LIC Home Loan Apply Online, Eligibility, Interest Rates and Types of Home Loans

Updated: May 25,2020 11:55 IST

Vikram Sharma

LIC Home Loan Apply Online, Eligibility, Interest Rates and Types of Home Loans

LIC Home Loans provide a sense of security to its customers which has resulted in more than 20 lakh families to own home. LIC Home Loan focuses on customer satisfaction with extended services and low interest rates. More details on LIC Home Loans are provided in the content below.

An Overview on LIC Home Loan

Owning a property or a house is a dream for every individual due to many reasons. The constant and steady purchase of properties in the past few decades has resulted in a drastic increase the price of properties. This in turn makes the dream of buying a own property seems impossible. LIC provides different types of home loans for those with the dream of purchasing a new home or wanting to renovate their house with latest interiors and more. LIC Home Loan is provided to all individuals to build or renovate their houses. Loans are also provided for professionals to renovate and expand their office or clinic or even purchase equipments used for their professional and fill in the work space. LIC Housing Finance was started in the year 1989 and in 1994 it went public. LIC has its headquarters and registered office in Mumbai and has seven regional offices along with many other units across the country. A complete overview on LIC home loans are provided in the content below.
Some of the details related to LIC Home Loan are given in the below table.
 

Loan Tenure

Upto 30 years

Loan Amount

Upto Rs.5 crores

Processing Charge

Upto 0.50%

Interest Rates

8.50% onwards

What are the Types of LIC Home Loan?

Those who are looking forward to buy a new property i.e. a house or plot or a land with the aid of LIC home loans can avail any of home loans offered by the bank. 
The broad categories of home loans to meet the specific needs of the customers offered by LIC is listed below. Check the few of the home loans offered by LIC below.
  • Loan for Purchase
    • This loan is availed for buying residential property and loan of 80-85% of the market value of land is sanctioned. 
  • Loan for Plot Purchase
    • Loan given to buy a land or plot purchase upon which the applicant is looking forward to build a house.
  • Loan for Construction
    • Those who own or co-own a plot and looking forward to built a house on that plot can avail Home Loan for Construction.
  • Home Loan for Extension
    • Residents who wishes to extend or renovate their existing house can go in for Home Loan for Extension/renovation.
  • Home Loan for Repairs/Renovation
    • LIC also provides home loans for repair and renovation works too. 

What are the LIC Home Loan Categories?

Buying a Home is the costliest purchase in one's life and it is equally important to choose a Home Loan partner who will look beyond loan transactions. Typically Home loans being 20-30 years tenure, the terms should be easy to understand and process simplified with utmost transparency. It’s that sense of security one feels when taking loan from LIC HFL. There are different categories of home loans offered by LIC based on occupation and nationality. They are
  • Loans for Resident Indians
  • Loans for Non Resident Indians
  • Loans for Pensioners

LIC Home Loan for Resident Indians

LIC Home Loan is completely based on the income level of the applicant. The loan amount is provided upto 75% to 85% of property value. Applying with an earning co-applicant, one can increase the eligibility of availing home loan. No guarantor is required for availing home loans and the home loans are calculated on reducing monthly balance. Loan tenure for professionals who earn a salary is upto 30 years and for self employed professionals the loan tenure is 20 years. When a borrower switches over to LIC home loan, then he/she should pay additional charges. LIC provides home loans for the resident Indians and details of each type of home loan provided are listed below.
 
 

