LIC provides an extensive range of home loan products as they believe in meeting the diverse needs of their customers. You could be a salaried individual, self-employed professional, NRI, or fall into any other category, LIC housing loan interest rates are tailored in such a manner to meet your specific requirements.
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In this blog, we are going to explore the different offerings that LIC provides for home loans which will help you decide which one is for you.
The LIC housing finance interest rate is dependent on:
- The CIBIL Range
- The type of occupation
| CIBIL Range | Occupation Type | Amount of Loan | Rate of Interest |
| >= 750 | Salaried and Professional | Up to 2 Crore | 8.50% |
| Salaried and Professional | More than 2 Crore and up to 15 Crore | 8.70% | |
| Non-salaried & non-professional | Up to 2 Crore | 8.60% | |
| Non-salaried & non-professional | More than 2 Crore and up to 15 Crore | 8.80% | |
| 700 to 749 | Salaried and Professional | Up to 2 Crore | 8.75% |
| Salaried and Professional | More than 2 Crore and up to 15 Crore | 8.95% | |
| Non-salaried & non-professional | Up to 2 Crore | 8.85% | |
| Non-salaried & non-professional | More than 2 Crore and up to 15 Crore | 9.05% | |
| 600 to 699 | Salaried and Professional | Up to 50 Lakhs | 9.55% |
| Salaried and Professional | More than 50 Lakhs and up to 2 Crore | 9.75% | |
| Non-salaried & non-professional | Up to 50 Lakhs | 9.65% | |
| Non-salaried & non-professional | More than 50 Lakhs and up to 2 Crore | 9.85% | |
| Non-salaried & non-professional | More than 2 Crore and up to 15 Crore | 10% | |
| < 600 | Salaried and Professional | Up to 50 Lakhs | 10% |
| Salaried and Professional | More than 50 Lakhs and up to 2 Crore | 10.20% | |
| Salaried and Professional | More than 2 Crore and up to 15 Crore | 10.40% | |
| Non-salaried & non-professional | Up to 50 Lakhs | 10.10% | |
| Non-salaried & non-professional | More than 50 Lakhs and up to 2 Crore | 10.30% | |
| Non-salaried & non-professional | More than 2 Crore and up to 15 Crore | 10.50% |
The aforementioned rates are floating rates of interest.
Period of Repayment
The maximum repayment period is as below:
| For Salaried individuals up to | 30 years |
| For Self Employed individuals up to | 25 years |
Note: The above is dependent on the repaying capacity and age of the applicant.
Read: PNB Home Loan Interest Rates – Updated in April 2024
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Home Loan for Resident Indian
LIC Housing Finance Ltd (LIC HFL) understands the dream of many i.e. owning a home. LIC HFL makes certain that you can gain account to the necessary funds to begin your dream of owning a home. LIC HFL provides Home Loans or Housing Loans for the purchase of:
- Under construction or ready-to-move homes.
- Construction of your own home.
Who is eligible for LIC HFL Home Loans?
- All Salaried employees working in Private or Government/Public Organisations.
- Self-employed individuals.
What is the Griha Suvidha Home Loan?
LIC HFL believes that having your own home is a dream for many. Hence they have introduced the Griha Suvidha Home Loan. Under this type of home loan, your age and income do not matter as it is a mortgage-backed housing loan.
Who are eligible for LIC HFL Griha Suvidha Home Loans?
- Employees draw part of their salary in cash.
- Salaried individuals looking for home loan terms beyond their retirement.
- Self-employed individuals wanting extended loan tenure.
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Home Loan for Non-resident Indians (NRIs)
If you are an NRI having the aspiration to own a home in India, you have good news! LIC HFL recognizes your aspiration and hence offers a wide range of home loans for you. LIC HFL includes products that are customizable in nature which depends on your eligibility and are available at low rates of LIC housing loan interest.
Here are the types of Home Loans Available for Non-resident Indians:
- Home Loan
- Plot Loan
- Home Improvement Loan
- Home Renovation Loan
- Top Up Loan
- Balance Transfer
Plot Loans
To create your ideal living space, LIC HFL also provides loans to acquire residential plots for the construction of your home within a period of 3 years.
