LIC Home Loan
LIC Housing Finance Limited (LICHFL) offers easy and affordable home loan options for buyers. You can borrow up to Rs. 5 crore for buying a house or up to Rs. 15 crore for building one. The interest rates start from 7.50% per year, and you can repay the loan over a period of up to 30 years. LICHFL also has special loan schemes designed for NRIs and pensioners, giving them a chance to own or build a home at competitive rates. With flexible plans and long repayment options, it aims to make housing finance simple and stress-free for everyone.
LIC HFL Home Loan Rates
LIC HFL offers different home loan schemes. Rates vary by scheme and by employment type (salaried or self-employed). Below is a simple table of starting interest rates.
| Scheme | Interest Rate (Salaried) | Interest Rate (Self-employed) |
|---|---|---|
| LIC HFL Home Loan | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Griha Suvidha | 7.75% p.a. onwards | 8.25% p.a. onwards |
| LIC HFL Home Loan for NRI | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Home Construction Loan | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Home Extension Loan | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Advantage Plus | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Home Loan for Pensioners | 7.50% p.a. onwards | 8.00% p.a. onwards |
| LIC HFL Plot Loan | 7.70% p.a. onwards | 8.20% p.a. onwards |
| LIC HFL Home Renovation Loan | 7.50% p.a. onwards | 8.00% p.a. onwards |
Note: Special offers cover Pay When You Stay, a 6-month EMI waiver, and Advantage Plus.
LIC HFL Home Loan Eligibility
To get a home loan from LIC Housing Finance Limited (LICHFL), you need to meet certain basic requirements. Your eligibility is checked based on factors like income, credit score, repayment ability, and work profile. The main criteria are:
- Maximum Age: Up to 50 years for salaried applicants and up to 75 years for self-employed applicants
- Credit Score: Minimum of 600
- Minimum Income: ₹30,000 per month
- Nationality: Both Indian residents and Indians living abroad (NRIs) can apply.
- Work Experience: At least 2 years of work history
These conditions help LICHFL decide your loan approval and repayment capacity.
LIC HFL Home Loan Schemes
LIC Housing Finance Limited (LIC HFL) offers different home loan options for people who earn a salary as well as those who run their own business. Here are the main options:
- LIC HFL Home Loan - Helps you buy either ready-to-move-in or still under-construction homes. Loans up to Rs. 3 crore with repayment tenure extendable up to 10 years after retirement.
- LIC HFL Pradhan Mantri Awas Yojana – For first-time home buyers. Get a subsidy of up to Rs. 2.67 lakh.
- LIC HFL Griha Suvidha – Helps anyone own a home. Age and income type are not restrictions. Eligible for PMAY-CLSS subsidy.
- LIC HFL Home Loan for NRIs – For buying or building a house in India. No prepayment penalty and balance transfer is allowed.
- LIC HFL Plot Loan – For purchasing residential plots. You can borrow up to 75% of your plot’s value and repay it over a period of up to 15 years.
- LIC HFL Home Construction Loan – For building a house. Attractive rates with loans up to Rs. 75 lakh.
- LIC HFL Home Extension Loan – For home expansion. Repayment tenure up to 30 years with interest starting from 9.10% p.a.
- LIC HFL Top Up on Home Loan – For new or existing customers to get extra loan on an existing home loan at a low interest rate.
- LIC HFL Advantage Plus – Transfer your home loan to LIC HFL to get benefits like 2 EMIs waiver and no prepayment charges.
Compare Home Loan Interest Rates Across Different Banks
| SBI Home Loan | 7.25% p.a. to 10.50% p.a. |
| HDFC Home Loan | 7.75% p.a. onwards |
| PNB Housing Finance | 7.70% p.a. to 11.45% p.a. |
| Axis Home Loan | 8.35% p.a. to 9.35% p.a. |
| Union Bank of India Home Loan | 8.60% p.a. onwards |
| Bank of Baroda Home Loan | Floating rate: 7.45% to 9.20% per year, Fixed rate: 9.15% to 10.20% per year. |
| LIC Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.99% p.a. onwards |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 8.80%–14.00% p.a. & Self-employed: 9.10%–14.75% p.a. |
| HSBC Home Loan | 7.70% p.a. onwards |
| Standard Chartered Bank Home Loan | Starting from 8.95% p.a. |
| TATA Capital Home Loan | 7.75% p.a. onwards |
| YES Bank Home Loan | 9.00% - 11.50% p.a. |
| IDBI Home Loan | 7.65% p.a. onwards |
| Bandhan Bank Home Loan | 8.14% p.a. onwards |
| Federal Bank Home Loan | 8.75% p.a. onwards |
| South Indian Bank Home Loan | 8.30% p.a. onwards |
LIC HFL Home Loan Documents Required
If you are planning to apply for an LIC HFL home loan, you need to submit certain documents. The required documents vary depending on whether you are salaried or self-employed.
