home loan on lic

 

 

 

LIC Housing Finance Limited (LICHFL) offers home loans starting from 6.70% p.a. onwards for tenures of up to 30 years. It also offers home loan balance transfer/takeover facility to existing home loan borrowers of other lenders at lower interest rates and Griha Varishtha home loan to applicants having pension benefits with loan tenures of up to 80 years of their age. The HFC also offers Griha Suvidha, home loan scheme backed by Mortgage Guarantee, to salaried applicants receiving their salary in cash, self-employed applicants requiring extended loan tenure and salaried applicants nearing their retirement age requiring longer loan tenure.

 

 

LIC Housing Finance Home Loan Highlights 2022
Interest Rates	6.70%-8.05% p.a.
Loan Amount (LTV Ratio)	90% of property value
Tenure	Up to 30 years
Processing Charges	NIL

Note: Rates as on 12th January 2022. The figures given in the table are indicative and are subject to change as per any change in the LIC home loan scheme at LIC HFL or the RBI policy, without prior information.

LIC Home Loan Interest Rates

Loan Slab (CIBIL >= 700)	Salaried & Professional	Non-Salaried & Non-Professional
Up to 2 crore	6.75%	6.75%
More than 2 crs & up to 15 crs (For Griha Sidhi/Apna Ghar/Advantage Plus)	6.90%	7.00%
More than 2 crs & up to 3 crs (2020 Homecoming)	7.10%	7.20%
More than 3 crs & up to 5 crs (2020 Homecoming)	7.20%	7.30%

 

Loan Slab	CIBIL Score	Salaried & Professional	Non-Salaried & Non-Professional
Up to Rs. 50 Lakh	650 – 699	7.10%	7.20%
	600 – 649	7.30%	7.40%
	< 600	7.50%	7.60%
	CIBIL 101-200 or NTC	7.20%	NA
More than Rs. 50 Lakh & Up to Rs. 1 Cr	650 – 699	7.30%	7.40%
	600 – 649	7.60%	7.70%
	< 600	7.70%	7.80%
	CIBIL 101-200 or NTC	7.40%	NA
More than Rs. 1 Cr & Up to Rs. 3 Cr	650 – 699	7.40%	7.50%
	600 – 649	7.70%	7.80%
	< 600	7.70%	7.80%
More than Rs. 3 Cr & Up to Rs. 15 Cr	650 – 699	7.50%	7.60%
	600 – 649	7.70%	7.80%
	< 600	7.80%	7.90%
Special ROI under Advantage plus Scheme (Housing Loan Component)
Sum of Housing & Non Housing loan component should be more than 50 lakhs & up to 10 Crs	>= 750	6.70%	6.70%

LIC HFL Home Loan Fixed Interest Rates

My Choice –Sure Fixed & Apna Ghar (PMAY-CLSS) – Sure Fixed

Loan Slab	ROI
Up to Rs. 50 lakh	10.05%
Above Rs. 50 lakh & up to Rs. 5 cr	10.15%

Compare LIC Home Loan Interest Rates vs Other Lenders

Interest Rates (% p.a.)
Name of Lender	Up to 30 Lakh	Above 30 Lakh & up to 75 Lakh	Above 75 Lakh
LIC Housing Finance	6.70 – 7.85	6.70 – 8.05	6.70 – 8.05
State Bank of India	6.70-7.65	6.70-7.15	6.70-7.15
HDFC	6.70-8.45	6.70-8.60	6.70-8.70
Axis Bank	6.75-11.50	6.75-11.50	6.75-11.50
ICICI Bank	6.70-7.55	6.70-7.55	6.70-7.55
Kotak Mahindra Bank	6.55 onwards	6.55 onwards	6.55 onwards
PNB Housing Finance	6.75-12.00	6.75-12.00	6.90-9.75
Punjab National Bank	6.55-7.95	6.50-7.65	6.50-7.60
Bank of Baroda	6.50-8	6.50-8	6.50-8.25
Union Bank of India	6.60-7.60	6.60-7.65	6.60-7.65
IDFC First Bank	6.90 onwards	6.90 onwards	6.90 onwards
L&T Housing Finance	6.75 – 7.75	6.75 – 7.75	6.75 – 7.75
Bajaj Finserv	6.65-14	6.65-14	6.65-14
Godrej Housing Finance	6.59 onwards	6.59 onwards	6.59 onwards
Tata Capital	6.70 onwards	6.70 onwards	6.70 onwards