Types of Plot Loans:
- Purchase of Plots from Government bodies/Developed Authorities/ Approved Layout: The maximum amount of loan here will be 75% of the property value and the maximum loan tenure is a period of 15 years.
- Composite Loan for Purchase of Plot and House Construction
Home Improvement Loans
LIC HFL offers a Home Improvement Loan for the improvement of your home. This type of loan is available for both the types of customers i.e. the existing customers as well as the new customers.
Read: Standard Chartered Bank Home Loan Interest Rate – Updated in April 2024
Home Renovation Loan
LIC HFL offers the Home Renovation Loan for renovation of your home. This type of loan is available for both the types of customers i.e. the existing customers as well as the new customers.
Top-Up Loan
The Top Up Loan offered by LIC HFL is given over the home loan provided to the existing customers as an additional loan. This type of loan is also available to new customers once they convert their existing home loan to LIC HFL.
Who are the eligible customers?
- Existing customers with default-free housing loan seasoning
- New customers transfer their loan from another financial institution
What will be the eligible amount?
The eligible amount will be known when the application is filed. This is dependent on certain factors such as the repayment capacity, outstanding loan amount (if any), etc.
Home Loan for Pensioners
Who are the eligible applicants for this loan?
- Employees of the State Government and individuals drawing pensions under Defined Benefit Pension Schemes (DBPS) who are up to 65 years of age as per last birthday.
- Individuals working with PSUs Insurers, PSUs Nationalised Banks, Central Government, and State Government and eligible for pension under the Defined Benefit Pension Schemes (DBPS)
For availing of the LIC HFL Home Loan for Pensioners, the spouse must be the joint applicant. This must be certain, regardless of the ownership of the property.
One of the salient features of the LIC HFL Home Loan for Pensioners is that children can be co-applicants while applying for the loan. Their income can be added as it will allow for a longer term and higher eligibility amount.
Read: 45 Lakh Home Loan EMI With Calculator And Interest Rates 2024
Tenure of the Loan:
- In the case of joint applicants drawing a pension, the maximum loan term is up to the attainment of 80 years of age.
- If the income of younger applicants (son/daughter/spouse) is considered, then:
- The maximum loan term is up to 30 years
- Till the attainment of 80 years of the younger applicant, whichever is earlier
One of the additional benefits received by borrowers with default-free track records is eligible for a waiver of EMI. The EMI waiver is as follows:
- 1st waiver of EMI at the 61st month of the loan tenure.
- 2nd waiver wave of EMI is at the 121st month of the loan tenure.
Balance Transfer
If you have any existing home loan with another financial institution LIC HFL allows for the takeover of your existing home loan or Balance Transfer.
Documents Required for the Purpose of Availing a LIC HFL Home Loan
- Income Documents
- Property Documents
- KYC Documents
Income Documents will include the following:
- Salary slips and Form No. 16 for salaried employees
- Last 3 years’ income tax returns for self-employed individuals or professionals
- Last 3 years of Financial Statements for self-employed individuals or professionals
- Last 6 months to 12 months Bank Statements
Property Documents will include the following (in case the property is identified)
- Proof of ownership of property
- In the situation of ownership of Flats, the allotment letter of the builder/society
- Up-to-date tax paid receipt
KYC Documents will include the following:
- PAN Card
- Aadhar Card
- For Non-resident Indians, the requirement of a passport is mandatory
- Proof of residence
Note: All loans will be sanctioned at the sole discretion of the LIC HFL.
Read: Home Loan Process in India: Step-by-Step Procedure
With quick sanctioning, low EMIs, and simplified documentation, LIC HFL guarantees a seamless borrowing experience.
In addition, the competitive LIC home loan current interest rate, absence of pre-payment penalties, and options for purchasing, constructing, repairing, or transferring existing home loans make LIC HFL an ideal choice for fulfilling your housing finance needs.
LIC Home Loans stand out not only for their wide range of offerings but also for catering to both working professionals and retired individuals. Their competitive loan schemes and ability to cater to a diverse customer base make them an ideal choice for home financing.
