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.
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.
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:
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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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||-||-|
If you are looking forward to acquiring the LIC home loan, here are the eligibility measures that you must keep in mind:
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)|
For queries related to LIC home loan interest rate, you can contact the customer care of LIC bank @
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