 

LIC Home Loan Processing Fees & Charges

Nature of Fees or Charge	Applicable Charges (exclusive of GST)
Processing fee	Up to 0.35% of loan amount (Maximum Rs 50,000)
Prepayment Charges	In case of fixed-rate home loan/applicants other than individuals: 2% on the principal repaid In the case of a floating home loan: prepayment charges are not applicable
CERSAI Statutory Charges applicable at the time of loan disbursement	For loans of up to Rs. 5 lakh: Rs. 250 For loans of above Rs. 5 lakh: Rs. 500
Rewriting charges for Conversion fee	For loans up to Rs. 75 lakh: Up to Rs. 1,000 For loans above Rs. 75 lakh & up to Rs. 3 crore: Up to Rs. 2,500
Cheque bouncing charges on dishonour of cheques submitted for loan repayment	Rs. 350
ECS dishonour charges	Rs. 200
Document retrieval charges payable on the closure of the loan	Rs. 2,500
A miscellaneous fee of providing a list of documents	Rs. 500 (on each request)
Miscellaneous fee for a photocopy of title documents	Rs. 1,000 (on each request)
Late fee for late payment of EMIs	Up to 2.00% on default instalment
Recovery charges payable for defaulting the repayment of loan instalment	All types of charges, costs, expenses and incidental charges which LIC Housing Finance Corporation has incurred for the recovery of the defaulted loan. Up to and including default of 12 months: 1.50% per month on the amount of the defaulted instalment Default of instalments beyond 12 months: 2% per month on the amount of the defaulted instalment

Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.

Types of LIC HFL Home Loan

Home Loan for Resident Indians

Purpose: For purchase of under construction or ready to move in homes or construction of own house

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Griha Varishtha Home Loan for Pensioners

Purpose: Home loan for pensioners, Central/State government and PSU employees eligible for Defined Benefit Pension Scheme with 6 EMI waivers (2 EMIs at 37th and 38th month, 2 EMIs at 73rd and 74th month, 2 EMIs at 121st and 122nd month of loan tenure)

Tenure:

• For Pensioners- Up to the age of 80 years
• For Younger Applicants- Up to 30 years or 80 years of age

Pradhan Mantri Awas Yojna (PMAY)

Purpose: Interest subsidy of up to Rs 2.67 lakh for constructing/purchasing the first pucca house of the borrowers

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Griha Suvidha

Purpose: This home loan scheme backed by Mortgage Guarantee, where age and type of income does not matter. These home loans are offered to applicants receiving part of their salary through cash or those requiring extended loan tenures due to their nearing retirement age. This loan scheme is also available to self-employed applicants requiring extended loan tenure.

Tenure: Up to 30 years

Home Loan for NRIs

Purpose: Home loan scheme for NRIs for purchasing plot, carry out home improvement/renovation, availing top-up home loans and for balance transfer of existing home loans from other banks/NBFCs to LIC Housing Finance.

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Plot Loan

Purpose: For purchase of residential plot from Government bodies/Development Authorities/Approved Layout and for purchasing plot under Composite Scheme if the applicant intends to construct within 3 years from date of purchase

Tenure: Up to 15 years

LTV Ratio: Up to 75% of property value

Home Construction Loan

Purpose: For construction of home

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Home Extension Loan

Purpose: For extension of existing home

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Home Improvement Loan

Purpose: For improvement of existing home

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Top-up Home Loan

Purpose: Additional loan on the existing home loan for new as well as existing borrowers. New borrowers can avail top-up during balance transfer of existing home loan to LIC Housing Finance

Interest Rate:

• For New Applicants- 8.50% p.a.
• For Existing Applicants- 9.00% p.a.
• For Balance Transfer applicants availing top-up- 9.00% p.a.

