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LIC HOME LOAN

LIC Housing Finance Ltd. (LIC HFL) offers a wide range of housing loans to cater to various needs, including home purchase, construction, renovation, and plot purchase. With competitive interest rates, simple documentation, and flexible repayment options, LIC HFL ensures quick approvals to help customers realize their dream of owning a home.

LIC Housing Finance
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KEY FEATURES

  • Online loan sanction facility.
  • Quick approvals and low EMI.
  • Simple documentation process.
  • Maximum tenure: 30 years for salaried individuals and 25 years for self-employed. No prepayment charges applicable.
  • Loans available for construction, purchase, renovation, or balance transfer.
  • Among the lowest interest rates in the market.
LIC Housing Finance Home Loan

TYPES OF HOME LOANS BY LIC HOUSING FINANCE

LIC Housing Finance (LIC HFL) offers a wide range of home loans catering to various needs, including home purchase, construction, renovation, and balance transfers. Below are the key loan options:

HOME LOANS

 Available for purchasing under-construction or ready-to-move homes, as well as constructing your own house.

Eligibility

  • Salaried employees in private, government, or public organizations.
  • Self-employed individuals.
  • Special eligibility under Griha Suvidha Home Loan
    • Employees with a portion of their salary paid in cash.
    • Salaried individuals seeking extended loan tenure beyond retirement.
  • Home Loans for Non-Resident Indians (NRIs): LIC HFL provides tailored home loans for NRIs aspiring to purchase or construct a house in India.
  • Plot Loans: Loans offered for purchasing residential plots, with a requirement to construct a home within 3 years of purchase.
  • Home Improvement Loans: Loans available for both new and existing customers to enhance or upgrade their homes.
  • Home Renovation Loans: Specialized loans for renovating or repairing existing properties, available for both new and existing customers.
  • Top-Up Loans: Additional loans provided over the existing home loan for current LIC HFL customers. New customers transferring their loans to LIC HFL can also avail of this facility.
  • Balance Transfer: Facility to transfer your existing home loan from another financial institution to LIC HFL, often at competitive interest rates.

LIC HFL ensures flexibility and convenience with customized loan options for every customer segment.

Interest Rate on Home Loan

  • For Salaries and Professionals:
    • 8.50% for loans up to ₹5 crore.
    • 8.75% for loans above ₹5 crore and up to ₹15 crore.

Maximum Loan Amount and Repayment Period

Loan-to-Property Cost (LTV)

  • 90% of property value for loans up to ₹30 lakh.
  • 80% of property value for loans between ₹30 lakh and ₹75 lakh.
  • 75% of property value for loans above ₹75 lakh.

Maximum Repayment Period

  • Salaried Employees: Up to 30 years.
  • Self-Employed Individuals: Up to 25 years.

Repayment period is subject to the borrower’s age and repayment capacity. For specific terms, contact your nearest LIC Housing Finance office.

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GRIHA SUVIDHA HOME LOAN

The Griha Suvidha Home Loan is a unique offering designed to help applicants overcome traditional eligibility barriers. It is a mortgage-guaranteed housing loan that accommodates diverse income types and age profiles, ensuring more families can achieve their dream of owning a home.

Eligibility

Cash-Salaried Applicants:

  • At least 70% of salary should be credited through a banking channel.
  • Cash components like overtime (OT), incentives, bonuses, vehicle charges, or reimbursements not part of CTC can be treated as additional income, capped at 30% of total income.
  • Maximum of two cash-salaried borrowers can be co-applicants, with a gross income cap of:
    • ₹30,000 per month for one borrower.
    • ₹40,000 per month combined for multiple borrowers.

Salaried Employees Nearing Retirement:

  • Loan tenure can extend beyond retirement age, with the condition of paying off outstanding amounts at retirement.
  • Tenure may extend up to 10 years post-retirement (e.g., if retiring at 58 years, tenure can go up to 68 years).
  • The maximum age at the time of loan application is 50 years.

Self-Employed Individuals:

  • Loan terms can extend up to 75 years of the senior applicant’s age.
  • Maximum tenure is 30 years, supported by a one-time premium mortgage guarantee from IMGC (India Mortgage Guarantee Corporation).

LIC Housing Finance ensures flexibility and inclusivity through its tailored Griha Suvidha loans, allowing a wider range of applicants to access home financing.

Interest Rates 

 

Loan Type

Interest Rate

Home Loans (Salaried/Professional)

Starting at 8.50% for loans up to ₹5 crore.

Plot Loans

8.70% – 8.95%

Home Construction Loans

9.10% – 9.25%

Top-Up Loans

9.70% – 11.55%

Home Renovation Loans

9.10% – 9.25%

LIC HOUSING FINANCE - HOME LOAN FOR PENSIONERS

Eligible Applicants

  • State government employees and individuals receiving pensions under the Defined Benefit Pension Scheme (DBPS), up to 65 years of age.
  • Employees working with PSU insurers, PSUs, nationalized banks, central/state governments, and eligible for DBPS pensions.

Salient Features

  • The spouse must be a joint applicant, irrespective of property ownership.
  • Children can also be co-applicants, and their income can be considered to extend the loan tenure and increase eligibility.
  • Maximum loan tenure is up to the attainment of 80 years for pension-drawing applicants in joint applications.
  • If the income of younger applicants (son, daughter, or spouse) is considered, the maximum tenure is up to 30 years or until the younger applicant reaches 80 years, whichever comes earlier.