For Salaried Applicants:
- Salary slips
- Form 16
- Bank statements for the last 6–12 months
For Self-Employed Applicants:
- Bank statements for the last 6–12 months
- Income tax returns for the last 3 years along with financial statements
Common Documents for All Applicants:
- Identity and Address Proof: You can use documents like PAN Card, Aadhaar Card, Passport, or Driving License to prove your identity and address.
- Property Documents: Latest tax paid receipt, allotment letter from builder or society (for flats), and property ownership proof
How to Apply for LIC HFL Home Loan
You can apply for an LIC HFL home loan through:
1. Online Application:
- Visit the official website lichousing.com and click on ‘Home Loan’.
- Click ‘Apply for Home Loan’ and enter your details like name, phone number, property location, and preferred area office.
- Accept the terms and follow the steps to submit your application online.
2. Branch Visit:
- Visit the nearest LIC HFL branch.
- A loan executive will guide you through the home loan application process and documentation.
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LIC HFL Customer Care
For any questions about LIC HFL home loans, you can contact customer care:
- Phone: +91-2222178600
- Email: lichousing@lichousing.com
- Corporate Office: Maker Tower F, 13th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra
- Fax: 912222178777
For regional contact numbers, visit the official LIC HFL website.
LIC HFL Home Loan Eligibility
LIC HFL decides how much home loan you can get by looking at your income, credit history, and ability to repay. It is recommended to calculate your eligible loan amount before applying to ensure smooth processing.
What is LIC HFL and what home loans do they offer?
LIC Housing Finance Limited (LIC HFL) is a subsidiary of LIC that provides loans for buying, building, renovating, or extending homes. Their offerings include home loans for ready-to-move and under-construction homes, plot loans, construction loans, renovation loans, and top-up loans.
Who is eligible to apply for LIC HFL home loans?
Both salaried and self-employed individuals can apply. NRIs are also eligible. Applicants should generally be between 18 and 70 years old and have a steady source of income. Eligibility depends on income, employment type, age, property value, and credit score.
What are the interest rates for LIC HFL home loans?
Interest rates start from 8.00% per annum. The exact rate depends on your credit score, income, and employment type. Higher credit scores (700+) usually get lower rates, while lower scores (<600) may have higher rates.
What is the maximum amount I can borrow from LIC HFL?
The loan you can get is based on how much you earn, your ability to repay, and the value of the property. Generally, LIC HFL offers 75%–90% of the property value, with a maximum limit of Rs. 1 crore.
How long can I take to repay LIC HFL home loans?
Repayment tenure ranges from 5 to 30 years, giving flexibility to choose a plan that fits your budget.
What documents are needed to apply for LIC HFL home loans?
To apply for an LIC HFL home loan, you need proof of identity and address such as PAN, Aadhaar, Passport, or Driving License. You also need income documents like salary slips, bank statements, or IT returns. Additionally, property-related documents including ownership proof, builder’s allotment letter, and the latest tax receipt are required, along with passport-size photographs.
How can I apply for LIC HFL home loans?
Online: Visit lichousing.com, click ‘Home Loan’, fill in your details, and submit your application.
Branch: You can go to your nearest LIC HFL branch where a staff member will assist you with the process.
What is the way to pay LIC HFL home loan EMI through the internet?
Log in to the LIC HFL customer portal, select ‘Pay Online’, choose your loan account, view dues, and complete payment via net banking. A payment summary will be displayed after the transaction.
Can I change the interest rate on my LIC HFL loan?
Yes. You can request a change via the LIC HFL customer portal by selecting your loan, paying the rewriting fee, and submitting the request.
How does my credit score affect LIC HFL home loans?
Your credit score affects the interest rate and loan approval. A higher score helps you get lower rates, while a lower score may increase the interest. Having a good credit score can help you get better loan deals, but LIC HFL decides the final interest rate.
How does LIC HFL compare to other banks like HDFC?
Both LIC HFL and HDFC offer competitive home loans. LIC HFL charges less for processing, while HDFC offers lower interest rates specifically for women. Compare rates, fees, and terms before choosing the right loan.