Mentioned in this story is all about LIC home loans including the various home loan schemes.
Home loan from LIC Housing Finance
LIC Housing Finance Limited (LICHFL) provides house loans starting with interest rates of 6.90 per cent per annum and the payback tenure can be up to 3 decades or 30 years.
The borrowers who have existing loans with other lenders can pay back their balance loan amount and also offer home takeover facilities at a low LIC home loan interest rate. LIC housing finance provides pension gains and the timeframe to pay back loans is up to 80 years of age.
LIC Housing Benefits benefits every section of applications, including:
- Those who receive their salary in cash.
- Those who started their businesses need a longer period to pay back loans.
- Those who are near their retirement age need a longer period to pay back loans.
LIC HFL home loan schemes
- Those who receive their salary in cash.
- Those who started their businesses need a longer period to pay back loans.
- Those who are near their retirement age need a longer period to pay back loans.
- Those who are near their retirement age need a longer period to pay back loans.
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LIC HFL home loan schemes
- LICHFL Griha Varishtha
- LICHFL Pradhan Mantri Awas Yojna
- LICHFL Griha Suvidha
- LICHFL Home Loans for NRIs
- LICHFL Plot Loans
- LICHFL Home Construction Loans
- LICHFL Home Expansion Loans
- LICHFL Home Extension Loans
- LICHFL TOP up on Home Loan
- LICHFL Pay where you stay loan
- LICHFL 6 EMI Waiver
- LICHFL Advantage Plus
LIC Home Loans: Eligibility
Eligible Borrowers Resident Indians, NRIs, PIOs, Pensioners Eligible Income Categories Salaried, Self-Employed Business Owners, Self-employed professionals, Consultants, NRI Self-employed Not eligible. Minimum Age Eligibility If income is considered 23 years, if not considered 18 years Maximum Age Eligibility Salaried 60 years, Self Employed -65 years, Pensioners up to 70 Years Eligible Income Rs 15,000 or more Working Experience 2 years for salaried, 5 years for Self-Employed, 2 years for salaried, 5 years for Self-Employed Eligible Loan Amount Rs. 1 Lacs to Rs. 10 Cr or more subject to income eligibility Loan to Valuation Ratio Up to 90% Others An eligible applicant/s should have valid KYC, ITR, Banking, etc. LIC Housing Finance home loans: Documents required
KYC documents
- Aadhaar Card
- PAN Card
- A passport is essential for NRIs.
- Address Proof
Income documents
- Salary stubs and Form No.16 are required.
- For self-employed or salaried employees, the last three years’ income tax returns(ITRs), as well as financials, are required.
- Bank statements from the last six to twelve months
Documents related to real estate (in case the property is identified)
- Proof of property ownership
- The builder’s/allocation society’s letter in the case of flats.
- Receipt for taxes paid up to date
Purchase from builder
- Receipts of every payment made
- Allotment Letter
- Ownership proof
LICHFL house loan: Ways one can apply
The loan application can be done via three modes:
- Visit the LICHFL official site and submit the online house loan application. The application can be tracked.
- Visit the branch for the loan application.
- Use online portals that work as intermediaries for loan applications.
LIC Home loan: Process from application to the disbursement
- Application submission with important documents.
- Document Verification
- Interview company official
- Loan offer letter issued
- Title clearance
- Valuation and inspection of the property
- Document collection for stamping
- Original title deeds submission
- Document stamping and execution
- Loan disbursement
LIC Home loan filing: Service charges
Nature of Charge Applicable charges (without GST) Processing Fee 0.35 % of the amount borrowed up to Rs 50,000/- plus GST Prepayment Charges 2% on the principal repaid in the event of a fixed-rate house loan/applicants other than a person prepayment penalty are not applicable in the event of a floated home loan. Mandatory Process to evaluate by CERSAI at the end of the loan period disbursement Loans<= 5 lac = INR 250Loans> 5 lac = INR 500 Conversion Fee Rewriting Charges Loans<= 75 lac= INR 10003 crores> Loans> 75 lac= INR 2.5K Cheque Bounce Charge INR 350 ECS dishonour Charge INR 200 After reimbursement, the document retrieval charge INR 2.5K Extra cost for supplying a document list INR 500 for each request Extra cost for supplying a document xerox INR 1000 for each request Late fee for delaying EMIs Up to 2% on default Charges are incurred if a credit instalment is not paid on time. LIC Housing Finance Company had spent all forms of charges, expenditures, expenses, and incidental charges to collect the defaulted loan. Up to along with a 12-month default: On the sum of the missed instalment, 1.50 per cent per month Instalment default after 12 months: 2% each month on the outstanding balance of the defaulted instalment.
Source:-https://housing.com/news/everything-you-need-to-know-about-lic-home-loan/
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