Loan Amount

Loan to Property cost

Loan Term

Repayment Mode

Rate of Interest

Upfront fees

Purchase/Construction/
Extension/Repairs/Renovation

Min.Rs.1,00,000/-

85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs

Maximum term - For Salaried - 30 years, for self employed 20 Years

Equated Monthly Installments (EMI)- Monthly Rest Basis

Contact nearest Office for details on the Prevailing Interest Rates

As applicable from time to time

Plot Purchase

Loan for purchase of residential plotfrom statutory authorities

75% of the property value

Maximum term - 15 Years

Equated Monthly Installments (EMI)- Monthly Rest Basis

Contact nearest Office for details on the Prevailing Interest Rates

As applicable from time to time

LIC Home Loan for Non Resident Indians

LIC home loan scheme provided for Non Resident Indians can be availed only by Salaried persons having NRI/PIO status. LIC Home Loan is provided for salaried as well self-employed people earning a stable income. Eligibility increases if applied with the co-applicant who is also earning a income where it could be spouse or parents. The loan amount is set to 75% to 85% of the value of the property. Interest rates are calculated on the monthly reducing balance. For professionally qualified applicants, the loan repayment tenure is upto 20 years and for others it is 15 years. The details on types of LIC home loan provided for NRIs are listed below.

 
 

Loan Amount

Loan to Property cost

Loan Term

Repayment Mode

Rate of Interest

Upfront fees

Purchase/Construction/
Extension/Repairs/Renovation

Min.Rs.1,00,000/-

85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of  total cost of the property for loans above 75 lacs

For Person with Professional Qualification - 20 Years

 

For Others - 15 Years

Equated Monthly Installments (EMI)- Monthly Rest Basis

Contact nearest Office for details on the Prevailing Interest Rates

As applicable from time to time

Plot Purchase

Min.Rs.1,00,000/-

75% of the property value

For Person with Professional Qualification - 20 Years

 

For Others - 15 Years

Equated Monthly Installments (EMI)- Monthly Rest Basis

Contact nearest Office for details on the Prevailing Interest Rates

As applicable from time to time

LIC Home Loan for Pensioners

LIC Home Loan has specially designed this scheme for pensioners whose income is stable throughout their lives. Applicant should repay the loan amount using their retirement benefits which is the pension amount. Some of the details related to this scheme are listed below.

  • People over 50 years can apply for pensioners also with a condition that they are eligible for a pension amount even after their retirement and throughout their lives.
  • Loan amount should be repaid before he/she attains the age of 70.
  • In this scheme, borrowers should provide a guarantor and the guarantor should provide assurance for the loan to be completely be repaid.
  • The loan amount is decided considering the pension income of the applicant.
  • Loan amount is provided upto 75% to 85% of the value of the property.
  • Loan amount is repaid in terms of calculated EMI.

Who are Eligible to Avail a LIC Home Loan?

LIC provides good offers on home loans but, it has set certain eligibility on which they approve the home loan applied. Here are some of the eligibility criteria to avail LIC Home Loan.
  • Age of the Applicant
  • Income of the Applicant and Co-applicant
  • Family Details
  • Employment/Business
  • Qualification
  • Professional Experience
  • Past Loan Record
  • Details of Assets
  • Investments
The bank checks the above given criteria before approving home loan and only eligible candidates are sanctioned with loan. Apart from all these bank checks the CIBIL Score of an individual. Few other Eligibility based on loan category are
  • Individual residing in India, non-resident Indian and pensioners can avail LIC Home Loans.
  • Applicants should be atleast 21 years of age and within 60 years.
  • Applicants should have a work experience of 2 years.
  • Eligibility of LIC Home Loan for Pensioners - age group of 70 years - before-retirement individuals and age group of 70 years or above - post-retirement individuals

What are the Documents Needed to Avail LIC Home Loan?

The documentation works is one of the major part of applying for a home loan. All necessary documents should be submitted by the applicant for the approval of the home loan. The documents to be submitted are is slightly different for Salaried and Self-Employed applicant.

Documents needed for Salaried Applicant:

  • Proof of identity - Valid passport, Voter’s ID, Valid Driving License with photograph, PAN Card, Aadhar Card
  • Proof of Income
  • Latest 3 months salary slip/certificate for fixed salary/Latest Form 16
  • Last 6 months bank statement/Passbook of the salary account
  • Proof of Residence - Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill (Not more than 2 months old)/Passport/Aadhar card/Voter ID/Driving  License 

Documents needed for Self-Employed Applicant:

Proof of identity - Valid passport, Voter’s ID, Valid Driving License with photograph, PAN Card, Aadhar Card
Proof of Income
IT- returns for the last 2 years along with computation of income certified by CA 
Last 6 months Bank statement for operative account both personal and business.
Proof of Residence - Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill (Not more than 2 months old)/Passport/Aadhar card/Voter ID/Driving  License

What are the Process Involved in Obtaining a LIC Home Loan?

