LIC Housing Finance: How to Take LIC Home Loan?

Owning a home is a dream for many, but financial conditions are the biggest challenge in achieving it. Beyond providing financial security and life risk coverage with different life insurance policies and health insurance plans, Life Insurance Corporation of India opens the door to providing housing finance, i.e., home loans.

LIC HFL Housing Finance Ltd. eases the journey of buying a home by offering a loan. LIC HFL offers home loans at competitive interest rates so that finances are no longer constrained to achieving your dream, and you can build or renovate your home. Reading on, you will learn about LIC home finance in detail, including eligibility criteria, interest rates, the application process, and how to pay the LIC HFL loan amount online.

Have a glance at the key highlights of LIC HFL Home Loan:

All salaried employees working in government or non-government sectors are eligible to avail of Lic HFL housing finance. The eligibility for a loan depends on multiple factors, including the income of the applicant, credit score, loan repayment capacity, nationality, etc. Below are the LIC housing loan eligibility criteria that an individual needs to fulfil to avail of the loan:

You can use the LIC HFL home loan eligibility calculator, which is available on the official website of LIC Housing Finance, www.lichousing.com.

The LIC HFL loan eligibility calculator is useful in knowing how much of a home loan you can avail yourself of, depending on your eligibility. This helps you sort your options and determine other resources if needed. Below are the simple steps you can follow to use the LIC HFL loan eligibility calculator:

• Visit the official website of LIC Housing Finance.
• Scroll down to Loan Eligibility Calculator, available on the home page.
• Provide important information, including gross monthly income, total current EMIs, interest rate, loan term, etc.
• Depending on the information provided, the eligible loan amount is displayed on the right, along with additional information like monthly EMI and property cost.

LIC HFL is recognized for offering home loans at affordable rates. The interest rates start from 8.35% per annum for a home loan of up to Rs. 20 Crores with flexible loan tenure ranging from 1 year to 30 years. The interest rates for different types of slabs are as follows:

In the table below, we list various LIC HFL loan schemes available and the applicable interest rates for CIBIL ≥ 825:

* The above interest rates are taken from the sources available on the official website of LIC Housing Finance.

LIC HFL Housing Finance offers various home loan options for salaried and self-employed individuals looking for home loans. Have a look at the list below:

LIC Housing Finance sanctions small charges to administer, process and sanction home loans. Customers pay the fee either at the time of document submission or when the loan is approved. The table below shows the LIC home loan fee and charges as levied on the customers:

Below is the step-by-step guide to avail of a home loan from LIC HFL online:

• Visit the official website of LIC HFL loan.
• Explore the loan options available per your eligibility criteria and select one that fits your financial requirements and suitability.
• Click on ‘Apply for Home Loan’.
• Provide the basic details and click on ‘Get Started’.
• Once you have done this, the LIC Housing Finance team will contact you to understand your requirements, provide detailed information, and guide you through the process until the loan application is processed.

To apply for LIC HFL housing finance offline, follow the given instructions:

• Visit the nearest LIC Housing Finance Branch.
• Meet an executive, and he/she will listen to your LIC HFL Housing Finance requirements and available options.
• They check the eligibility criteria and fill out the preferred application form.
• The executive will also guide you through the entire application process until the loan is approved. You must submit the required documents and complete other formalities.

You need to submit the below requirements for processing the LIC HFL home loan application:

Some other documents may also be required, as requested by the LIC HFL loan assistant.

Here are the simple steps to follow to check the LIC Housing Finance home loan status on the official website:

• Visit the official website at www.lichousing.com.
• Navigate to the ‘‘Customer Login’ menu, which is available in the top right corner of the home page. Click on it to proceed.
• Log in to your customer account using your username and password. If you don't have an account, you will find an option to check the loan status using the loan application number. Enter the relevant details and follow the on-screen instructions to proceed.
• After entering the required information, double-check to ensure its accuracy. Once you're satisfied, click on the "Submit" to proceed.
• The website will process the information and display the status of your LIC Housing Finance home loan application. Here, you can check whether your application is pending, approved, or rejected, along with any additional details or instructions provided.
• Depending on the status displayed, you can take further action, such as providing additional documents or contacting LIC Housing Finance for clarification.

To seek any information or assistance regarding LIC Home Loan, get in touch with LIC Home Loan customer care:

The existing customers can write or email their grievances to the LIC HFL grievance support.

The team ensures that the grievances are processed within the stipulated time and their grievances are resolved to their higher satisfaction.

Email: customersupport@lichousing.com.

Address of Grievance Redressal Department/ Complaint Redressal Cell: National Housing Bank, 4th Floor, Core 5-A, India Habitat Centre Lodhi Road, New Delhi – 110003

* The information is taken from the official website of LIC Housing Finance as available on 26/04/2024.

LIC home finance loan provides financial support when you plan to buy or renovate your home. To make the process easier, you can find LIC Home Loan offices near you, where you can contact an executive for more details. Or visit the official website and fill out the details on the form. The team will reach out to you to guide you through the process.

* Disclaimer: The information provided above is subject to change without prior notice. We suggest you refer to the latest information on interest rates and updates in eligibility criteria, loan offers, home loan application charges and fees, required documents, and others as available on the LIC Housing Finance website.