Home Loan Balance Transfer

Purpose: For transfer of existing home loan from other banks/NBFCs to LIC Housing Finance at lower interest rates. The applicants can get waiver of 2 EMIs.

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Advantage Plus

Purpose: Special home loan balance transfer scheme with 2 EMI waivers (at the end of 5th year or during loan closure)

Tenure: Up to 30 years

LTV Ratio:

Loan amount up to Rs 30 lakh	90% of property value
Loan amount above Rs 30 lakh-Rs 75 lakh	80% of property value
Loan amount above Rs 75 lakh	75% of property value

Eligibility Criteria for LIC Home Loan

For Griha Suvidha Home Loan

For Applicants who get part of their salary in cash

• Applicant should necessarily be getting at least 70% component of the Salary through Banking channel
• Cash components in the form of OT/ Incentive/ Bonus / Vehicle charges/ Reimbursements not forming part of CTC or not reflected in Form no. 16, can be treated as an additional income for salaried employees. Such cash component will be restricted to a maximum of 30% of the total income
• Loan term to be restricted up to the age of retirement of Senior Applicant whose income is considered for loan calculation
• Maximum 2 cash salaried borrowers can be Co-Applicants in the loan.
• Total gross income will be capped to Rs. 30,000 per month for 1 borrower & Rs. 40,000 per month in total for more than 1 cash salaried borrower

For Salaried Employees having No Pension

• The loan term can be considered beyond retirement age, subject to payment of the entire outstanding loan at the time of retirement
• The maximum loan term can be extended by 10 more years post-retirement i.e. if an applicant is aged 45 years and retiring at the age of 58 years, the term that can be given will be 23 years (attainment of 68 years of age)
• Maximum loan tenure will be 30 Years
• The maximum age at the time of application of a loan will be 50 Years

For Self Employed Individuals wanting extended loan term

• Loan term beyond 70 years and up to 75 years of the senior applicant
• Maximum loan tenure will be 30 years

For Griha Varishtha Home Loan

• Retired from PSU insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and drawing pension under Defined Benefit Pension Schemes (DBPS) who are up to 65 years of age as per last birthday
• Working with PSU Insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and eligible for pension under Defined Benefit Pension Scheme (DBPS)
• The spouse must be a joint applicant irrespective of the ownership of the property
• Children can be co-applicant in the loan and their income can be added for allowing longer-term and higher eligibility amount
• Maximum loan term up to the attainment of 80 years of age applicant drawing pension in case of joint applicant
• If the income of younger applicant/s (son/daughter/spouse) is considered, then the maximum loan term up to 30 Years or till attainment of 80 years of the younger applicant whichever is earlier

Top-up Loan

• New applicants transferring their existing home loan from other banks/NBFCs
• Existing customers with default free housing loan seasoning

PMAY

• The family of beneficiary comprise of husband, wife, unmarried children and should not own a pucca house anywhere in the country
• In case of married couple, either of the couples singly or jointly can avail single subsidy
• The beneficiary/family should not have availed Central assistance under any housing scheme from Indian Government
• In case of EWS/LIG, the property should be in the name of female head of the house or jointly with the male head. If there is no female head, the house can be in the name of the male member of the house.

Documents Required for LIC Housing Finance Home Loan

KYC documents

• Pan Card
• Aadhaar Card
• For NRIs, a passport is required
• Proof of residence

Income documents

• Salary slips and Form No.16 for salaried
• Last 3 years income tax returns along with financials for self-employed or professionals
• Bank statements for the last 6 to12 months

Property Documents (in case property is identified)

• Proof of ownership of property
• In the case of flats, the allotment letter of the builder/society
• Up to date tax paid receipt

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