LIC Home Loan Interest Rate

Find out the LIC Home Loan Interest rate and different types of Schemes available in the LIC HFL Home loans

Present, people are finding the best interest rate for the Home loan. So, the best way to choose the home loan is LIC home loan. LIC provides a best interest for Housing finance. LIC provides easy online loan sanctions with best interest rate. It provides low EMI, easy documentation and also very low processing fee for the customers with low interest rate. There is no hidden cost and less paper work during processing.

LIC home loans provides 8.65% p.a. of interest for tenure minimum of 1L-15crores and time limit up to 30years.LIC home loans are also given to the NRI’s and Pensioners. It provides Griha Varishtha home loan for applicants having pension benefits up to 80 years of age. LIC home loans are given to salaried and also for self-employed people.

LIC Home Loan Interest Rate

LIC HFL home loan interest rate details are listed below:

Loan AmountMaximum 90% of Property value
Interest rateMin of 8.65% – Max of 10.50%p.a.
Tenure for repayment30 years
Processing fee0%-0.5% of Property value

Types of Schemes

Different types schemes available in LIC home loans are

  1. LIC HFL Griha Siddi Home Loan
  2. LIC HFL Griha Varishtha
  3. LIC HFL Griha Suvidha
  4. LIC Pradhan Mantri Awas Yojana
  5. LIC HFL Home Loan for NRI
  6. LIC HFL Home Construction Loan
  7. LIC HFL Home Extension Loan
  8. LIC HFL Home Renovation Loan
  9. LIC HFL Home Loan Top Up
  10. LIC HFL Advantage Plus

LIC HFL Griha Siddi Home Loan

  1. For purchasing or occupying the new house or new flat this loan process can be availed.
  2. It can be availed loan for 3 crores.
  3. Children’s can be co-applicant for the loan.
  4. Maximum tenure is 30 years.

LIC HFL Griha Varishtha

  1. Employees and Retired employees who are eligible and drawing pension under Defined Benefit Pension Schemes are eligible to take this loan.
  2. Irrespective of property, the spouse is the joint applicant and children are co-applicant for the loan.
  3. Maximum loan tenure is 30 years.

LIC HFL Griha Suvidha

  1. Applicant should get minimum 70% salary through bank transfer.
  2. Two salaried employees can be co-applicants in the loan.
  3. The maximum loan term can be extended by 10 more years after retirement.
  4. Maximum tenure limit is 30 years.

LIC Pradhan Mantri Awas Yojana

  1. It is a subsidy interest who borrow first pucca house/ constructing the house for up to Rs2.67lacs.

LIC HFL Home Loan for NRI’s

  1. LIC home loan are given to NRI’s for buying a new house/ constructing/ Renovation.
  2. It allows balance transfer of existing account from other account.

LIC HFL Home Construction Loan

  1. Provides loans for construction with attractive interest rates.
  2. LIC HFL construction loan can avail up to 75lacs.

LIC HFL Home Extension Loan

  1. This loan is provided for the applicants for extension of their house.
  2. Maximum tenure is 30 years.

LIC HFL Home Renovation Loan

  1. This loan is provided for applicants for renovating their existing houses.
  2. Maximum tenure is 30years.

LIC HFL Home Loan Top Up

  1. The employees who are transferring their bank account from one bank to another bank.
  2. It can be applicable for both existing and new customers with existing mortage.

LIC HFL Advantage Plus

  1. It is nothing but a special balance transfer scheme.
  2. Waiver with 2 EMI’s and no pre-payment penalty.

Eligibility for LIC HFL loans

In order to apply home loan, you need to avail eligibility criteria of LIC HFL Home loans. The following shows the eligibility criteria for the applicants:

  1. Salaried employee with max 50 years of age.
  2. Non-Salaried Employee with max 75 years of age.
  3. NRI’s and also Indian citizens.
  4. Self-Employee with income more than 30k per month.
  5. Work experience should be minimum of 2 years.

Documents Required for the LIC HFL Home Loans

The documents required for applying LIC HFL Home loans are listed below:

  1. For address Identification
    • Aadhar Card for Indians, Passport for NRI’s
    • Pan card
    • Driving license
  2. For Salaried Employees
    • Salary slip
    • Form 16
    • Bank transfer account details for last 6 months
  3. For Non- employees
    • Bank account details for last 6-12 months.
    • Income tax returns for last 3 years.
  4. Property documents
    • Income tax paid receipt up to date
    • Owners proof of property
    • Allotment order for flats.

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