LIC Housing Finance Home Loan
Features
FeaturesLoan available for purchase, construction, repair, renovation and house extensions. Loans are also available for plot purchase.
Eligibility
Eligibility
- Should be engaged in a permanent service, profession or business to be eligible for a loan.
- Loan schemes are for those funding residential house by way of construction, purchase of new house or flat, existing house or flat not more than 35 years old, extension or renovation of existing house.
Loan Amount
Home Loan Amount
- Tenor of a home loan can be up to 20 years for a resident individual and 10 years for non-professional NRIs, subject to maximum age of 60 years for resident Indians and 55 years for NRIs on loan maturity date.
- In case of home loans for purchase or construction, 85 per cent of the total cost of the house will be available as a loan.
Margin
Margin
15 per cent of the cost of purchase/ construction/ repair/ renewal/ renovation of a residential property or a vacant plot need to be brought in by the loan seeker.
Repayment Period
Repayment Period
- For 'Griha Prakash', the repayment tenure is up to 20 years or before retirement or 60 years of age (whichever is earliest).
- The loan tenure is 5-15 years, or 60 years of age.
- For purchase of vacant plot/site, the loan repayment tenure is up to 10 years or before /at the retirement age, or 60 years of age (whichever is earliest). However, in case of purchase from government bodies/statutory bodies, the maximum tenure is 15 years.
- For Non- Professional NRIs term is restricted to 10 years, but 15 years for Professionals. It shall, however, not exceed retirement age or 55 years of age, whichever is earliest.
Documents Required
Common requirements:
Duly Filled in Application Form.
- Income Particulars, as applicable, along with copies of Updated Bank Statements / Passbooks of each Applicant for the past 6 months.
- If Property has been identified / already belongs to the Applicant (s) then:
- Copy of Approved Plan
- Copies of Title Papers
Additional Documentation for Salaried Applicant (s):
- Copies of Payslips of the Applicant (s) for the past 6 Months till the Month preceding the Month of Application
- Copy of Appointment Letter / latest Pay Revision Letter, if possible.
- Copies of Form 16 with copies of ITRs & Computation Statement for latest Assessment Year.
Additional Documentation for Self-employed Applicant (s):
- Copies of last 3 years ITRs with Computation & Personal Financial Statements of the Applicant (s) along with copies of TDS Certificates / Income Tax Paid Challans.
Additional Documentation for NRI Applicant (s):
- Copies of Valid & Attested / Notarised Passport & Visa / Permanent Resident Card.
- In case of Employment, copy of the Valid Employment Contract.
- Copies of Updated Bank Statements / Passbooks of Bank Accounts in India as well as the relevant Country, in case of each Applicant for the past 6 months.
Additional Documentation for considering Income from Rentals:
- Copies of latest Municipal Tax Receipt (s) & Title Papers in favour of the Applicant (s).
- Copy of Lease Agreement (s).
- Full details regarding TDS & Monthly / Annual outgoings.
LIC Housing Finance Products:
Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.