How Is LIC Home Loan Review?

I had a positive experience with LIC Home Loan. The interest rates start at 7.50%, which is competitive, and the best part is the zero pre-payment penalty, allowing flexibility to repay early. The maximum loan tenure of up to 30 years makes EMIs manageable. For joint applicants, they consider the CIBIL score of the highest-scoring applicant, which is fair and transparent.

LIC initially assured loan sanction within 15 working days, but it took almost 3 months despite repeated visits and follow-ups. My experience with LIC was extremely disappointing. I felt hopeless at times. Their agent, Rambabu, promised an interest rate of 7.10%, but after paying all fees, the final sanctioned rate was 8.40%. My credit score was 780, so that wasn’t the issue. Overall, the process was frustrating, misleading, and very stressful.

I was wondering, is LIC HFL good for home loan? However, after going through many reviews and ratings, I finally decided to opt for the same. I’d like to share my personal point of view regarding the LIC HFL loan. I am happy that, as there are several documentation requirements for other banks, but very few for LIC. They approved the loan in three days. I received a loan for Rs. 14.5 lakhs, I purchased a house with that 6 years ago, and the whole loan term was 20 years.

I am writing this home loan from LIC housing finance review, as I have availed myself of a home loan from LIC. I’d say that the most important thing that I like about the LIC home loan is that there is no guarantor required, and the requirement of no pre-closure and part-payment fees. Previously, I was a bit scared and used to wonder, is LIC home loan good? However, I am so satisfied with their home loan sanctioning process. The only documents that I had to submit were 

• Any two of the following - Driving License, Aadhaar Card, Passport, Latest Electricity/Telephone/Water Bill

• PAN Card

• Last 6 months' bank statements

• Last 2 years' ITR

My loan was sanctioned within 7 days.

In this LIC housing home loan review, I’d like to share that I visited the LIC branch last week and they informed me that they are providing a house loan at a floating interest rate of 8.40% - 8.50%. The processing fee range is up to 0.25%(Max Rs. 25,000) for a loan amount of Rs. 30L - Rs. 5Crs and the tenure range is 5-30 years. I am interested in availing a home loan from LIC. Hoping for the best:)

If people ask me,

how is LIC home loan review? I’d say that it is one of the

worst banking companies ever. They made us wait more than two months for approval of a home loan, despite the fact that we were already customers, and after approval, they withheld our cheque at the last minute by stating that there might be changes in ROI. The seller of the house is unwilling to wait any longer, so we are stuck in the middle. Very poor services. Very slow and not worth the wait.