When considering a home loan, it’s essential to compare various options, including interest rates and processing fees. Additionally, maintaining a good credit score can also enhance your chances. Contact NoBroker expert Home Loan advisors to get more help with your home loan.
Disclaimer
This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.
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Frequently Asked Questions
1. What is LIC HFL?
LIC Housing Finance Limited, also known as LICHFL, is a reputable housing finance company operating across the country. It is a subsidiary of the renowned Life Insurance Corporation (LIC) and primarily focuses on offering long-term financing solutions for individuals looking to purchase or construct their dream homes.
2. How can I modify the present LIC home loan interest rate for my LICHFL home loan?
If you wish to adjust the interest rate for your LICHFL home loan, access the customer portal using your credentials. Locate the ‘Change ROI’ tab, accept the terms and conditions, and proceed by selecting the loan for which you want to modify the interest rate. Upon completion, you will be required to pay a rewriting fee to confirm the changes.
3. Can I conveniently make LICHFL Home Loan EMI payments online?
Making your LIC HFL Home Loan EMI payments online is hassle-free. Simply log in to the customer portal using your user ID and password. Click on the “pay online” option and select “loan account.” Retrieve the outstanding dues and choose your preferred mode of payment, either through a registered mobile number or email. Accept the terms and conditions, and you will be redirected to the Payment Gateway site for secure processing.
4. How does LICHFL’s home loan offering compare to HDFC Housing Loan?
LICHFL and HDFC Ltd are two reputable entities providing a range of home loan schemes with attractive interest rates. It is vital to carefully review all charges and terms before making a decision. While LICHFL offers low processing fees, HDFC offers interest rate concessions for female applicants. Take the time to thoroughly compare LIC Vs HDFC home loans to make an informed choice.
5. How does my credit score impact the interest rate?
Your credit score plays a crucial role in determining your home loan eligibility. LICHFL assesses your risk profile based on factors such as your credit score before finalizing the LIC HFL interest rate. Individuals with a higher credit score of 700 or above are likely to enjoy lower interest rates, whereas those with a credit score below 600 may incur higher rates. It is advisable to maintain a good credit score to secure the best interest rates, though the final rate offered is solely at the bank’s discretion.
6. What is LIC home loan interest rate 2024 ?
The currently prevailing interest rates on LIC housing finance home loans range from 8.50% p.a. to 10.25% p.a.
7. What is LIC home loan top up interest rate ?
The LIC home loan top-up interest rate varies based on the applicant’s CIBIL score and the loan amount. For CIBIL score greater than or equal to 750, the interest rate is 9.70% for a top-up loan of up to Rs. 15 Crores. For CIBIL score between 750 and 700, the interest rate is 10.30% for the same loan amount. And for CIBIL score between 700 and 600, the interest rate is 11.55% for a top-up loan of up to Rs. 15 Crores. The interest rate is floating for all the mentioned cases.
8. What is LIC home loan balance transfer interest rate ?
LIC Home Loan offers competitive balance transfer interest rates, ranging from 6.90% p.a. to 7.80% p.a., based on the applicant’s credit score and loan amount.
9. What is lic home loan balance transfer charges ?
The LIC home loan balance transfer charges include a processing fee of ₹10,000, ₹50,000, or 0.25% of the loan amount (whichever is lower) plus GST. Additionally, there are no prepayment charges on floating interest rates, providing flexibility for borrowers.
10. What is current floating interest rate for home loan LIC HFL ?
The current floating interest rates for LIC HFL home loans are as follows:
For women borrowers:
Up to Rs. 30.00 Lacs: 8.35%
Above Rs. 30.00 Lacs and up to Rs. 2.00 Crores: 8.50%
Above Rs. 2.00 Crores and up to Rs. 5.00 Crores: 8.70%
For other borrowers:
Up to Rs. 30.00 Lacs: 8.40%
Above Rs. 30.00 Lacs and up to Rs. 2.00 Crores: 8.50%
Above Rs. 2.00 Crores and up to Rs. 5.00 Crores: 8.70%
