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The applicant for home loan in LIC HFL needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan. The LIC HFL home loan interest rate starts at 8.50% to 8.70%, but varies as per individual profile. Keep a check on this page to note the updated LIC HFL home loan interest rates for the current year. There are different types of loan schemes that an individual can choose according to their choice and requirement. These differ in case someone wants loan for house construction/purchase or renovation. Went public in 1994,LIC Housing Finance is India’s largest and most trusted housing finance company, which has been offering finance services to individuals who want to buy or renovate their homes.
Individuals can also alter the values of tenure and loan amount component to find out the best loan option for them. Yes, the company has offices in Dubai and Kuwait to provide its home loan services to the Non-Resident Indians. There’s no hidden cost and there is the facility of insurance-linked security. CIBIL SCORE required to be eligible to apply for LIC HFL Home Loan is 650 plus. Same rate of interest as home loan up to 100% of your current home loan outstanding. You must have an active salary account and the salary should be credited in the account.
Home Loan Interest Rates
To be eligible to apply for a home loan with LIC Home Finance Limited, loan applicant/s must have all the required KYC documents including Aadhaar Card, PAN Card, and residence address proof . It is mandatory for all the category of customers and for all the loan amounts. Financial statements or documents may vary from case to case basis or on the basis of category of customer (salaried/self-employed).
LIC HFL is popularly known for its Housing loan options for the Indian customers, pensioners, non-resident Indians and many more. It offers loans at competitive interest rates ranging from 8.5% to 8.7%. To avail these loans, one doesn’t require a guarantor except in the case of pensioners (post-retirement and pre-retirement). LIC Home Loan for Salaried NRIs- LIC offers Home loan to salaried NRI customers working in various European countries, North American countries, USA, Australia and other Asian countries.
Insurance
Yes, you can get a top up loan in addition to your existing home loan. However, in order to be eligible for the same, you will be required to make regular repayments for your existing loan. Let us consider that Chandra has no loans or liabilities at present and his net available income is Rs.1,03,400.
Being one of the largest Housing Finance Company in India, LIC Housing Finance Ltd for various home-related loans, which are easy to avail and pay back. Apart from its 150 offices in the country as well as offices in foreign locations, the company assists people who need loan for their house through its online services too. At the official website of the LIC Housing Finance Ltd, an individual can check interest rate, payment term on the amount they require for their housing purpose through the EMI calculator. The Central Government, through the Ministry of Housing and Urban Poverty Alleviation, has launched the Pradhan Mantri Awas Yojana scheme under which beneficiaries can avail subsidies on their respective home loans. As per the terms and conditions of the PMAY scheme, applicants will be categorised under 4 broad categories – EWS, LIG, MIG 1, and MIG 2. PMAY eligibility criteria for these groups are decided on the basis of the annual family income.
Eligibility Criteria for Bank of India Home Loan
The loans offered to Indian residents are to purchase new residential houses, construction of new residential properties or extension to a prevailing residential house or property. Following are the features of the LIC Home loans for Indian Residents. Salaried Individual -Documents required for the loan include application form with photograph, identity proof, residence proof, salary slip of minimum three months and processing fee cheque. Housing loan aspirants must, therefore, learn how to use the LIC home loan calculator to make an informed decision.
So, if you are living abroad and contemplating to purchase a property in India, you could consider this scheme. Also, it’s not necessary that you have to use the amount for purchasing a property. This loan can also be used to renovate or add space to your existing home in India. You can pay your LIC home loan EMI by logging in with your user id and password on the official customer portal. You can pay your EMI online by NEFT, Net banking facility, paytm, etc. Loan principal –If borrowers prefer to opt for a higher loan amount, it results in a proportionate increase in the instalment amount too, and vice versa.
DHFL Diwali Dhamaka Offer on Home loans
They must also remember that a fractional difference in a home loan amount or interest rate can increase the total outstanding significantly as it is a high-value advance that comes with an extended tenor. So, borrowers must be careful about all the terms before applying for it. As a convenient option, one can consider using the LIC home loan EMI calculator that computes the payout options within seconds. Individuals need to provide their desired advance amount, applicable interest rate, and repayment term to the calculator, which displays the resultant EMI accordingly. If you buy a second house on a home loan, then the tax benefits applicable are on the interest payment only.
These loans attract a minimum rate of interest and offer flexible tenures to the candidates. Anyone who is 50 years or more and holds the pension scheme after retirement can avail this loan showing their stable pension as a source of income. The applicant will have to submit a letter of undertaking stating that the entire credit of at least 30% of it will be paid through the retirement benefits and the rest from the pension income. Who is eligible to apply for the loan at LIC Housing Finance Ltd.? Servicemen as well as businessmen between 18 years and 60 years are able to apply for housing finance loan at LIC Housing Finance Home Loan.
Processing fee for an applicant employed as a government serviceman is Rs. 1000, while women need to pay Rs. 2500 as processing fees and others to pay Rs.5000 for the same. Yes, you can avail housing loans for under construction properties. However, it should be kept in mind that the amount will be disbursed in instalments as per the assessment of the lender. Many banks make it mandatory for co-owners to be co-applicants for home loans.
The processing fees of most of the lenders vary from Rs. 5000 to 1% of the loan amount whereas LIC offers a processing fees in the range of Rs. 10, 000/- to Rs. 15, 000/- only. These documents are required to verify a home loan applicant’s repayment track on loans and cards. Self- attested financial statements are required to validate business income to compute the loan eligibility amount of a housing loan borrower. You can calculate your lic home loan eligibility on the basis of your monthly income and expenses. Is it mandatory to have a co-applicant while applying for a home loan?
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