LIC Housing Finance (LIC HFL) is one of India’s
Interest rate in lic housing finance Overview of LIC Housing Finance Home Loans
**LIC Housing Finance Ltd. (LIC HFL)** is a subsidiary of Life Insurance Corporation (LIC) of India. Established in 1989, LIC HFL has a vast network of branches across the country, offering a variety of home loan products to suit different requirements.
Interest rate in lic housing finance
As of my last update in January 2022, LIC Housing Finance offered various interest rates depending on the type of loan and the borrower’s profile. Interest rates can vary based on market conditions and RBI guidelines. For the most current rates, it’s best to visit LIC Housing Finance’s official website or contact them directly.
Types of Home Loans Offered by LIC HFL
1. **Home Purchase Loan**
– For purchasing a new or resale residential property.
– Attractive interest rates.
– Flexible tenure options up to 30 years.
2. **Home Construction Loan**
– For constructing a residential property on a plot of land.
– Loans are disbursed in stages based on the progress of construction.
3. **Home Renovation Loan**
– For renovating or repairing an existing home.
– Can be used for various purposes like painting, flooring, plumbing, etc.
4. **Home Extension Loan**
– For extending or adding space to an existing home.
– Suitable for adding extra rooms, floors, or other extensions.
5. **Plot Purchase Loan**
– For purchasing a plot of land for residential purposes.
– Can be combined with a construction loan for building a home.
6. **Balance Transfer Loan**
– For transferring an existing home loan from another lender to LIC HFL at lower interest rates.
Key Features and Benefits
– **Competitive Interest Rates:** LIC HFL offers attractive and competitive interest rates, making home loans affordable.
– **Flexible Tenure:** Home loan tenure can extend up to 30 years, reducing the EMI burden.
– **Easy Documentation:** Simplified documentation process to ensure a hassle-free experience.
– **High Loan Amount:** Up to 90% of the property cost can be financed depending on eligibility.
– **Tax Benefits:** Avail tax benefits on principal and interest repayment under sections 80C and 24(b) of the Income Tax Act.
– **Prepayment and Foreclosure:** Facility to prepay or foreclose the loan without any additional charges, subject to certain conditions.
Eligibility Criteria
– **Age:** Minimum age of 21 years at the time of loan application and maximum age of 65-70 years at loan maturity.
– **Income:** Steady and regular income source. Both salaried and self-employed individuals can apply.
– **Credit Score:** A good credit score (typically 700 and above) is preferred.
– **Employment Stability:** Minimum 2 years of employment or business continuity.
Documentation Required
– **Identity Proof:** Aadhaar, PAN card, passport, voter ID, etc.
– **Address Proof:** Utility bills, rental agreement, passport, etc.
– **Income Proof:** Salary slips, IT returns, bank statements, etc.
– **Property Documents:** Sale deed, agreement to sell, approved building plan, etc.
– **Other Documents:** Employment proof, business proof for self-employed, etc.
Application Process
1. **Apply Online or Offline:** Submit the home loan application online through LIC HFL’s official website or visit the nearest branch.
2. **Documentation:** Submit all the required documents for verification.
3. **Loan Processing:** LIC HFL will assess your application and documents, and conduct a property valuation.
4. **Sanction and Disbursement:** Upon approval, the loan is sanctioned, and the amount is disbursed as per the agreement.
Why Choose LIC Housing Finance?
– **Legacy and Trust:** Backed by LIC of India, one of the most trusted brands in India.
– **Wide Network:** Extensive branch network ensuring easy access and customer support.
– **Customer-centric Approach:** Dedicated support and guidance throughout the loan tenure.
– **Technological Integration:** Seamless online services for loan application, EMI payments, and account management.
Conclusion
LIC Housing Finance home loans provide a comprehensive solution for all housing finance needs with attractive interest rates, flexible tenure options, and easy documentation processes. Whether you are buying a new home, constructing, renovating, or transferring your existing loan, LIC HFL offers reliable and customer-friendly home loan products.
For more information and to apply for a home loan, visit the [official LIC HFL website](https://www.lichousing.com).