All about LIC Home Loan

LIC Home Loan offers a variety of home loans that fulfills the need of getting home at one of the lowest rates available. It caters to all categories of customer base like Salaried, Self-Employed, Professional, NRI, etc. Its products can be customized as per the home loan eligibility. Also, it offers the option to transfer balance to existing home loan borrowers of other lenders at lower rate of interest. It offers home loan starting from 8.90% p.a. onwards for a tenure of up to 30 years.

A Snapshot of LIC Home Loan

LIC Housing Finance Home Loan Highlights
Interest Rates	8.90% – 10.75% p.a.
Loan Amount (LTV Ratio)	90% of property value
Tenure	Up to 30 years
Processing Charges	Flat Rs 3,000

LIC Home Loan Features

Below mentioned are the features of LIC Home Loan:

Online Home Loan Sanction Facility
Low EMI
Quick Sanction
Easy Documentation
Maximum Tenure of 30 years or 60 years whichever is earlier
Low Rate of Interest
No Penalty on Pre-Payment
Options to Balance Transfer of existing Home Loans available
Available for Construction/ Purchase of House/ Flat from Private Developer or Housing Boards and Repairs/ Renovation to existing properties

LIC Home Loan Fees & Processing Charges

Nature of Fees or Charge	Applicable Charges (exclusive of GST)
Processing fee	Flat INR 3,000
Prepayment Charges	In case of fixed-rate home loan/applicants other than individuals: 2% on the principal repaid In the case of a floating home loan: prepayment charges are not applicable
CERSAI Statutory Charges applicable at the time of loan disbursement	For loans of up to INR 5 lakh: INR 250 For loans of above INR 5 lakh: INR 500
Rewriting charges for Conversion fee	For loans up to INR 75 lakh: Up to INR 1,000 For loans above INR 75 lakh & up to INR 3 crores: Up to INR 2,500
Cheque bouncing charges on dishonour of cheques submitted for loan repayment	INR 350
ECS dishonour charges	INR 200
Document retrieval charges payable on the closure of the loan	INR 2,500
A miscellaneous fee of providing a list of documents	INR 500 (on each request)
Miscellaneous fee for a photocopy of title documents	INR 1,000 (on each request)
Late fee for late payment of EMIs	Up to 2.00% on default instalment
Recovery charges payable for defaulting the repayment of loan instalment	All types of charges, costs, expenses and incidental charges which LIC Housing Finance Corporation has incurred for the recovery of the defaulted loan. Up to and including default of 12 months: 1.50% per month on the amount of the defaulted instalment Default of instalments beyond 12 months: 2% per month on the amount of the defaulted instalment

Types of LIC Home Loan

Home Loan for Resident Indian
Home Loan for Non-Resident Indian
Plot Loans
Home Improvement Loans
Home Renovation Loans
Top Up Loans
Balance Transfer

Documents Required

KYC Documents:

Pan Card
Aadhar Card
Passport (In case of NRI’s)
Residence Proof

Income Documents:

Salary Slip along with Form 16 (In case of Salaried Employees)
Bank Statements for last 6 to 12 months
ITR for last 3 years along with financials

Property Documents:

Proof of Ownership of Property
Allotment letter of Builder/ Society in case of flats
Copy of receipt of tax paid

Maximum Loan Amount

Loan to Property Cost
Up to INR 30 lakhs	90%
More than INR 30 lakhs and up to INR 75 lakhs	80%
Above INR 75 lakhs	75%

Maximum Repayment Period

In case of Salaried	30 years
In case of Self- Employed	25 years

Interest Rates on Home Loan

Below mentioned are the LIC Home Loan Interest Rates:

Salaried & Professional:

101 ≤ CIBIL ≤ 150

Up to INR 50 lakhs	9.30%
More than INR 50 lakhs & up to INR 2 crores	9.50%

150 ≤ CIBIL ≤ 200

Up to INR 50 lakhs	9.05%
More than INR 50 lakhs & up to INR 2 crores	9.25%

CIBIL <600

Up to INR 50 lakhs	9.75%
More than INR 50 lakhs & up to INR 2 crores	9.95%
More than INR 2 crores & up to INR 20 crores	10.15%

CIBIL 600-699

Up to INR 50 lakhs	9.30%
More than INR 50 lakhs & up to INR 2 crores	9.50%
More than INR 2 crores & up to INR 20 crores	9.65%

CIBIL 700-749

Up to INR 5 crores	9.05%
More than INR 5 crores & up to INR 20 crores	9.25%

CIBIL ≥ 750

Up to INR 20 crores

8.45%

Sure Fixed Scheme

CIBIL => 750 (Up to 20 crs) (fixed for entire term)	9.75%
CIBIL < 750 (Up to 20 crs) (fixed for entire term)	10.00%

Advantage Plus Scheme (Housing Loan Component)

CIBIL >= 750 (HL component should be Greater than or Equal to 10 Lakhs)	8.45%
CIBIL 700-749 (HL component should be Greater than or Equal to 10 Lakhs)	9.05%

Non-Salaried & Non-Professional:

101 ≤ CIBIL ≤ 150

Up to INR 50 lakhs	9.40%
More than INR 50 lakhs & up to INR 2 crores	9.60%