LIC Housing Finance Loan for Resident Indians

LIC HFL offers long-term home loan finance to its customers to help fulfill their varied housing needs, Monitored by the National Housing Bank (NHB).

Home Loans from LIC Housing Finance Limited are offered to customers at very attractive interest rates.
They come with great features including minimal documentation, quick processing times and quick approvals and disbursals.

The entire process of obtaining a loan from LIC Housing Finance is simple and easy to understand and track. Customers also have the added advantage of clarity through a transparent cost structure.

These loans are designed around the needs and financial position of borrowers. Customers can avail of funding for varying tenures customized to suit their requirements based on their individual servicing capacities. Funds obtained through these schemes can be used to fund a variety of purposes like purchases, construction, renovation etc.

LIC Home Loan Interest Rates

LIC Home Loan Details

Loan Tenure	30 Years
Guarantor Requirement	No guarantor required
Processing Fees	Nil
Pre Closure Charges	Nil
Partial PrePayment Charges	Nil

Benefits of Home Loans By LIC Housing Finance Ltd

Owning a house is a dream for every individual. However, LIC Housing Finance has introduced a variety of home loans which are accompanied by multiple benefits to the user.

These home loans are designed to cater to the home financing needs of resident Indians, NRIs and pensioners.
These loans come with easy terms like comfortable repayment periods, low-interest rates, easy repayment options, minimal documentation, quick loan processing and more.

Eligibility Criteria for LIC Housing Finance

LIC Housing Loan for Resident Indians	Open to all individuals who are residents of India
LIC Housing Loan for NRIs	Only available to salaried individuals who hold an NRI (non-resident Indian) or PIO (person of Indian origin) status.
LIC Housing Loan for Pensioners (before retirement)	Available to those individuals who are 50 years or above in age and hold a pension scheme post-retirement.
LIC Housing Loan for Pensioners (after retirement)	Available to those individuals who are pensioners drawing a pension which forms a stable source of income.

Documentation Required for LIC Housing Loan

LIC offers a variety of housing loans to help you finance the cost of a new house, whether it for purchasing, construction or for making an extension to an existing housing unit. The documentation requirements are different for salaried applicants and self-employed applicants. For further details on the required documentation, please contact your nearest LIC branch.

Basic Documents

Duly filled and signed the application form.
Passport sized photographs.
Cheque with processing fee amount.
Bank statements for the last 6 months.

Salaried Applicants

In addition to the aforementioned documents, salaried applicants wishing to apply for this home loan must provide:

Salary slips for the last 3 months
Form 16 or Income Tax Returns

Self-Employed Applicants

Certificates of educational qualifications.
Proof of the existence of said 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.

LIC Home Loan Fees and Charges:

Housing loan / Renovation / Improvement / Refinance / Extension / Plot Purchase by self-employed customers / Plot Purchase by salaried customers / NRI loans (loan amount of upto Rs.50 lakh) – Rs.10,000 plus tax.
Housing loan / Renovation / Improvement / Refinance / Extension / Plot Purchase by self-employed customers / Plot Purchase by salaried customers / NRI loans (loan amount of between Rs.50 lakh and Rs.3 crore) – Rs.15,000 plus tax.
Mortgage loans – Processing fee of Rs.25,000 or 1% of the loan amount plus tax, whichever is lower.
Cheque bouncing charges – Rs.350.
Statutory charges (loan amount up to Rs.5 lakh) – Rs.250 plus tax.
Statutory charges (loan amount above Rs.5 lakh) – Rs.500 plus tax.
Charges for document retrieval – Rs.2,500 plus tax.

Types of Home Loans Offered By LIC HFL

To cater to the needs of a diverse customer base, LIC offers a variety of home loans to its customers which can be availed for different purposes. These home loans are available for

Resident Indians
Non-resident Indians (NRIs) and
Pensioners (pre-retirement and postretirement)

Given below are some of the features and benefits of each home loan plan offered by LIC HFL to help you realize your dream of owning a house.

LIC Housing Finance Loan for Resident Indians

LIC offers home loans to resident Indians for the purposes of purchasing a new house /residential unit, for the construction of a new house or residential unit or for making an extension to an existing house or residential unit.

LIC Housing Finance for New House/Apartment Purchase:

You can avail this home loan for the purchase of a new house/apartment r residential unit.

You can avail this loan for a minimum amount of Rs 1,00,000.
The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
You can repay the loan via equal monthly installments which will be set on a monthly rest basis.
The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

LIC Housing Finance for Construction:

This home loan can be availed for the construction of a new housing/residential unit.

The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC HFL provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
You can avail this loan for a minimum amount of Rs 1,00,000.
You can repay the loan via equal monthly installments which will be set on a monthly rest basis.

LIC Housing Finance for Extension:

You can avail this loan in order to build an extension to your existing house. For example, an additional room to an existing house.

The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
You can avail this loan for a minimum amount of Rs 1,00,000.
The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
You can repay the loan via equal monthly installments which will be set on a monthly rest basis.

LIC Housing Loan for Non-Resident Indians (NRIs)

Just like it caters to its resident Indian customers, LIC Housing Finance understands the importance for a non-resident Indian to have their own house, in their motherland. For this purpose, LIC provides NRI customers with home loans which can be availed for the purchase of a new house, for the construction of a new house or to make an extension to an existing house. Given below are some features and benefits of these housing loans in brief.

Home Loan for Purchase:

You can avail this home loan for the purchase of a new house/apartment r residential unit.

Applicants can avail this loan for a minimum amount of Rs 1,00,000.
The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC Housing Finance provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.

Home Loan for Construction:

Applicants can avail this loan in order to finance the cost of construction of a new house or residential unit.

The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).
Applicants can avail this loan for a minimum amount of Rs 1,00,000.
Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.

Home Loan for Extension:

NRIs who already have an existing house in India and wish to make any extensions to their existing house can avail this home loan to finance the cost of the extension.

NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
Applicants can avail this loan for a minimum amount of Rs 1,00,000.
Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

LIC Home Loans for Pensioners

While it is relatively easy for a young working individual to obtain a home loan, the same might not be as easy for someone who might be approaching their retirement age or has already retired. LIC Housing makes that easy as they provide home loans for individuals who are approaching or have crossed their retirement age. These home loans come with easy terms and provide multiple benefits like ease of repayment, low-interest rates, comfortable tenure, etc.

Home Loan Before Retirement:

Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
This home loan is available for a term of up to 15 years or till the applicant reaches 70 years of age, whichever occurs earlier.

Home Loan after Retirement:

Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
Borrower must repay this loan before he/she attains 70 years of age.