LIC Housing Finance Limited (LIC HFL) provides home loans starting from 8.35% p.a. onwards for periods of up to 30 years. It also allows existing home loan borrowers from other lenders to transfer their balance or take over the loan at lower interest rates. Additionally, LIC HFL offers the Griha Varishtha home loan for applicants with pension benefits, with loan terms extending up to 80 years of age. The company also provides the Griha Suvidha home loan scheme, supported by Mortgage Guarantee, for various types of applicants, including those receiving cash salaries, self-employed individuals needing longer loan terms, and salaried individuals nearing retirement age who require extended loan tenure.
LIC Housing Finance Home Loan Highlights |
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|---|---|
| Interest Rate | 8.35% – 10.75% p.a. |
| Processing Charges | Flat Rs 3,000 |
| Tenure | Up to 30 years |
| Loan Amount (LTV Ratio) | 90% of property value |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
LIC HFL offers home loan interest rates starting from 8.35% per annum. They provide different interest rates based on factors such as the applicant's CIBIL score, loan amount, occupation profile, and the specific type of home loan scheme chosen from LIC Housing Finance.
| Schemes | Interest Rate for salaried | Interest Rate for Self-employed |
|---|---|---|
| LIC HFL Home Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Griha Suvidha | 8.75% p.a. onwards | 9.05% p.a. onwards |
| LIC HFL Home Loan for NRI | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Construction Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Extension Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Loan Top Up | 9.70% p.a. - 11.55% p.a. | NA |
| LIC HFL Advantage Plus | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Home Loan for Pensioners | 8.50% p.a. onwards | 8.60% p.a. onwards |
| LIC HFL Plot Loan | 8.70% p.a. onwards | 8.80% p.a. onwards |
| LIC HFL Home Renovation Loan | 8.50% p.a. onwards | 8.60% p.a. onwards |
LIC Housing Loan for Public
Purposes: LIC offers Home Loans for the public to help with buying or building a house/flat, making additions, repairs, renovations, alterations, or furnishing existing properties, purchasing under-construction houses/flats from various authorities or builders, buying land for constructing a home, and covering cost increases for existing home loan borrowers' under-construction flats.
Loan Amount:
- Plot/land purchase for house construction: Maximum loan amount up to Rs 50 lakh.
- Repair/renovation/alteration: Maximum loan amount up to Rs 25 lakh.
- Addition/construction/purchase of house or flat: Loan amount depends on the project cost and the borrower's repayment capacity.
- Furnishing Cost: Included in the project cost, with a maximum of up to 10% of the housing loan or Rs 25 lakh, whichever is lower.
Tenure:
- For repair/renovation/alteration of house/flat- Up to 15 years
- For Others- Up to 30 years
LTV Ratio:
- Home Loans (all variants) above Rs 75 lakh with a CIC Score of 750 and above, a discount of 20% is applicable.
- Top-up Home Loans, Term Loans, and Overdrafts with a CIC Score of 750 and above, a discount of 20% is also applicable.
LIC Housing Finance Scheme for Public- LIC Max Saver
Purposes: LIC Max Saver is a home loan overdraft facility designed for existing home loan borrowers. It allows borrowers to withdraw the required loan amount from a linked overdraft account within the sanctioned overdraft limit.
Consumers can use the LIC Max Saver scheme to finance various purposes, including:
- Purchase or construction of a house/flat
- Addition, repair, renovation, alteration, or furnishing of existing properties
- Purchase of under-construction houses or flats from housing boards, co-operative societies, development authorities, projects, or approved private builders
- Meeting the escalation cost of under-construction flats for existing home loan borrowers.
Loan Amount: Rs 10 lakh onwards
LIC Pride Housing Loan for Government Employees
Purposes: Punjab National Bank offers the LIC Pride Housing Loan specifically tailored for government employees, including permanent employees of the State Government, Central Government, Defense Personnel, Paramilitary forces, PSUs, and pensioners of State/Central Government.
Loan Amount:
- For Plot/land purchase for house construction: Up to Rs 50 lakh
- For addition/construction/purchase of a house or flat: Determined based on the applicant’s requirement, depending on the project cost and the borrower's repayment capacity.
- For repair/renovation/alteration: Up to Rs 50 lakh
- Furnishing Cost: Included in the project cost, with a maximum of up to 15% of the home loan amount or Rs 50 lakh, whichever is lower.
