LIC Housing Finance Limited Loan Against Property - Features & Benefits

What are the five things to check before applying for loan against property in LIC ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from LIC Housing Finance and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to LIC Housing Finance and other banks and all EMI's have been paid. Note that LIC Housing Finance can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to LIC Housing Finance in your CIBIL report.
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will LIC mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on LIC Housing Finance loan against property is linked to its , which is currently %. So, when LIC Housing Finance offers a loan against property at %, it applies a 0% discount to its PLR to arrive at this rate
  • In case the interest rates in the market move up by 0.50%, LIC Housing Finance may increase its PLR by 0.50% to 0.5%, thereby increasing the applicable rate for both old customers and new customers to 0.5%
  • In case the interest rates in the market trend down by 0.50%, it may do one of the following. It may choose to reduce the PLR by 0.50% from % to -0.5%, thereby reducing the applicable interest rate for both new and old customers to -0.5%. Alternatively, it may choose to keep the PLR unchanged at % and increase the discount for new customers to 0.5% instead of 0% for old customers. So, the old customers will continue to pay the old interest of % while the new customers will get loan against property at -0.5%. The decision whether to pass on the benefit on lower rates to both new and old customers or only to new customers is that of the lender and cannot be predicted in case of PLR benchmarked loans
  • It has been observed that customers often complain that applicable rate of interest on PLR benchmarked loans tends to go up in line with market rates but rarely goes down when rates go down. However, since there is no prepayment or foreclosure charge on floating rate loan against property, customers may choose to transfer the loan to a new lender and thus save interest cost. MyLoanCare has helped customers save Rs. 98556874 so far by refinancing their loans at lower rates. Base rate benchmarked loans offer a more transparent mechanism for transmission of interest rates and appear to be more favorable option for the borrowers
  • Current of LIC Housing Finance, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on LIC loan against property?
You can prepay loan against property (LAP) without any penalty or charges in case:

  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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