LIC Housing Finance Limited was incorporated in 1989 and an important zone of Life Insurance Corporation of India. As one of the leading players and an earlier entrant in the market for housing loans, LIC Housing Finance Limited boasts of an extensive distribution network. LIC offers home loans for construction/purchase of house/flat and also for renovation of existing flat/house. While LIC Griha Prakash and different others are for purchase, construction of properties and extension of residential units, LIC Griha Sudhar Loan facilitates repairs/renovation of properties.

LIC Housing Finance provides various types of loans, such as:

• Purchase, construction, repair and renovation of new, existing houses.
• Finance for existing property for business/personal needs.
• Loans to professionals for purchase / construction of Clinics / Nursing Homes / Diagnostic Centers / Office Space.
• Loans to Corporate Bodies and Companies under different schemes for purchase / construction of office premises.
• Loans to Property Builders and Developers for residential and commercial projects.

Eligibility criteria for resident Indians:

• Minimum age 21 years
• Permanent income source i.e. services holder or business person

Eligibility criteria for NRIs:

• Minimum age 21 years and Graduate
• Valid Indian Passport
• Permanent source of income.
• Valid job contract or works permit.

Rate of Interest :-

The Interest Rate difference to which the housing loan is taken which could be for the purchase of a new house, existing house from second owner, construction of house, renovation, etc.

Loan Amount :-

Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment capacity takes into consideration factors such as age, income, savings, assets, stability of occupation and continuity of income, dependents, liabilities etc.

In LIC Griha Prakash scheme, the maximum loan can go up to Rs 1 crore starting from Rs. 25,000. The minimum is Rs.1, 00,000 and maximum is Rs.1, 00, 00,000 for Griha Laxmi. In both the cases, the home loan finances go up to 85% of the cost of the property including agreement value, stamp duty and registration charges.

For purchase of a site/ vacant plot, the minimum is Rs.50, 000 and maximum is Rs. 20, 00,000.

LIC Griha Sudhar Loan offers a maximum loan amount of up to Rs.10 lacs and the loan to property cost shall not exceed 85% of the cost of repairs or 25% of market value of property, whichever is lower. The company finances up to 85% of the total cost of the property including Stamp Duty and Registration Charges.

Documents Needed :-

• An equitable mortgage of house/flat
• One guarantor
• Repayment
• Repayment Mode: Equated Monthly Installments (EMI) - Monthly Rest Basis
• Repayment of the loan for resident Indians is permitted for a maximum period of:
  20 years for ‘Griha Prakash’ or Retirement Age, or 70 years of age, whichever is earliest.
  15 years for ‘Griha Laxmi’ and ‘Griha Sudhar’ or Retirement Age, or 70 years of age, whichever is earliest.
  The maximum duration for repayment of loans for NRIs is
  10 years under'Griha Shobha' and
  15 years under 'Griha Laxmi'
However, the term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier. For NRIs, the maximum term is restricted to seven to 10 years.

Processing Fees :-

• Processing fees (non-refundable) is 0.5 per cent of the amount applied for, subject to a maximum of Rs 5,000.
• Administrative fees (non-refundable) is charged at the rate of 1 per cent of the loan sanctioned.

FAQ's :-

What makes LIC Housing Finance Ltd. my best choice?
Here's why a loan from LIC Housing Finance Ltd. means a complete peace of mind.

• Lowest Interest Rates
• Easy application , quick approvals.
• Insurance - linked security.
• Largest Network.
• No Hidden Costs.

A financially strong and stable company we have already sanctioned loans to over 5 lakh applicants.
With a network of more than 100 offices in the country we are always accessible to you , wherever you may be .

What is meant by Floating & Fixed Rate of Interest?
Where the loan is under Floating Rate of Interest, the Rate of Interest shall be reviewed every six months ( January & July ) based on the prevailing market conditions as judged by the Company. The revised Floating Rate of Interest could increase, decrease or remain the same.

On the other hand, where the loan is under Fixed rate of Interest, the Rate of Interest ordinarily remains constant throughout the term of the loan.

For calculating the Emi, please use our EMI Calculator.

Who Can Apply For The Loan?
You must be in permanent service or engaged in a profession or business to be eligible for a loan. You should have a stable job and a regular income. Our loan schemes are for those going in for a residential house. We may be able to advance you a loan under our scheme if you want to -

1. Construct/purchase a new House/Flat.
2. Buy an existing house or flat not more than 35 years old.
3. Extend an existing House.
4. Renovation/repairs to an existing House/Flat.

Who Can Be Co-Applicant?
The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband- wife, father-son or mother-son.

How Much Does LICHFL lend?
Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.

The maximum loan would be Rs.100 lakhs per unit to any individual applicant. We will extend loan upto 85 % of the cost of property value (including Stamp duty & Registration charges).

For How Long A Period Can I Get Loan?
We grant term upto a maximum of 20 yrs (maximum 10 years under Griha Shobha for NRIs and maximum 15 years under Griha Lakshmi). The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier.