LIC Housing Finance Ltd. provide ready-finance availability to its customers who wish to buy or purchase a house of their own. Customers may use it to fund any renovations and repairs that may be required for their flats or houses.
LIC Home loans are extended to provide financial assistance to its customers against existing properties for business purposes or even personal needs. LIC Housing Finance is committed to providing loans to professionals, who are looking to construct or purchase clinics, or nursing homes or office spaces or diagnostic centers, or for them to purchase any equipment that they require for their work or business.
LIC Home Loan Interest Rate & other details:
- LIC Home loan are offered in the range of 9.15%-9.60%. Individual applicant’s profile plays a predominant role in determining the LIC home loan interest rates.
- The minimum amount of investment for LIC Home Loan is ₹ 1 lakh.
- The LIC Housing Finance Ltd charges processing fee up to 0.50% per transaction. Also, it does not charge any pre-closure fees or part payment charges.
- The maximum loan availability of home loan tenure is fixed at 30 years for salaried applicants and 20 years for self-employed applicants.
Loan to Property cost applicable on this loan is charged differently for different amounts of loan as:
- 85% of total cost of property for loans up to ₹ 20 lakhs(including Stamp Duty and Registration Charges)
- 80% of total cost of property for loans above ₹ 20 lakhs(including Stamp Duty and Registration Charges)
- 75% of total cost of property for loans up to ₹ 75 lakhs and above(including Stamp Duty and Registration Charges)
Features and Benefits of LIC Home Loan:
- Timely assistance by skilled professionals in guiding you throughout the process with door-step service facility.
- Competitive Interest Rates
- PAN India presence and overseas offices at Dubai & Kuwait
- Loan approval as per your financials for helping you in selecting the property based on your Budget
- No hidden cost
LIC Home Loan Eligibility Criteria:
- An individual residing in India, non-resident Indian and pensioners are eligible for availing LIC Home Loan.
- Individuals either being salaried employees, self-employed professionals and businessmen are also entitled to avail LIC Home Loan.
- Pensioners in the age group of 70 years are classified as before retirement individuals and pensioners in the age group of 70 years or above are classified as post-retirement individuals, both are entitled to avail LIC Home loans.
Documents Required for LIC Home Loans:
Loan applicants have to produce the following documents in order to apply for the LIC home loans.
- Duly filled and signed the application form.
- Passport sized photographs.
- Bank statements for the last 6 months.
- Cheque with processing fee amount.
In addition to the aforestated documents, salaried applicants must provide the following documents:
- Salary slips for the last 3 months
- Form 16 or Income Tax Returns
Apart from providing general documents, self-employed applicants need to submit the documents as under:
- Certificates of educational qualifications.
- Proof of existing business
- Income Tax Returns for last 3 years along with computation of Income.
- Balance Sheet and Profit & Loss Account for the last 3 years, certified/audited by a chartered accountant.