(LIC HFL) LIC Housing Finance offers Home Loan for all at very low interest rates with Loan amounts ranging from ₹1lack to ₹10Cr. LIC HFL is a better Home Loan alternative because of the following features:
- You Get a Loan if you are an Indian, NRI, Employee, Businessman, or Retired person.
- No guarantor required
- No pre-closure and part-payment fee
- Maximum loan amount and tenure (up to 30 Years)
- Balance transfer Service – Transfer your Home loan from other banks to LICHFL.
LIC Housing Finance Features:
| Loan Amount | Rs.1 lakh – Rs.10 crore |
| Interest rate | 8.50% p.a. onwards |
| Current LHPLR | 17.05% |
| Processing Fees (Onetime Fee) | Up to 0.25% (Max ₹25,000) |
| Max Repayment Tenure | 30 Years |
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How to Apply?
- You can simply visit the Bank and Apply for LIC HFL and ask the employee which Loan Scheme is good for you. (As per my knowledge IDBI Bank may provide this LIC HFL Loan Scheme)
- OR You can Apply Online by clicking on the button above and then Following the given steps and uploading your documents.
LIC HFL Customer Helpline:
If you face any issue or need guidance you can simply contact the LIC Housing Finance Customer Care all details are given below in the table.
| Contact Number | +91-2222178600 |
| Email ID | [email protected] |
| LIC HFL Corporate Office | Maker Tower F 13th Floor Cuffe Parade Mumbai – 400005 Maharashtra Fax: 912222178777 |
LIC Housing Finance Loan Schemes:
There are 9 different Home Loan Schemes available under LIC HFL for both Salaried and Self-Employed persons. You can choose the one suitable for you just by reading the given points in each scheme. All LIC Housing Finance Schemes are
- You can take a Loan For the purchase of ready-to-move homes or under-construction ones.
- Can avail of loan up to Rs.3 crore
- The maximum loan term can be extended by 10 years post-retirement
| SR | Scheme Name | About Scheme |
|---|---|---|
| 1 | LIC HFL Griha Varishtha | You can apply for this scheme once you have received OC (occupancy certificate) for a Flat or House also, you can avail of a waiver of 6 EMIs Your Son/Daughter can be your Co-Applicant here |
| 2 | LIC HFL Pradhan Mantri Awas Yojana | The main use of this Scheme is to get a subsidy of up to Rs.2.67 lakh You can get this loan for the purchase or construction of the first pucca/Pakka house |
| 3 | LIC HFL Griha Suvidha | This Scheme Loan is eligible for subsidy under PMAY – CLSS No Age/income type matters here You can take this loan to own a house for you |
| 4 | LIC HFL Home Loan for NRIs | You can use this Scheme for Purchasing/Owning a house in India No pre-payment penalty Balance Transfer Scheme is Also Available for you |
| 5 | LICHFL Plot Loans | Use this Loan for up to 75% Value of Residential Plot Purchases for Construction. You can Repay in the next 15 Years. |
| 6 | LICHFL Home Construction Loan | Up to ₹75 lacks can be availed in this Loan for your Home Construction. |
| 7 | LICHFL Home Extension Loan | You can Take this Loan for the expansion of your Existing House and Repay in the next 30 Years. |
| 8 | LICHFL Top Up on Home Loan | Available for Both New and Existing LIC HFL Customers. Get a Home Loan top-up with interest rate and extend your existing Home Loan tenure. |
| 9 | LICHFL Advantage Plus | Transfer your Existing Home Loan to LIC HFL and get a waiver of 2 EMIs No Pre-Payment Penalty You can Avail of All the above Schemes after becoming an LIC HFL Customer. |
Benefits of No Pre-Payment Penalty – You can Avail these Benefits:
The Pre-Payment of the Loan amount is called when you pay the remaining Loan Principle amount in Lum Sum not every bank accepts your Pre-Payment without any interest or Penalty but LIC HFL does.
- Reducing the interest payable
- Reducing the EMI amount
- Minimizing the repayment tenure
- Becoming debt-free sooner
- Reducing debt burden
LIC HFL Home Loan Eligibility Criteria:
Now you know the LIC Housing Finance Schemes total 9 schemes are shared above and you can avail them only if you are eligible for the following criteria. So check the criteria in detail given in the table below and then apply for the LIC HFL Home Loan.
| Maximum Age Limit | Salaried: 50 Years Self-employed: 75 Years |
| Minimum Credit Score | 600 Points |
| Per Month Income | ₹30,000/- |
| Nationality | Indian or NRI (both) |
| Minimum Work Experience | 2 Years |
| Income Tax Return | Last 3 ITR Filled |
Why ITR Filled is Checked? When You File any ITR even though you don’t pay the Tax you have to show your Income and Expenses in that form and the Bank sees how responsible you are for your Income and Expenses you do the whole Year.
My Point of View
LIC HFL Home Loan Interest Rate as of 2023:
The LIC Housing Finance Provides a floating Interest rate between 8.40% – 8.50% but there is a decimal point difference for salaried and Self-Employed Loan customers. You can see the different Loan Interest Rates in the table below.
| Schemes | Interest Rate for salaried | Interest Rate for Self-employed |
|---|---|---|
| LIC HFL Home Loan Top-Up | 8.50% p.a. onwards | 8.55% p.a. onwards |
| LIC HFL Griha Suvidha | 8.85% p.a. onwards | 8.85% p.a. onwards |
| LIC HFL Home Loan for NRI | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Construction Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Extension Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Loan Top-Up | 9.70% p.a. – 11.55% p.a. | NA |
| LIC HFL Advantage Plus | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Loan for Pensioners | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Plot Loan | 8.70% p.a. onwards | 8.80% p.a. onwards |
| LIC HFL Home Renovation Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
LIC Housing Finance Fees and Charges over Your Loan Amount:
Here are some extra charges including the Loan Processing Fees without GST and Service Charges mentioned below in the table format. When you get the Loan amount you will be charged according to the table below for various terms like processing fees and others.
| Processing Fee | Up to 0.25%(Max ₹25,000) |
| Statutory Charges | Rs.250 – Rs.1,000 |
| Rewriting Charges | Rs.2,500 |
| Cheque Bounce Charges | Rs.350 |
| ECS Dishonour Charges | Rs.200 |
| Document Retrieval Charges | Rs.2,500 |
| Providing a List of Documents | Rs.500 |
| Photocopies of Title Documents | Rs.1,000 |
| Late EMI Payment Charges | 1.5% – 2% p.m. |
Important Documents Required at the time of Loan Application:
| Document Category | Document Required |
|---|---|
| Address and Identity Proof | PAN Card Aadhaar Card Passport Driving License |
| Property Documents | Up-to-date tax paid receipt Allotment letter of builder or society in case of flats Ownership proof of property |
The Good Part is:- No Guarantor or Guarantor Document is Asked from you!!
Feature of LIC HFL