Interest Rates

Salaried and Professionals:

  • 8.50% for loans up to ₹5 crore.
  • 8.75% for loans above ₹5 crore and up to ₹15 crore.
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LIC HOUSING FINANCE - HOME RENOVATION LOAN

LIC HFL offers loans to renovate or improve your home, available for both new and existing customers.

Key Features

  • Online loan sanction facility for convenience.
  • Quick approval process with low EMI options.
  • Simple and hassle-free documentation.
  • Among the lowest interest rates in the market.

Interest Rates

  • Salaried and Professionals: 9.10% – 9.25%.

Loan-to-Value Ratio (LTV)

  • 90% of the property value for loans up to ₹30 lakh.
  • 80% of the property value for loans between ₹30 lakh and ₹75 lakh.
  • 75% of the property value for loans above ₹75 lakh.

Maximum Loan Tenure

  • Salaried: Up to 30 years.
  • Self-Employed: Up to 25 years.

Note: Loan tenure and eligibility are subject to the applicant’s age and repayment capacity. For specific terms, visit your nearest LIC Housing Finance office.

LIC HOUSING FINANCE - TOP-UP LOAN

Expand your dreams with LIC HFL’s Top-Up Loan on your existing home loan. These loans are available for both existing customers and new customers transferring their home loans to LIC HFL.

Key Features

  • Quick loan sanction with low EMIs.
  • Simple documentation process.
  • Competitive interest rates among the lowest in the market.
  • Accessible to both existing and new customers.

Eligibility

  • Existing LIC HFL customers with a default-free housing loan history.
  • New customers transferring loans from other financial institutions.
  • The eligible loan amount is determined based on repayment capacity, loan-to-value (LTV) ratio, and outstanding loan amount.

Interest Rate

  • Salaried and Professionals: 9.70% – 11.55%
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LIC HOUSING FINANCE - HOME EXTENSION LOAN

LIC HFL provides loans for extending your existing home to suit your growing needs.

Key Features

  • Fast approval with low EMIs.
  • Simple and hassle-free documentation.
  • Competitive interest rates.
  • Available to both new and existing customers.

Interest Rate

  • Salaried and Professionals: 9.10% – 9.25%

Maximum Loan Amount and Loan-to-Value (LTV)

  • 90% of property value for loans up to ₹30 lakh.
  • 80% of property value for loans between ₹30 lakh and ₹75 lakh.
  • 75% of property value for loans above ₹75 lakh.

Maximum Repayment Period

  • Salaried: Up to 30 years.
  • Self-Employed: Up to 25 years.

LIC HOUSING FINANCE - PLOT LOAN

LIC HFL offers loans for purchasing residential plots.

Types of Plot Loans

Purchase of Plot: For plots acquired from government bodies, development authorities, or approved layouts.

  • Maximum Loan Amount: Up to 75% of the property value.
  • Loan Term: Maximum 15 years.

Composite Loan for Plot Purchase and House Construction: For applicants intending to construct a home within 3 years of plot purchase.

  • Loan Term: Maximum 30 years.

Key Features

  • Online sanction facility for quick approvals.
  • Low EMIs and simple documentation.
  • Competitive interest rates.
  • Option to transfer or take over existing home loans.

Interest Rate

  • Salaried and Professionals: 8.70% – 8.95%
Apply Now

LIC HOUSING FINANCE - HOME CONSTRUCTION LOAN

LIC HFL provides loans to help you construct your dream home on your own plot.

Key Features

  • Online sanction facility for convenience.
  • Quick approvals with low EMI options.
  • Simple and transparent documentation process.
  • Among the lowest interest rates in the market.

Interest Rate

  • Salaried and Professionals: 9.10% – 9.25%

Loan-to-Value (LTV)

  • 90% of property value for loans up to ₹30 lakh.
  • 80% of property value for loans between ₹30 lakh and ₹75 lakh.
  • 75% of property value for loans above ₹75 lakh.

Maximum Repayment Period

  • Salaried: Up to 30 years.
  • Self-Employed: Up to 25 years.

LIC HFL’s loan products are designed to meet diverse financial needs, ensuring quick processing, flexibility, and competitive rates to help you achieve your housing goals.

Frequently Asked Questions

What types of housing loans does LIC Housing Finance offer?

LIC HFL provides a variety of loans, including home loans for purchasing or constructing homes, plot loans, renovation and improvement loans, top-up loans, home extension loans, and special loans for NRIs and pensioners.

What is the interest rate for LIC Housing Loans?

Interest rates start at 8.50% for salaried and professional borrowers for amounts up to ₹5 crore. Rates vary depending on the loan type, amount, and customer profile.

Who is eligible for LIC Housing Loans?

Eligibility includes salaried employees, self-employed professionals, NRIs, and pensioners. Specific loan products, like Griha Suvidha, cater to applicants with non-traditional profiles, such as cash-salaried individuals or those nearing retirement.

What is the maximum loan tenure offered by LIC Housing Finance?

The maximum tenure is 30 years for salaried individuals and 25 years for self-employed borrowers, subject to the borrower’s repayment capacity and age.

Can I transfer my existing home loan to LIC Housing Finance?

Yes, LIC HFL offers a balance transfer facility, allowing borrowers to transfer their existing home loan from other financial institutions to LIC HFL, often at lower interest rates.

Home Loan

Home Loan Balance Transfer

Loan Against Property

Personal loan

Office Address

AAP KA BAZAR, GURUGRAM, GURUGRAM, HR-122001

Additional Information

Customer Care Working Hours:

Monday through Saturday,
10:00 A.M. to 6:30 P.M.

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