LIC Housing Finance Schemes for Resident Indians
LIC Housing Finance Ltd. provides loans to Indian residents for the purchase of a property, construction of a property or for the renovation or extension of an existing property. The various different schemes for the different purposes have been discussed below:
LIC Housing Finance for Purchase of Property
LIC Housing Finance Ltd. provides individuals with a minimum loan amount of Rs.1 lakh for the purchase of the property. The loan to property cost for Purchase of Property has been discussed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- The maximum loan tenure for a salaried individual is 30 years.
- The maximum loan tenure for a self-employed individual is 20 years.
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Home Loan Interest Rates for Purchase of Property
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
| *For Government Employees. Up to Rs.5 crore | 9.15% per annum | 9.15% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For government employees, the application processing fee is Rs.1,000.
- For women, the application processing fee is Rs.2,500.
- For all others, the application processing fee is Rs.5,000.
LIC Housing Finance for Construction
LIC Housing Finance Ltd. provides individuals Housing Loans for the construction of residential units, with a minimum loan amount of Rs.1 lakh. The loan to property cost for Construction has been listed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- The maximum loan tenure for a salaried individual is 30 years.
- The maximum loan tenure for a self-employed individual is 20 years.
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans for construction of residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Housing Loan Interest Rates for Construction
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
| *For Government Employees. Up to Rs.5 crore | 9.15% per annum | 9.15% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For government employees the applicable processing fee is Rs.1,000.
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000.
LIC Housing Finance for Renovation or Expansion
LIC Housing Finance Ltd. gives individuals who would like to renovate or expand an already constructed residential unit Housing Loans. The minimum loan amount to renovate or expand a constructed property is Rs.1 lakh. The loan to property cost for renovation or expansion of constructed property has been listed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- The maximum loan tenure for a salaried individual is 30 years.
- The maximum loan tenure for a self-employed individual is 20 years.
Repayment Mode
The repayment mode for LIC Home Loans for construction of residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Home Loan Interest Rates for Renovation or Expansion
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
| *For Government Employees. Up to Rs.5 crore | 9.15% per annum | 9.15% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For government employees the applicable processing fee is Rs.1,000.
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000.
LIC Home Loan Schemes for Non-Resident Indians
LIC Housing Finance Ltd. provides salaried non-resident Indians and persons of Indian origin with Housing Finance to construct, purchase, renovate or expand existing constructed properties. These loans are provided at reasonable interest rates and minimal processing fees. The various purposes for which the loans can be avail have been discussed in detail below:
LIC Home Loan to Non-Resident Indians for Purchase of Property
LIC Housing Finance Ltd. provides Housing Finance to non-resident Indians (NRIs) for the purchase of property in India. The minimum loan amount that an individual can avail for the purchase of property is Rs.1 lakh. The Loan to Property Cost for different loan amounts have been listed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- A maximum tenure of 20 years will be given to non-resident Indians with professional qualifications.
- A maximum tenure of 15 years will be given to all other non-resident Indians.
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans for non-resident Indians constructing residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Home Loan Interest Rates for Non-Resident Indians
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000.
LIC Home Loan for Non-Resident Indians for Construction of Property
LIC Housing Finance Ltd. provides non-resident Indians and persons of Indian origin with Housing Finance for the construction of residential units in India. The minimum loan amount that can be availed for this purpose is Rs.1 lakh. The Loan to Property Cost for various loan amounts have been discussed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- A maximum tenure of 20 years will be given to non-resident Indians with professional qualifications.
- A maximum tenure of 15 years will be given to all other non-resident Indians.
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans for non-resident Indians constructing residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Housing Loan Interest Rates for Non-Resident Indians
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000
LIC Home Loan for Non-Resident Indians for Renovation or Expansion of Constructed Residential Unit
LIC Housing Finance Ltd. provides non-resident Indians with Housing Finance for the renovation or expansion of constructed property at nominal interest rates. The minimum loan amount an individual can avail for this purpose is Rs.1 lakh. The Loan amount to Cost of Property for various loan amounts have been listed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
- A maximum tenure of 20 years will be given to non-resident Indians with professional qualifications.
- A maximum tenure of 15 years will be given to all other non-resident Indians.
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans for non-resident Indians constructing residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
LIC Home Loan Interest Rates for Non-Resident Indians
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000.
LIC Home Loan Scheme for Pensioners
LIC Housing Finance Ltd. provides pensioners with housing finance solutions for the construction, purchase, renovation or expansion of existing property. The minimum loan amount that a pensioner can avail from LIC Housing Finance is Rs.1 lakh with reasonable interest rates and minimal processing fees. The various purposes for which pensioners may avail loans from LIC Housing Finance Ltd. have been discussed in detail below:
LIC Home Loan for Pensioners for Purchase of Property
Pensioners may avail loans from LIC Housing Finance Ltd. for purchasing property in India. The minimum loan amount that can be availed is Rs.1 lakh. The Loan to Property Cost for Purchase of Property for various loan amounts has been discussed below:
- For loans up to Rs.20 lakh, 85% of the total cost of the property will be provided.
- For loans above Rs.20 lakh up to Rs.75 lakh, 80% of the total cost of the property will be provided.
- For loans above Rs.75 lakh, 75% of the total cost of the property will be provided.
Loan Tenure
| Before Retirement | After Retirement |
|---|---|
| The loan tenure for persons applying for a loan before retirement will be up to 15 years or until the applicant attains 70 years of age, whichever is earlier. | The loan tenure for persons applying for a loan after retirement will be until the person attains the age of 70 years. |
Special Terms and Conditions
Before Retirement: An undertaking letter stating that the entire loan amount or at least 30% of the loan amount will be repaid from the retirement benefits will be required. The balance of the loan amount will be repaid from the pension income. The pension of the applicant will determine the amount of principal to be repaid at the time of retirement.
After Retirement: The pension or any portion thereof cannot be computed under this scheme.
An acceptable guarantor will be required to avail these schemes.
Eligibility
Before Retirement: An individual who has attained the age of 50 years and is eligible for a pension after retirement may avail these loans.
After Retirement: Individuals receiving a stable pension after retirement will be eligible to avail these loans.
LIC Home Loan Interest Rates for Pensioners
Floating Interest Rates
| Loan Amount | Women | Others |
|---|---|---|
| Up to Rs.1 crore | 9.15% per annum | 9.20% per annum |
| Between Rs.1 crore and Rs.3 crore | 9.25% per annum | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.35% – 9.55% per annum | 9.40% – 9.60% per annum |
Fixed Interest Rates
| Duration | Loan Amount | Rate Applicable |
|---|---|---|
| Fixed for 2 years | Up to Rs.3 crore | 9.20% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.30% to 9.50% per annum | |
| Fixed for 3 years | Up to Rs.3 crore | 9.30% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 5 years | Up to Rs.3 crore | 9.40% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.50% to 9.70% per annum | |
| Fixed for 10 years | Up to Rs.3 crore | 9.50% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.70% to 9.90% per annum | |
| Fixed for entire term | Up to Rs.3 crore | 9.70% per annum |
| Between Rs.3 crore and Rs.5 crore | 9.90% to 10.10% per annum |
Repayment Mode
The repayment mode for LIC Housing Finance Home Loans for non-resident Indians constructing residential units are on an Equated Monthly Instalment (EMI) basis with a monthly rest period.
Processing Fees
LIC Housing Finance Ltd. has a minimal processing fee for its loans. The processing fees for different sections have been listed below:
- For women the applicable processing fee is Rs.2,500.
- For all others the applicable processing fee is Rs.5,000.
