Connect with us

Finance

What’s So Special About LIC Home Loan

What’s So Special About LIC Home Loan

LIC Housing Finance is among those few lenders where people believe their dreams are safe. The lender makes sure that you get a bunch of unique benefits which are not available anywhere else. But, you can not trust a random money lender just because you have heard good things about them, right?

So, what should be done? Well, you are living in a democratic country I suppose, thus have the privilege to have different opinions about things. To be satisfied that you have chosen a suitable financer, you can surely look for what they are offering and also compare it with their competitors. See, till the time something is challenged, it’s real strength is not known.

How can you compare it then? Be it any loan, you prefer the lowest rate of interest and highest loan amount. But, for home loans, you look for the flexibility in terms of tenure as well as for different purposes for which the loan can be taken along with other additional benefits (if any). In this article, I have given the basic details of LIC home loan such as the interest rate and eligibility criteria. You can

LIC Home Loan Interest Rate

The home loan interest rate at LIC is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.45% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:

  • Up to ₹30 lakhs- 8.45% p.a. (for women) and 8.55% p.a. (for others)
  • From ₹30 lakhs and ₹75 lakhs- 8.60% p.a. (for women) and 8.70% (for others)
  • From ₹75 lakh to ₹2 crore- 8.70% p.a. (for women) and 8.80% p.a. (for others)
  • From ₹2 crores to ₹5 crores- 8.80% p.a. (for women) and 8.90% p.a. (for others)

The first and foremost thing when it comes to providing loans to customers is their profile like whether or not they are eligible for it. So, let us see what is the home loan eligibility criterion at LIC so that you can apply for it.

LIC Home Loan Eligibility

Below are the eligibility criteria that an applicant must match to apply for a home loan at LIC:

  • Resident of India
  • Non-Resident of India
  • Pensioners
  • Salaried employees
  • Self-employed professionals
  • Businessmen
  • Pensioners below 70 years of age are classified as before-retirement individuals
  • Pensioners of 70 years of age and above are classified as post-retirement individuals

Eligibility for Salaried NRI/PIO Customers

For Purchase/Construction and Repairs/Renovation:

  • You can get a minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs
  • Qualified professionals can choose loan tenure up to 20 years
  • Others can get the loan for the tenure up to 30 years

For Plot Purchase:

  • You can get a minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs
  • The loan can be taken for the maximum tenure of 15 years

For Takeover from other Banks:

  • Salaried applicants can get the loan for the maximum tenure of 30 years
  • Businessmen can get the loan for the maximum tenure of 20 years

With the above information, you may note that the rates are among the lowest rates in the market. You can look for rates at different lenders and calculate EMIs based on them and then see whether or not LIC home loan is suitable for you or not.  

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Health2 days ago

Simple Ways To Feel More Confident At The Gym

If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...

Business1 week ago

Can You Use Residential Property for Commercial Use

Having extra income, constantly flowing in can make all the difference in the current economy. Getting creative with how you...

What Do Business Consultants Do What Do Business Consultants Do
Business2 weeks ago

Running a Business? How to Minimize Supply Chain Issues

Supply chain issues have always been an issue for businesses but over the last few years, the effect and widespread...

Home Improvement3 weeks ago

How to Increase Your House Value Before Selling

Increasing home value is the first step to making your place more attractive for future buyers. Whether you are trying...

General4 weeks ago

Why Calorie Control Is Still The Best Way To Diet

There are a great deal of different options when it comes to dieting, every day there seems to be a...

The Benefits Of Trade Credit Insurance For Your Business The Benefits Of Trade Credit Insurance For Your Business
Business1 month ago

The Benefits Of Trade Credit Insurance For Your Business

Trade credit insurance provides cover for businesses who trade on a credit basis. If the people who owe money for...

5 Charming Restaurant Decor Ideas In 2022 5 Charming Restaurant Decor Ideas In 2022
Miscellaneous2 months ago

5 Charming Restaurant Decor Ideas In 2022

Making your restaurant memorable and stand out is a feat worthy of praise. The sheer pressure of wanting to succeed...

Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started
Business2 months ago

Bank Won’t Fund Your Business? 4 Loan Alternatives To Get You Started

Businesses typically require some sort of collateral or proof of concept before funding their business venture. However, it is possible...

Planning A Stag Do Planning A Stag Do
Miscellaneous2 months ago

Planning A Stag Do

If you’re a Best Man then you’re in a unique position of responsibility, and before the day itself when you’ll...

Tips to Reduce Eczema Flare-Ups Tips to Reduce Eczema Flare-Ups
Health2 months ago

What Triggers Eczema | Tips to Reduce Eczema Flare-Ups

Eczema is a skin condition that can induce redness, itchiness, and skin inflammation. Its root cause is not fully understood,...

Women's Fashion Trends To Expect In 2022 Women's Fashion Trends To Expect In 2022
Lifestyle3 months ago

Women’s Fashion Trends To Expect In 2022

A new year means new fashion trends. We cannot wait for what is in store in 2022. It seems that...

Home Makeover Trends: Insights from The Pros Home Makeover Trends: Insights from The Pros
Home Improvement3 months ago

Home Makeover Trends: Insights from The Pros

Are you considering a home makeover but don’t know where to start? You’re in luck! In this article, we will...

Interior Design Trends 2022 Interior Design Trends 2022
Home Improvement3 months ago

Interior Design Trends 2022

We all spend time pining over other people’s interior’s on Pinterest or Instagram, but with these trends, it’s easy to...

Top Commonly Overlooked Car Maintenance and Repairs Top Commonly Overlooked Car Maintenance and Repairs
General3 months ago

Top Commonly Overlooked Car Maintenance and Repairs

Maintaining a car is a huge responsibility. There’s a lot that goes into that given how complicated a machine it...

What Is The Difference Between Strata and Property Manager What Is The Difference Between Strata and Property Manager
General4 months ago

What Is The Difference Between Strata and Property Manager

Real estate is a diverse market, and as such, it can be hard to determine the differences between various types...

Categories

Archives

Trending