan amount for all the loans
  • You can apply loan against property from LIC HFL by contacting the designated officer of the institution or online by visiting the official website of the lending company

For Professionals

LIC Housing Finance Ltd offers this loan to provide financial assistance for the purpose of

  • This loan is also provided to finance the purchase of equipment that the professional needs for his or her practice.
  • This loan against property in LIC HFL is provided by LIC Housing Ltd to resident Indians who have a professional practice. This loan may also be sanctioned to a company or partnership firms of the professional.
  • The term of this loan is for a maximum of 10 years. LIC Housing Finance Ltd offers this loan for a long tenure of ten years, giving its borrowers ample time to repay their loans. The longer tenure means lesser EMIS as the repayment is spread across a longer period of time. The borrower may also choose a shorter loan term if it would be possible for them to repay the loan in the shorter duration and the correspondingly higher EMI amount.
  • The loan applicant has to provide the following security to avail the LIC Housing Finance Ltd – Loan to professionals for their professional practice:
    • Equitable or registered mortgage of the property or premises for which the loan is being raised
    • Demand Promissory note
    • A personal guarantee has to be provided by the directors or partners, as applicable
    • In case this loan is being availed by a company then registration of charges in ROC has to be provided
    • As additional security, applicant may provide the hypothecation of equipment, if financed
  • The loan applicant has to pay processing fees that are 1% of the total loan amount plus service tax.
  • The loan amount has to be repaid in Equated Monthly Instalments over the loan tenure.
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years.
  • The interest rates that are charged by LIC Housing Finance Ltd are attractive as per prevailing industry standards.
  • No prepayment penalties
Eligibility Criteria
Eligibility Criteria
  • Indian residents may apply for this loan from LIC HFL as long as they have a clear and marketable title over the property that they wish to mortgage.
  • Indian residents whose property is free from any kind of encumbrance and have all documents related with the property are eligible for loan against property
Documents for Individuals
Documents for Individuals
  • Identity proof - Aadhar Card / PAN Card / Passport / Voter’s identity card / Driving license / Government Identity Card
  • Residence proof - Telephone bill / Electricity bill / Gas bill / Ration card / Passport / Bank account statement / Voter’s identity card / Driving license
  • Income proof need to be provided as:
  • Salary slip for the last 2 years
  • Form 16
  • Bank account statement for the last 2-3 years
  • Income Tax Returns for the last 3 years
  • Property documents

Document for salaried person:

  • Last 3 months salary slip
  • Income tax return statement or Form 16

Documents for self employed individuals:

  • Education qualification certificate
  • Last 3 year income tax return with computation of income
  • Last 3 years of CA certified, audience balance sheet and profit and loss account
Loan Against Property EMI Calculator
Loan Against Property EMI Calculator

LIC Housing Finance Ltd, offers loan against property up to a maximum of around 40% to 60% of the market value of the mortgage with very competitive loan processing charges and interest rates. It offers up to 15% of loan repayment option for professionals, 10 years repayment option for non-professionals or up to retirement age of 60 years and more such benefits.

LIC Housing Finance Ltd loan against property EMI calculator on the website helps in calculating the EMI on property loan that one is required to pay. For this purpose, one has to put in the required principal amount, tenure (in years) and acceptable interest rate in the calculator. Once everything is inserted in the calculator, it shows the approximate monthly EMI on the property loan from LIC HFL. One can even proceed to one-click loan approval from this section.

Here we illustrate the point through an example: say, a customer applied for property loan from LIC HFL for an of amount Rs. 30,00,000, interest rate given by LIC Housing Finance Ltd is 11.50% and loan tenure is 120 months (10 years). Now you can easily check, how much EMI, interest amount you will pay for your loan against property by putting in the numbers in the calculator. With these numbers, the figure comes to a Monthly Payment (EMI) of Rs. 42,179, and the total interest payable for 10 years is Rs. 2,061,436.

Why should customers avail a Loan Against Property from LIC Housing Finance Ltd?
Why should customers avail a Loan Against Property from LIC Housing Finance Ltd?

LIC Housing Finance Ltd is among the largest finance companies in India, it is a leading player in the loans market in the country. With a vast distribution network and a quality brand presence backed by the Life Insurance Corporation of India, it is a strong choice for customers looking to avail loans. LIC Housing Finance offers a loan against property for its customers that may be availed for personal or business needs.

LIC Housing Finance Ltd provides attractive rates on interest on their loan against property. They have made the procedure to apply for the loan hassle-free and efficient. One way that they have achieved this is by employing smart, capable people and training them to be extremely professional, efficient and customer-centric.

The LIC Housing Finance Ltd personnel provide doorstep service, which means that they will go to the customer to address his or her loan needs and enquiries. To avail of the loan against property, the applicant will have to provide the basic KYC documents, which are government valid proofs of identity and proofs of address, such as a Passport, Photo Ration Card, PAN Card, Voters’ ID card, driving license, etc.

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