Renew Your LIC Health Insurance Policy: Here's Everything You Need to Know

Renew Your LIC Health Insurance Policy: Here's Everything You Need to Know

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LIC HFL Housing Finance

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.

Key Highlights of LIC Housing Finance

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

Loan Amount Up to 90% of the value of the property (depending on the customer profile)
Interest Rate Starts from 8.35% per annum
Retail Prime Lending Rate (RPLR) 17.05%
Loan Repayment Tenure (Maximum) 30 years or attainment of 80 years of age (whichever is earlier)
Loan Availability
  • For salaried or non-salaried individuals
  • For self-employed
  • For pensioner
  • For NRIs

What is LIC Housing Loan Eligibility?

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:

Parameters For Salaried Individuals For Self-Employed Individuals
Age Range 18 - 50 years 18 - 75 years
Nationality Resident and non-resident Indian Resident and non-resident Indian
Minimum Income Rs. 30,000 per month Rs. 30,000 per month
Minimum Credit Score 600
Work Experience 2 years

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

How to Use LIC HFL Loan Eligibility Calculator?

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.

Features and Benefits of LIC Home Finance

While wondering where you should get a home loan from, below are a few reasons you can consider LIC Housing Finance:

Efficient Documentation: Gathering documents can be a hassle. With LIC Housing Finance, you can expect a streamlined and efficient documentation process to ensure minimal paperwork and faster processing times.

Doorstep Service: LIC Housing Finance offers doorstep service (if required) for more convenience. Our representatives will come to you to collect documents, explain terms, or assist with any queries you may have.

Customized Eligibility: Whether you're a salaried individual, self-employed professional, or businessperson, LIC HFL Housing Finance offers loans to suit your specific needs and financial capabilities.

Competitive Interest Rate: LIC Housing Finance Ltd. offers competitive interest rates to make your home loan more affordable. They offer the best possible financing options, ensuring your dream of owning a home is within reach without straining your finances.

Flexible Loan Tenure: You can select loan tenure as per your preference, such as a shorter tenure to minimize interest payments or a longer tenure to reduce monthly instalments.

Pick Per Your Requirements: LIC Housing Finance offers various home loan options. Customers can select a LIC home loan, construction loan, extension, balance transfer option, top-up on loan, etc., according to their loan requirements.

What is the LIC Housing Finance Interest Rate in 2024?

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:

CIBIL Score Loan Slab Salaried & Professional Non-Salaried
Equal to or more than 825 Up to 2 Crores 8.35% 8.60%
2 Crores to 15 Crores 8.80%

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

LIC HFL Loan Name Loan Slab Salaried & Professional Non-Salaried
LIC HFL Loan Towards Purchase of Residential Plots and Construction Up to 2 Crores 8.55% 8.80%
2 Crores to 15 Crores 9.00%
LIC HFL Griha Suvidha 10 Lakhs to 2 Crores 8.60% 8.85%
2 Crores to 3 Crores 9.05%
LIC HFL Griha Suvidha Asha 10 Lakhs to 2 Crores 8.85% 9.10%
2 Crores to 3 Crores 9.30%
LIC HFL Non-Housing Products
Product Name Interest Slab CIBIL Score Rate of Interest
LIC HFL Advantage Plus Floating Equal and more than 800 9.35%
LIC HFL Griha Vikas Floating

 

Up to Rs. 15 Crores

Equal and more than 750 9.50%
LIC HFL My Office (for individuals) Rs. 10 Lakhs to Rs. 5 Crores Equal and more than 750 9.75%
Rs. 5 Crores to Rs. 15 Crores
LIC HFL My Office (for non-individuals) Rs. 10 Lakhs to Rs. 15 Crores NA 10.75%
LIC HFL My Office - LAP (for individuals) Rs. 10 Lakhs to Rs. 5 Crores Equal and more than 750 10.25%
Rs. 5 Crores to Rs. 15 Crores
LIC HFL My Office - LAP (for non-individuals) Rs. 10 Lakhs to Rs. 15 Crores NA 11.25%
LIC HFL LRD (for individuals) Up to 15 Crores Equal and more than 750 9.90%

