LIC Housing Home Loan - Features & Benefits

  • Resident Indians,
  • Non-resident Indians (NRIs) and
  • Pensioners (pre-retirement and postretirement).

Given below are some of the features and benefits of each home loan plan offered by LIC HFL to help you realize your dream of owning a house.
LIC Home Loans for Resident Indians
LIC offers home loans to resident Indians for the purposes of purchasing a new house /residential unit, for the construction of a new house or residential unit or for making an extension to an existing house or residential unit.
Home Loan for Purchase:

  • You can avail this home loan for the purchase of a new house/apartment r residential unit.
  • You can avail this loan for a minimum amount of Rs 1,00,000.
  • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
  • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.
  • 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).

Home Loan for Construction:

  • This home loan can be availed for the construction of a new housing/residential unit.
  • The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC HFL 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).
  • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
  • You can avail this loan for a minimum amount of Rs 1,00,000.
  • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.

Home Loan for Extension:

  • You can avail this loan in order to build an extension to your existing house. For example, an additional room to an existing house.
  • The maximum loan tenure available for this loan is set at 30 years for salaried applicants and 20 years for self-employed applicants.
  • You can avail this loan for a minimum amount of Rs 1,00,000.
  • 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).
  • You can repay the loan via equal monthly installments which will be set on a monthly rest basis.

LIC Home Loans for Non Resident Indians (NRIs)
Just like it caters to its resident Indian customers, LIC Housing Finance understands the importance for a non-resident Indian to have their own house, in their motherland. For this purpose, LIC provides NRI customers with home loans which can be availed for the purchase of a new house, for the construction of a new house or to make an extension to an existing house. Given below are some features and benefits of these housing loans in brief.
Home Loan for Purchase:

  • You can avail this home loan for the purchase of a new house/apartment r residential unit.
  • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
  • 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 Housing Finance 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).
  • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
  • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.

Home Loan for Construction:

  • Applicants can avail this loan in order to finance the cost of construction of a new house or residential unit.
  • 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).
  • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
  • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
  • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.

Home Loan for Extension:

  • NRIs who already have an existing house in India and wish to make any extensions to their existing house can avail this home loan to finance the cost of the extension.
  • NRIs holding professional qualifications may avail this loan for a maximum term of 15 years. Other NRIs can avail the loan for a maximum term of 10 years.
  • Applicants can avail this loan for a minimum amount of Rs 1,00,000.
  • Applicants can repay the loan via EMIs which will be taken on the monthly rest basis.
  • 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).

LIC Home Loans for Pensioners
While it is relatively easy for a young working individual to obtain a home loan, the same might not be as easy for someone who might be approaching their retirement age or has already retired. LIC Housing makes that easy as they provide home loans for individuals who are approaching or have crossed their retirement age. These home loans come with easy terms and provide multiple benefits like ease of repayment, low interest rates, comfortable tenure, etc.
Home Loan before Retirement:

  • Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
  • This home loan is available for a term of up to 15 years or till the applicant reaches 70 years of age, whichever occurs earlier.

Home Loan after Retirement:

  • Applicants may avail this home loan in order to purchase and construct a new house or flat. The loan can also be used to build and extension to an existing house or residential unit.
  • Borrower must repay this loan before he/she attains 70 years of age.

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