LIC Housing Home Loan - Frequently Asked Questions

What are the different types of home loans provided by LIC Housing?
LIC Housing provides home loans for resident Indians, non-resident Indians (NRIs) and for pensioners.
What are the terms and conditions associated with the LIC Housing Loan for Pensioners before Retirement?
The terms and conditions associated with the Home Loan for Pensioners (before retirement) are that the applicant must submit a Letter of Undertaking stating that the entire loan or a minimum of 30% of loan amount (as decided by the Area Office) will be repaid by the applicant out of their retirement benefits. The balance amount of the home loan must be paid from the Pension income. Please note that the principal amount of the loan to be repaid on retirement will be determined on the amount of pension which the borrower is eligible for post-retirement.
Are there any terms & conditions associated with the LC Housing Home Loan for Pensioners after retirement?
The terms and conditions applicable under this home loan scheme are:
Under this scheme, the borrower is not allowed to commutate their pension or any part of their pension.
In order to avail the loan, the borrower must present a Guarantor who is approved by the provider.
What are the basic documents that applicants are required to submit in order to apply for an LIC Home Loan?
The basic documents which applicants must provide to apply for an LIC Housing Home Loan are:

  • Duly filled and signed application form.
  • Passport sized photographs.
  • Cheque with processing fee amount.
  • Bank statements for the last 6 months.

Who all are eligible to apply for an LIC Housing Home Loan?
For the different categories of home loans, the following individuals may apply:
The LIC Housing loan for Resident Indians is open to all individuals who are residents of India.
The LIC Housing Loan for NRIs is only available to salaried individuals who hold an NRI (non resident Indian) or PIO (person of Indian origin) status.
The LIC Housing Loan for Pensioners (before retirement) is available to those individuals who are 50 years or above in age and hold a pension scheme post retirement. The LIC Housing Loan for Pensioners (after retirement) is available to those individuals who are pensioners drawing a pension which forms a stable source of income.
What are the purposes for which these home loans may be utilized?
LIC housing Home Loans may be utilized for the purpose of purchasing a new house/flat/residential unit, for constructing a new house or residential unit and also for constructing an extension to an existing house or residential unit.
What are the documents which salaried applicants must furnish in order to apply for this home loan?
Salaried applicants must provide the following documents, in addition to the basic documents requested by the bank.
Salary slips for the last 3 months
Form 16 or Income Tax Returns
What are the documents which self-employed applicants must furnish in order to apply for this home loan?
Self-employed applicants must provide the following documents, in addition to the basic documents requested by the bank.
Certificates of educational qualifications.
Proof of existence of said business.
Income Tax Returns for last 3 years along with computation of Income.
Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.
What is the minimum amount for which an applicant may avail an LIC Housing Home Loan?
The LIC Housing home loan is available for a minimum amount of Rs 1, 00,000.
What is the loan margin available on the LIC Housing home loans?
The loan margin or Loan to Property cost for home loans for Resident Indians and home loans for NRIs is similar. The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

Apply for Personal Loan, Home Loan, Business Loan & Loan Against Property in Delhi & NCR through LoanMoney

Home Loan in Delhi/NCR through LoanMoney

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

Read More
Personal Loan in Delhi/NCR through LoanMoney

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

Read More
Loan Against Property in Delhi/NCR through LoanMoney

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

Read More
Business Loan in Delhi/NCR through LoanMoney

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

Read More
About LoanMoney, Delhi

LaonMoney is an Authorized Direct Selling Agents of various National, Multinational and Non Banking Financial Companies for promoting their sales for asset division. Feel free to contact us at info@loanmoney.in or +91-8130 222 111 for Transparent and Fastest Processing of Loan.

Why LoanMoney?
# Secured and unsecured Fundings
# Over 21 bank and other financial institutions.
# CORPORATE Direct Associates of All MNC, Pvt Banks, NBFC.
# Personal Loans, Loan Against Property, Home Loans, Business Loans
# Team of expert CA , Ex Bankers, Field Support

LoanMoney deals in ..
# Home loans - Residential/ Commercial/ Industrial - Purchase /Reconstruction / Plots
# Loan Against Property - Residential / Commercial / Industrial
# Business Loans - Unsecured Overdraft / Term Loan / Against Credit Card Swipe
# Personal Loan - Against Salary /Professional Receipts Doctor/ CA/Engg
# Working Capital for SME - Overdraft/ Cash Credit / Term Loan /Export Funding/ Non Funded
# Machinery / Equipment Loans - Medical/ Construction/ Vehicles
# Educational/ Hospital Institutions Loans to Trust/ Society

Contact Now
 
Loan Application
Like/Follow LoanMoney on Facebook Follow LoanMoney on Twitter Read LoanMoney Blog Follow LoanMoney on LinkedIn Follow LoanMoney on Google Plus Watch LoanMoney Videos on Youtube