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home loan

Posted on : 09 Aug, 2018

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to LIC Housing Finance Home Loans

LIC Housing Finance offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, LIC Housing Finance Home Loans are tailor made catering to the needs of various customers.

Advantages of LIC Housing Finance Home Loans

  • Low interest rates
  • Low processing fees
  • Less paperwork
  • No prepayment penalties
  • No hidden costs and administrative charges
  • Balance home loan transfer

Features of LIC Housing Finance Home Loan

Objective:

LIC Housing Finance provides home loans for the purpose of purchasing house/land, for constructing a new home or for extending their existing home.

Loan Amount:

The minimum loan amount is Rs.1 lakh where LIC Housing Finance will provide funds of 85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of total cost of the property for loans above 75 lacs

Loan Tenure:

Maximum term - For Salaried - 30 years, for self-employed 20 Years

Prepayment Charges: NIL

Processing Fees:

As applicable and specified in the Terms & Conditions

Interest Rate:

Interest rate starts from 8.5%

Eligibility Criteria:

To avail the home loan from LIC Housing Finance, you need to have the following eligibility criteria.

  • You should be more than 21 years of age
  • Steady income with minimum 2 years of experience

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