Owning a home is the most cherished dream of people. But most people drop this idea due to lack of funds. Now there is no need to compromise on your dreams as LIC Housing Finance home loan is there to assist the aspirant home buyers.
The company helps the potential home buyers by providing home loans at competitive rates. The company provides the home loan for the purchase, extension, construction and repair of the house. The customer can apply for the housing loan as per his requirement. The details of loan schemes are given below:
LIC Home Loan Details:
Loan Amount - The company grants 85% of total cost of the property for loans up to ₹ 20 Lacs; 80% of total cost of the property for loans above ₹ 20 Lacs and up to 75 Lacs; 75% of total cost of the property for loans above ₹ 75 lacs with minimum amount subject to ₹ 1,00,000.
Repayment Period - The maximum loan tenure for the salaried individuals is 30 years while for self-employed the repayment term is restricted to 20 years.
Processing Fees - The company charges zero percent processing fee on the loans.
Mode of Repayment - The loan amount is to be repaid in form of Equated Monthly Installments
LIC Housing Loan Interest Rates: The interest rate prevalent on various slabs is given below:
- On loan amount of ₹ 10,00,000 to ₹ 15,00,000, the interest rate for women borrowers is 8.50% p.a. and for others it is 8.55% p.a.
- The interest rate on the loan amount above ₹ 15,00,000 up to ₹ 20,00,000 for women borrowers is 8.55% p.a. while for others it is 8.60% p.a.
- For loan amount above ₹ 20,00,000 to ₹ 50,00,000 the interest rate for women borrowers is 8.65% p.a. and for rest of the borrowers, it is 8.70% p.a.
Eligibility Criteria:
In order to take the loan, the applicant must meet the standards set by the lending company. The eligibility criteria for availing the benefit of housing loan from LIC Housing Finance is mentioned below:
- An individual residing in India, non-resident Indian and pensioners are eligible for availing LIC Home Loans.
- Individuals either being salaried employees, self-employed professionals and businessmen are also entitled to avail LIC Home Loans.
- Pensioners in the age group of 70 years are classified as before-retirement individuals and pensioners in the age group of 70 years or above are classified as post-retirement individuals, both are entitled to avail LIC Home loans.
Documents Required for LIC Home Loans: Loan applicants have to produce the following documents in order to apply for the LIC home loans:
1. General Documents
- Duly filled and signed application form
- Passport sized photographs
- Bank statements for the last 6 months
- Cheque with processing fee amount
2. Salaried Applicants
In addition to the aforestated documents, salaried applicants must provide the following documents:
- Salary slips for the last 3 months
- Form 16 or Income Tax Returns
3. Self-Employed Applicants
Apart from providing general documents, self-employed applicants need to submit the documents as under:
- Certificates of educational qualifications
- Proof of existing business
- Income Tax Returns for last 3 years along with computation of Income
- Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.
LIC Housing Finance EMI Calculator:
The borrower can compute the installment amount he has to pay each month to settle the loan availed using the EMI calculator. The home loan EMI calculator is an automatic device that aids in the computation of EMI amount. The computed EMI amount constitutes a part of principal repayment amount and interest amount. It even reveals the total repayment amount the borrower will be paying by the end of the loan tenure. It tells how much interest the borrower has to pay on a certain loan amount. The calculator makes the calculation quick and simple. It is easy to use the calculator. The user just has to enter the information regarding the loan amount, tenure and rate of interest in the relevant fields. After processing the data the results will be displayed on the screen.
Features & Benefits LIC Housing Finance Home Loan:
The features and benefits of the housing loan provided by the company are as follows:
- Timely assistance by skilled professionals
- Doorstep service facility
- Competitive Interest Rates
- Zero processing fees
- No foreclosure or prepayment charges
- PAN India presence
- Quick loan approval
- Transparency and fair dealings
Article Source: http://www.imfaceplate.com/aashnabatra/revamp-your-housing-dreams-with-lic-housing-finance
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