Tenure:
- For repair/renovation/alteration of house/flat- Up to 15 years
- For Others- Up to 30 years
LTV Ratio:
- Up to Rs 30 lakh- 20%/15%*
- Above Rs 75 lakh- 25%
- Above Rs 30 lakh to Rs 75 lakh- 20%
- For purchase of Plot/Land for home construction- 25%
LIC Gen-Next Housing Finance Scheme for Public
Purposes: Gen-Next salaried borrowers can utilize the 'LIC Gen-Next Housing Finance Scheme for Public' to secure funds for various purposes such as:
- Purchase of ready-to-move-in flats/houses
- Construction of houses/flats
- Purchase of under-construction flats from approved private builders.
Loan Amount: Rs 20 lakh onwards
Tenure: Flat 30 years
LIC Composite Loan
Purposes: Punjab National Bank provides a Composite Loan option to its applicants, enabling them to finance the purchase of a residential plot along with the construction of a house on the same plot.
Loan Amount:
- The loan amount is determined based on the borrower's repayment capacity and the cost of the project.
- For plot purchase, the loan amount should be less than 60% of the eligible loan amount.
- At least 40% of the total eligible loan amount must be utilized for home construction purposes.
LTV Ratio:
| For plot purchase+home construction | Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | 20%/15%* | |
| Above Rs 30 lakh to Rs 75 lakh | 20% | |
| Above Rs 75 lakh | 25% | |
| For purchase of Plot/Land for home construction | 25% | |
Tenure: Flat 30 years
Also Read : Best Home Loan EMI Calculator
| Charges | Charges Applicable |
|---|---|
| Processing Fees | Up to Rs. 0.50% |
| Statutory Charges | Rs. 250 – Rs. 1,000 |
| Rewriting Charges | Rs. 2,500 |
| Cheque Bounce Charges | Rs. 350 |
| ECS Dishonour Charges | Rs. 200 |
| Document Retrieval Charges | Rs. 2,500 |
| Providing List of Documents | Rs. 500 |
| Photocopies of Title Documents | Rs. 1,000 |
| Late EMI Payment Charges | 1.5% - 2% p.m. |
Also read: Best Home Loan Fees and Charges
- Max Age - Salaried: 50 Years; Self-employed: 75 Years
- Credit Score - Minimum 600
- Income - 30,000 Per month
- Nationality - Resident and Non-resident Indian
- Work Experience - 2 Years
Also Read : Best Home Loan Eligibility
KYC documents
- Pan Card
- Aadhaar Card
- Proof of residence
- For NRIs, a passport is required
Income documents
- Bank statements for the last 6 to12 months
- Salary slips and Form No.16 for salaried
- Last 3 years income tax returns along with financials for self-employed or professionals
Property Documents (in case property is identified)
- Up to date tax paid receipt
- Proof of ownership of property
- In the case of flats, the allotment letter of the builder/society
Also Read : Best Home Loan Documents Required
1. What are the foreclosure charges for LIC Home Loan?
LIC Housing Finance provides home loans with floating interest rates, which means they can change over time. As a result, LIC does not charge any foreclosure fees from applicants who want to pay off their loan early.
2. Are there any restrictions on prepaying LIC Housing Finance Home Loan?
There are no restrictions on prepayment of LIC HFL Home Loan, and the Housing Finance Company (HFC) does not impose any prepayment charges on home loans.p>
3. What is the current home loan interest rate of LIC Housing Finance?
LIC offers home loan interest rates starting from 8.35% per annum. These rates vary based on factors like the applicant's credit score, loan amount, occupation profile, and the specific type of home loan scheme chosen.
Also read: Best Home Loan Balance Transfer
4. How to calculate LIC Home Loan interest cost?
You can calculate the interest cost of an LIC Home Loan using the LIC Home Loan EMI Calculator. Just enter the loan tenure, interest rate, and loan amount into the calculator to figure out the interest cost.
5. What is the minimum credit score required to avail home loan from LIC Housing Finance?
LIC Housing Finance doesn't have a specific cut-off credit score for home loan applicants. They even provide home loans to individuals who are new to credit, meaning they've never taken any loan or credit card before. However, LIC HFC offers lower interest rates to applicants with higher credit scores and higher interest rates to those with lower credit scores. For instance, they may offer the lowest rates to applicants with credit scores of 700 and above, while applicants with scores below 600 might face higher rates.