LIC Housing Finance Home Loan

LIC housing finance home loan

Home loan is also known as mortgage, it is an amount of money borrowed by an individual or who needs to make their house. Money is borrowed by the financial institutions such as banks and companies that lend money.

Home loan is charged interest which is when borrowers pay interest rates through EMIs or in instalments and follow the terms, and conditions of home loan. LIC means life insurance corporation Housing Finance Limited.

(LICHFL) is a financial institution and big company in India having its registered office in Mumbai, which offers multiple home loan options to salaried, self-employed and pensioners. LICHFL was founded on 19 June 1989 and the founder is life insurance company (LIC). They provide the money to those who had dreamed of their house but unable their dream into reality. 

LIC housing finance limited is one of the best home rates in INDIA. It gives tenure up to 30 years and the lowest EMI offered by LIC housing finance limited. 

Features of LIC housing finance home loan

 Main feature of this housing finance is to provide home loans to borrowers who need money to buy or renovate their home. LICHFL is a benefit especially for women which charge the lowest interest rates at home loan borrowers. LIC housing finance provides multiple home loans to needy customers. Borrowers can be available home loan tax benefits.

 Benefits of LIC housing finance home loan

 LIC housing finance provides a quick disbursement loan facility. It provides a top up loan facility for all existing homes. It is a benefit for the individuals who really need home or free from the rental payments or live freely. The company benefits all levels of housing. Lowest interest rates are offered by the LIC housing finance limited. . Interest charge rates start from 6.90% p.a.

Purpose of LIC housing finance home loan

The main purpose of this company is to give loans to residents or non-residents of India and pensioners. The main objective of the scheme is purchase, construction, extension of house/flat. LIC housing finance provides long-term finance.

Eligibility for LIC housing limited fund

  1. Borrower should be Indian citizen or resident of India or a non-resident of India and also for pensioners.
  2. Loan is given only to them who are salaried employees or self dependent.
  3. Age of the applicant must be above 21 years to 65 years.
  4. For pensioners, they are having a stable income throughout their life from pension may apply under this LIC housing scheme.
  5. For Salaried employees, LIC housing finance companies required salary slips for the last 6 months.
  6. For self-employed, LIC requires Three years’ income tax returns/assessment orders along with the computation of income and statements of accounts certified by C.A.. 
  7. Applicant gross monthly income should be 1, 00.000 per year.
  8. As per these requirements, the applicant fills the form correctly. 

Charges of LIC housing finance home loan

  • Loan amount up to 50 lakh, LIC housing finance charge interest 6.90%.
  •  LIC housing finance charges 7% if the loan amount is Rs 50 lakh to 1 crore. 
  •  LIC housing finance charges 7.10 % if the loan amount is Rs 1 crore to 3 crores. 
  • LIC housing finance charges 7.20% if the loan amount is above 3 crores. 

These charges are assured by LIC housing finance limited in the case of terms and conditions. Repayment of loan for repayment of loan, following conditions should be taken:

  • Loan tenure of home loan is up to 4 years to 30 years. Lowest EMI per lakh at home from LIC housing finance is rs 659 per lakh offered at the lowest ratest of interest rate of 6.90%. 
  • LIC housing finance allows prepayment of home without charges on floating rate loans. Documents required for LIC housing finance limited. 
  • Two passports size photos. ITR of the last 2 year. 
  •  Identity proof- passport, PAN card, Voter ID card, driving license. 
  •  Residential proof- passport, utility bills (up to 3 months), lease and license. 
  •  Income documents — bank statements (last 6 months), salary 6 months slips, EMI debits any. For registration of LIC housing finance go on the official website of LIC housing finance and apply online form under the terms, and conditions.
x