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

List of Available LIC Home Loan Schemes

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 Home Loan Product Name Specifications
LIC HFL Home Loans
  • Floating interest rates starting from 8.35% p.a.
  • 90% of the property value of a loan up to Rs. 30 Lakhs
  • For resident and non-resident Indians
LIC HFL Griha Suvidha
  • For applicants nearing retirement
  • Self-employed individuals
  • For salaried individuals with no pension
LIC HFL Home Renovation Loan
  • Repayment period of up to 30 years for salaried individuals
  • Interest rates start from 9.10%
  • For construction or home renovation
LIC Home Loan for Pensioners
  • Spouse is the joint applicant
  • State government employees and individuals
  • Loan term up to attaining 80 years of age
LIC HFL Home Loan Top-Up
  • Top-up of loan when existing loans are switched to LIC HFL
  • For both existing and new customers
  • Interest rates starting from 9.70%
LIC HFL Home Extension Loan
  • Amount used for the construction of an extension of your house
  • 30 years of maximum tenure
  • Interest rate starting from 9.10% per annum
LIC HFL Plot Loans
  • To purchase a residential plot from statutory authorities
  • Loan amount of up to 75% of the value of the property
  • Upto 15 years of repayment tenure
LIC HFL Home Construction Loan
  • Interest rates start from 9.10%
  • Loan to construct a home
  • Up to Rs. 75 Lakh of loan amount offered
LIC HFL Housing Loan for NRIs
  • Maximum of 20 years loan tenure
  • No pre-payment penalties
  • Balance transfer is possible
LIC HFL Home Loan Balance Transfer
  • Amongst the lowest interest rates
  • Interest rate of 9.75% for new customers availing top-up on balance transfer
  • For construction/ purchase and renovation/ repairs
LIC HFL Advantage Plus
  • Affordable EMIs
  • Online sanction
  • 90% of the property value of a loan up to Rs. 30 Lakhs

LIC HFL Home Loan Processing Fee and Charges

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:

Processing Fee Up to 0.50%
Statutory Charges Rs. 250 - Rs. 1,000
Rewriting Charges Rs. 2,500
Check Bounce Charges Rs. 350
Document Retrieval Charges Rs. 2,500
Late EMI Payment Charges 1.5% - 2% per month
ECS Dishonour Charges Rs. 200
Providing a List of Documents Rs. 500
Providing the Photocopy of Title Document Rs. 1,000

What is the LIC Housing Loan Application Process?

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.

What Documents Are Required For Home Loan LIC HFL?

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

Documents Required for Salaried Individuals
Proof of Income
  • Last 3 months pay slips
  • Promotion/ increment letter (if required)
  • IT returns of 3 years
Other Documents
  • Form 16
  • Letter from employer
Documents Required for Non-Salaried Individuals
Proof of Income
  • IT returns of 3 years
  • Balance sheet reflecting profit and loss account statement (as attested by the CA)
Other Documents
  • Business/ practised profession license details (similar documents)
  • Firm registration certificate
  • Address proof of business establishment
Common Documents Required for Both Salaried and Non-Salaried Individuals
Proof of Identity and Income
  • PAN card
  • Aadhaar card
  • Address proof
  • Passport (for NRI)
Property Related Documents
  • Proof of property ownership
  • Allotment letter for builder (for flats)
  • Tax payment receipts

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

Factors Affecting LIC Home Loan Interest Rates

Certain factors influence the interest rates for LIC Home loans, including the following:

Credit Score: The credit score or CIBIL score is an important factor that affects the LIC Housing Finance interest rate. Applicants with high credit scores offer a comparatively lower interest rate.

Repo Rate: Repo rates are generally set by the Reserve Bank of India and are in a timely manner, ultimately affecting the LIC Home Loan interest rates. Lower repo rates result in decreased interest rates.

Loan Amount: The loan amount impacts the interest rates. Larger loan amount attracts lower interest rates.

Loan Tenure: The duration of your LIC home loan affects the interest rates applicable. Interest rates are comparatively lower for a shorter loan tenure.

Job Profile: Individuals with a stable source of income generally pay lower interest rates due to reduced risk. The organization where you work also influences interest rates.

Market Conditions: LIC home loans are offered with two types of interest rates: fixed and floater. The floater interest rates of LIC HFL Housing Finance shift with changing market conditions. Inflation leads to higher interest rates.

How to Check LIC HFL Loan Status?

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.

LIC Home Finance Customer Care

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

Contact Number 022 2217 8600
FAX 912222178777
Email ID lichousing@lichousing.com
LIC Housing Finance Office (Corporate Location) LIC Housing Finance Limited Corporate Office
131, Maker Tower-F Premises, 13th Floor,
Cuffe Parade, Mumbai-400 005
Maharashtra

LIC Housing Grievance Redressal Mechanism

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.

Final Words

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.