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Essential Information about LIC Home Loan Interest Rate 2024

Updated on July 15, 2024 , 19071 views

Buying a home is definitely a substantial step. Apart from being excited, you may also end up feeling frustrated, anxious, and so much more. With property rates increasing without a stop, it is quite impossible for the employee class to buy a home without taking any financial help.

LIC Home Loan Interest Rate

Generally, taking a Home Loan is nothing less than a massive liability. Keeping the long tenure and huge amount in mind, the commitment is going to be for the long-term. Thus, when you take a loan, make sure you get all the benefits needed.

Herein, let’s talk more about LIC home loan scheme and its interest rate. Find out how advantageous this option could be.

Features of LIC Home Loan

Once you have made up your mind to construct or buy a house through a loan, knowing the benefits or features that LIC home loan would provide is a non-ignorant step. Thus, here are a few features that you can expect out of this loan type:

  • Get skilled professionals to guide throughout the process via home-visit service
  • Presence in PAN India with major offices in Kuwait and Dubai
  • Competitive and affordable LIC home loan interest rates, starting from 6.90% p.a.
  • Different loan schemes to choose from as per the requirements
  • Loan approval depends upon the financial health of the applicant
  • Completely transparent process with no hidden costs
  • Tenure up to 30 years for easy repayment
  • Special concession for women applicants
  • No pre-payment charges on any floating loan rate
  • Top up Facility available for existing loan holders

LIC Loan Interest Rate 2024

The LIC housing loan interest rate differs as per the scheme you are choosing for your home loan. Lately, LIC announced that they would be providing loans at as lower as 6.9% p.a. However, this Range could differ on the Basis of your Credit Score, loan amount, profession, and other relevant aspects.

Apart from that, you can also expect:

Loan Amount Interest Rate
Up to Rs. 50 lakhs 6.90% p.a. onwards
Rs. 50 lakhs and 1 crore 7% p.a. onwards
Rs. 1 crore and 3 crores 7.10% p.a. onwards
Rs. 3 crores and 15 crores 7.20% p.a. onwards

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Types of Home Loans Provided by LIC

Under the home loan category, LIC provides four different types:

Particulars Indian Residents Non-Resident Indians Loan Against Property( Only for Indian residents)
Loan Amount Minimum amount up to Rs. 1 lakh Up to Rs. 5 lakhs Minimum amount up to Rs. 2 lakhs
Loan Finance Financing up to 90% of the property value up to Rs. 30 lakhs; 80% for more than 30 lakhs and up to Rs. 75 lakhs and 75% for loans more than Rs. 75 lakhs Financing up to 90% of the property value up to Rs. 30 lakhs; 80% for more than 30 lakhs and up to Rs. 75 lakhs and 75% for loans more than Rs. 75 lakhs Financing up to 85% of the property cost
Loan Tenure Up to 30 years for salaried and 20 years for self-employed Up to 20 years for person with professional qualification and 15 years for others Up to 15 years
Loan Purpose Renovation, extension, construction, plot and property purchase Renovation, extension, construction, property and plot purchase -
Processing Fee Rs. 10,000 + GST for up to Rs. 50 lakhs and Rs. 15000 + GST for loans above Rs. 50 lakhs and up to Rs. 3 crores - -

For Pensioners

  • Can be availed before or after retirement
  • Hassle-free and seamless documentation
  • Tenure up to 15 years or 70 years of age, whichever would be earlier

Eligibility Required for LIC Home Loan

If you are looking forward to acquiring the LIC home loan, here are the eligibility measures that you must keep in mind:

  • You should be an individual who is:
    • Indian resident
    • Non-resident Indian
    • Person of Indian origin
  • In terms of occupation, the requirements include:
    • Being a salaried person
    • Being a self-employed person
  • If you are taking a before pension scheme, your age should be at least 50 years or more
  • If you are taking an after-pension scheme, you should have a balanced Income after retirement

How to Apply for Loan?

Applying for LIC home loan can be done in two different ways, i.e online and offline. While online method would take you to LIC website; and the offline method would ask you to visit a nearest branch.

Applying for a LIC home loan requires you to submit a variety of documents. You can find the list mentioned below:

For Self-Employed For Salaried Employees General Documents
Completely filled application form Completely filled application form Identity proof
Last 3 years of Income Tax Return Last 6 months of salary slips Address proof
Account statement and income computation certified by a CA Form 16 2 years of Bank statement
Last 3 years of the financial report - Power of attorney (if available)
  • Allotment letter
  • Property registration Receipt
  • Society registration certificate
  • Payment receipts
  • No objection certificate (NOC) from the builder
  • Sale agreement copy
  • Sanction letter and sanctioned plan copies
  • Sale agreement copy

Customer Care Service Number

For queries related to LIC home loan interest rate, you can contact the customer care of LIC bank @ 912222178600.

  • Email: lichousing[@]lichousing[dot]com / customersupport[@]lichousing[dot]com.
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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