LIC Home Loan is procured after undergoing certain stages of process. The LIC home loan application form is to be either downloaded or obtained from one of the branches of LIC. The duly filled application along with the required documents are to be submitted in the bank. The bank executives verifies the documents and the details provided in the application. The agreement between the applicant and bank is created,if the applicant is eligible for the LIC Home Loan. Finally the LIC Home Loan is sanctioned and the loan amount is disbursed.

What are the Reasons a LIC Home Loan is Rejected?

LIC Home Loan applications may be rejected due to certain reasons. Some of them are listed below.
  • A low credit score is the first major reason for LIC Bank Home Loan rejection
  • Based on the repayment capacity - lower repayment capacity leads to rejection
  • Improper document submission
  • When there is no modes of income/losing job/loss in business/etc
  • If you have existing loan and your liability is higher than your income or repayment capacity
  • When applied loan on a particular house or plot or land does not fit company policies

What is LIC Home Loan EMI Calculator?

LIC bank provides an LIC Home Loan EMI Calculator to calculate their monthly loan EMI. It can be easily calculated through online with the advancement of technology. One must enter the details like the loan amount, loan tenure, rate of interest to calculate the EMI. It can be calculated within seconds. This EMI Calculator helps the customer to plan for the loan amount, so that the repayment does not disturb their monthly financial needs and the customer can pay the monthly home loan EMI easily.

What is LIC Home Loan Eligibility Calculator?

LIC Home Loan eligibility calculator is available in the official site of the LIC Bank. This helps the applicant to check if they eligible for a LIC Home Loan by just entering the basic details of the applicant. LIC Home Loan Eligibility Calculator helps to know if you are eligible for a home loan from sitting at your home and after which you can directly approach LIC office. This helps you to save time.

 

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LIC Home Loan EMI Calculator - FAQ

1.

Who Can Apply For The Loan?

To be qualified for a loan, the borrower must be on permanent service or engaged in a career or company. You need a steady career and a daily salary.

Our loan programs are for those that go in for a house. If you want we can advance you a loan under our scheme-

  1. Construct/purchase a new House/Flat
  2. Buy an existing house or flat not more than 35 years old.
  3. Extend an existing House.
  4. Renovation/repairs to an existing House/Flat.
2.

Who Can Be Co-Applicant?

The property's co-owners for whom financial assistance is required must be co-applicants. Joint applications are usually from husband-wife, father-son, or mother-son. Blood relations will be co-applicants.

3.

How Much Does LICHFL lend?

The loan amount is calculated depending on the applicant / s repayment ability. Repayment capability takes into account considerations such as age, employment, dependents, properties, liabilities, career stability, and employment sustainability, investments, etc. The maximum loan to any person borrower will be Rs.150 lakhs per unit. We would expand the loan up to 85% of the valuation of the value property (including the Stamp duty & Registration fees). Beyond Rs. 150 lakhs, they will determine particular cases based on merits.

4.

For How Long A Period Can I Get Loan?

We grant up to a maximum term of 25 yrs (up to 15 years for NRIs under GrihaShobha). In no conditions should the duration for the loan reach the retirement or completion period of 70 years, whichever is older?

5.

What Are Stages Involved From Application To Disbursement?

  1. Submission of application with supporting documents.
  2. KYC and other verifications and CIBIL report.
  3. After scrutiny of application personal interview by a company official.
  4. Issue of Loan offer Letter by the Company
  5. Title clearance through our panel advocate.
  6. Valuation of the property by our Panel Valuer and inspection of the property by a company official.
  7. If the above reports are O.K., collection of documents for stamping and deposit of original title deeds.
  8. Stamping of documents, execution of documents, and disbursement.



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