LIC Home Loan
LIC Housing Finance Limited gives easy home loans to help you buy or build a house. You can borrow up to ₹5 crore to buy a home and up to ₹15 crore to build one. The interest rate starts at 7.50% per year, and you can repay the loan over 30 years. They also have special plans for NRIs and pensioners to make owning a home easier.
LIC HFL Home Loan Interest Rates
LIC HFL provides several home loan options for different needs. The interest rate mainly depends on the selected loan scheme and whether the applicant is salaried or self-employed. The table below shows the starting interest rates for major LIC HFL home loan schemes.
| Loan Scheme | Interest Rate (For Salaried Applicants) | Interest Rate (For Self-Employed Applicants) |
|---|---|---|
| LIC HFL Plot Loan | Starting from 7.70% p.a. | Starting from 8.20% p.a. |
| LIC HFL Home Extension Loan | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Griha Suvidha | Starting from 7.75% p.a. | Starting from 8.25% p.a. |
| LIC HFL Renovation Loan | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Home Loan for Pensioners | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Home Loan | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Construction Loan | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Advantage Plus | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
| LIC HFL Home Loan for NRI | Starting from 7.50% p.a. | Starting from 8.00% p.a. |
Note: Selected offers include schemes like Pay When You Stay, Advantage Plus, and a 6-month EMI waiver option.
Eligibility Criteria for LIC HFL Home Loan
To apply for a home loan from LIC Housing Finance Limited (LIC HFL), applicants must satisfy a few basic conditions. The company checks your loan eligibility by reviewing factors such as your monthly income, job profile, credit score, and repayment capacity. The general requirements are listed below:
- Age Limit: Salaried individuals can apply up to the age of 50 years, while self-employed applicants can apply up to 75 years.
- Citizenship: Both Indian residents and Non-Resident Indians (NRIs) are eligible to apply.
- Work Experience: A minimum of 2 years of professional experience is expected.
- Minimum Credit Score: At least 600 is generally required.
- Minimum Monthly Income: ₹30,000 or more.
These criteria help LIC HFL evaluate whether an applicant can comfortably repay the home loan amount.
Popular LIC HFL Home Loan Options
LIC Housing Finance offers several loan products designed for both salaried employees and self-employed individuals. Each scheme serves a different housing requirement. Some of the commonly available options are listed below:
- LIC HFL Home Loan – Designed for buying ready or under-construction homes. Borrowers can get loans up to ₹3 crore with repayment extending up to 10 years after retirement.
- Pradhan Mantri Awas Yojana (PMAY) Loan – Suitable for first-time home buyers. Eligible applicants may receive a subsidy of up to ₹2.67 lakh under the government scheme.
- LIC HFL Griha Suvidha – A flexible loan option that allows people with different income types to own a home. It is also eligible for PMAY-CLSS benefits.
- Home Loan for NRIs – Specially designed for Indians living abroad who want to purchase or construct property in India. No prepayment penalty is charged and balance transfer is permitted.
- Plot Purchase Loan – Helps in buying residential land. Borrowers can get up to 75% of the plot value with repayment tenure up to 15 years.
- Construction Loan – Suitable for building a new house with competitive interest rates and loan amounts up to ₹75 lakh.
- Home Extension Loan – Useful for expanding or adding space to an existing house. Tenure can go up to 30 years with interest rates starting around 9.10% per year.
- Top-Up Loan – Existing borrowers can take an additional loan amount on their current home loan at attractive interest rates.
- Advantage Plus – Allows borrowers to transfer their existing home loan to LIC HFL and receive benefits such as EMI waivers 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 | 7.15% 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. |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| 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 Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.70% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 7.75%–17.75% p.a. & Self-employed: 8.00%–17.25% p.a. |
Documents Needed for LIC HFL Home Loan
Applicants need to submit certain documents while applying for an LIC HFL home loan. The document requirements vary depending on employment type.
Documents for Salaried Individuals:
- Recent salary slips
- Form 16
- Bank statements for the last 6 to 12 months
Documents for Self-Employed Individuals:
- Bank statements for the previous 6 to 12 months
- Income tax returns of the last 3 years along with financial statements
Basic Documents Required for All Applicants:
- ID and Address Proof: Documents such as PAN Card, Aadhaar Card, Passport, or Driving License can be used.
- Property-Related Documents: Property ownership proof, latest property tax receipt, and allotment letter from the builder or housing society (if applicable).
Ways to Apply for LIC HFL Home Loan
You can apply for an LIC HFL home loan either online or by visiting a branch.
Online Method:
- Go to the official website lichousing.com.
- Select the “Home Loan” section and click on “Apply for Home Loan”.
- Fill in details such as your name, mobile number, property location, and preferred LIC HFL office.
- Agree to the terms and complete the application submission process online.
Offline Method (Branch Visit):
- Visit the nearest LIC Housing Finance branch office.
- A representative will help you with the loan application form and guide you through the documentation process.
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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.
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.