LIC Housing Finance LAP Highlights |
|
|---|---|
| Interest Rate | 9.50%-11.55% p.a. |
| Loan Amount | Rs 2 lakh onwards |
| Tenure | Up to 15 years |
| Processing Fees | Up to 1% |
LIC Housing Finance Loan Against Property Interest Rates
LIC Housing Finance provides Loan Against Property (LAP) interest rates starting from 9.50% p.a. onwards. The interest rates are determined based on factors like the type of loan, loan amount, and credit score of the LAP applicants. Additionally, LIC Housing Finance may also consider other factors such as occupation profile, employer's profile, and loan tenure while setting the LAP interest rates, similar to many other lenders.
Lease Rental Discounting
For Individuals
Loan Amount up to Rs 15 crore
| CIBIL Score | Interest Rates (p.a.) |
|---|---|
| 750 and above | 9.90% |
| 700-750 | 10.00% |
For Non-Individuals
Loan Amount up to Rs 15 crore
| Tenure | Interest Rates (p.a.) |
|---|---|
| 12-15 years | 11.00% |
| Up to 7 years | 10.25% |
| 7-12 years | 10.50% |
Grih Vikas
Loan Amount up to Rs 15 crore
| CIBIL Score | Interest Rates (p.a.) |
|---|---|
| 750 and above | 9.50% |
| 700-750 | 10.30% |
| 600-700s | 11.55% |
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Types of LIC Housing Finance Loan Against Property
Lease Rental Discounting
Purpose: LIC Housing Finance provides loans against rental receipts obtained from rented properties.
Grih Vikas
- Purpose: LIC Housing Finance offers loans against residential properties for various personal or business purposes such as funding a child's education or marriage, expanding a business, purchasing another property, and more.
- Processing Fee: 5% of loan amount
- Loan Amount: Rs 2 lakh onwards
- Tenure: Up to 15 years
Also read: Best Loan Against Property EMI Calculator
LIC Housing Finance Loan Against Property Fees& Charges
| Particulars | Charges |
|---|---|
| Processing Fee | 1% of the loan amount + Applicable charges |
| Foreclosure Charges | No prepayment charges for floating rates (Only possible after 12 monthly repayments) |
Note: The rates and charges mentioned above are subject to change at the discretion of LIC Housing Finance Loan.
Eligibility Criteria for LIC Housing Finance Loan Against Property
LIC Housing Finance offers Loan Against Properties (LAPs) exclusively to Indian residents. Additionally, the HFC evaluates applicants based on factors such as credit score, age, monthly income, occupation profile, employer’s profile, and more, similar to many other lenders.
To qualify for LIC HFL Loan Against Property:
- You must be an Indian resident.
- Your credit score should be at least 700.
- Your age should be between 21 to 65 years.
- Both salaried and self-employed individuals are eligible.
Also read: Best Loan Against Property Eligibility
Documents required for LIC Housing Finance Loan Against Property
- Proof of Identity and Residence (Aadhaar card, PAN card, passport, voter ID, etc.)
- Proof of Income (Form 16, Salary slips, bank statements)
- Proof of ownership of the property (Title deed of the property)
- Proof of business for self-employed applicants
Also Read : Best Loan Against Property Documents Required
FAQs
1. What is the processing fee on the LIC HFL loan against property?
The processing fee for a Loan Against Property from LIC HFL is 1% of the loan amount, plus applicable charges.
2. Can I get an LIC HFL LAP for a property located in a rural area?
Yes, LIC HFL only requires the property to be not more than 35 years old.
3. Can I prepay Loan Against Property? Are there any charges applicable?
Yes, you can prepay your Loan Against Property with LIC HFL. There are no foreclosure or pre-payment charges applicable on the prepayment of LIC LAP.
4. Can I apply for LIC Loan Against Property without income proof?
No, income proof is a must for availing any kind of loan from LIC. The lender assesses the repayment capacity before offering a loan.
5. In which cities can I get a Loan Against Property from LIC?
LIC Loan Against Property is available in Mumbai, Chennai, Delhi, Kolkata, Pune, Bengaluru, and all major cities of India.
6. What is the interest rate of LIC loan against property?
The interest rate for LIC loan against property ranges from 9.70% to 11.55% per annum. This rate depends on factors such as the loan amount, borrower's CIBIL score, loan variant, and other important factors.