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LIC Housing Finance Ltd

LIC Housing Finance Limited was incorporated on June, 19, 1989 and promoted by the 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 are for purchase, construction of properties and extension of residential units, LIC Griha Sudhar Loan facilitates repairs/renovation of properties.

LIC Housing Finance provide loans for

  • Purchase / construction / repair and renovation of new / existing flats / 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 for their own use, construction of staff quarters and also for onward lending to meet the requirements of employees
  • Loans to Property Builders and Developers for residential and commercial projects.

Eligibility criteria for resident Indians:

  • Minimum age 21 years as on the date of sanction.
  • You must be in permanent service or engaged in a profession or business.
  • A stable job and regular income.

Eligibility criteria for NRIs:

  • Minimum age 21 years and Graduate
  • Valid Indian Passport (for NRIs)/ valid foreign passport (for PIOs)
  • Steady source of income.
  • Valid job contract or works permit.

Rate of Interest:
The Interest Rate depends on the purpose for 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 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.

For security purposes, you will need to provide:

  • An equitable mortgage of house/flat
  • One guarantor

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.

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