(LIC HFL) – LIC Housing Finance – Home Loan & Interest Rates

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(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 AmountRs.1 lakh – Rs.10 crore
Interest rate8.50% p.a. onwards
Current LHPLR17.05%
Processing Fees (Onetime Fee)Up to 0.25% (Max ₹25,000)
Max Repayment Tenure30 Years
Apply OnlineClick Here

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 OfficeMaker Tower F 13th Floor Cuffe Parade Mumbai – 400005 Maharashtra Fax: 912222178777
LIC HFL - LIC Housing Finance Loan and Interest Rates

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
SRScheme NameAbout Scheme
1LIC HFL Griha VarishthaYou 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
2LIC HFL Pradhan Mantri Awas YojanaThe 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
3LIC HFL Griha SuvidhaThis 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
4LIC HFL Home Loan for NRIsYou can use this Scheme for Purchasing/Owning a house in India
No pre-payment penalty
Balance Transfer Scheme is Also Available for you
5LICHFL Plot LoansUse this Loan for up to 75% Value of Residential Plot Purchases for Construction.
You can Repay in the next 15 Years.
6LICHFL Home Construction LoanUp to ₹75 lacks can be availed in this Loan for your Home Construction.
7LICHFL Home Extension LoanYou can Take this Loan for the expansion of your Existing House and Repay in the next 30 Years.
8LICHFL Top Up on Home LoanAvailable for Both New and Existing LIC HFL Customers.
Get a Home Loan top-up with interest rate and extend your existing Home Loan tenure.
9LICHFL Advantage PlusTransfer 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.

  1. Reducing the interest payable
  2. Reducing the EMI amount
  3. Minimizing the repayment tenure
  4. Becoming debt-free sooner
  5. 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 LimitSalaried: 50 Years
Self-employed: 75 Years
Minimum Credit Score600 Points
Per Month Income₹30,000/-
NationalityIndian or NRI (both)
Minimum Work Experience2 Years
Income Tax ReturnLast 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.

SchemesInterest Rate for salariedInterest Rate for Self-employed
LIC HFL Home Loan Top-Up8.50% p.a. onwards8.55% p.a. onwards
LIC HFL Griha Suvidha8.85% p.a. onwards8.85% p.a. onwards
LIC HFL Home Loan for NRI8.50% p.a. onwards8.60% p.a. onwards
LIC HFL Home Construction Loan8.50% p.a. onwards8.60% p.a. onwards
LIC HFL Home Extension Loan8.50% p.a. onwards8.60% p.a. onwards
LIC HFL Home Loan Top-Up9.70% p.a. – 11.55% p.a.NA
LIC HFL Advantage Plus8.50% p.a. onwards8.60% p.a. onwards
LIC HFL Home Loan for Pensioners8.50% p.a. onwards8.60% p.a. onwards
LIC HFL Plot Loan8.70% p.a. onwards8.80% p.a. onwards
LIC HFL Home Renovation Loan8.50% p.a. onwards8.60% p.a. onwards

LIC Housing Finance Fees & 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 FeeUp to 0.25%(Max ₹25,000)
Statutory ChargesRs.250 – Rs.1,000
Rewriting ChargesRs.2,500
Cheque Bounce ChargesRs.350
ECS Dishonour ChargesRs.200
Document Retrieval ChargesRs.2,500
Providing a List of DocumentsRs.500
Photocopies of Title DocumentsRs.1,000
Late EMI Payment Charges1.5% – 2% p.m.

Important Documents Required at the time of Loan Application:

Document CategoryDocument Required
Address and Identity ProofPAN Card
Aadhaar Card
Passport
Driving License
Property DocumentsUp-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

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