LIC Housing Finance


LIC Housing Finance Limited (LIC HFL) provides home loans starting from 8.35% p.a. onwards for periods of up to 30 years. It also allows existing home loan borrowers from other lenders to transfer their balance or take over the loan at lower interest rates. Additionally, LIC HFL offers the Griha Varishtha home loan for applicants with pension benefits, with loan terms extending up to 80 years of age. The company also provides the Griha Suvidha home loan scheme, supported by Mortgage Guarantee, for various types of applicants, including those receiving cash salaries, self-employed individuals needing longer loan terms, and salaried individuals nearing retirement age who require extended loan tenure. 

LIC Housing Finance Home Loan Highlights 
Interest Rate 8.35% – 10.75% p.a.
Processing Charges Flat Rs 3,000
Tenure Up to 30 years
Loan Amount (LTV Ratio) 90% of property value

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of LIC Finance Home Loans
Processing Fees & Charges
Eligibility Criteria for LIC Finance Home Loan
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

LIC Home Loan Interest Rate

LIC HFL offers home loan interest rates starting from 8.35% per annum. They provide different interest rates based on factors such as the applicant's CIBIL score, loan amount, occupation profile, and the specific type of home loan scheme chosen from LIC Housing Finance.

Schemes Interest Rate for salaried Interest Rate for Self-employed
LIC HFL Home Loan 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Griha Suvidha 8.75% p.a. onwards 9.05% p.a. onwards
LIC HFL Home Loan for NRI 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Home Construction Loan 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Home Extension Loan 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Home Loan Top Up 9.70% p.a. - 11.55% p.a. NA
LIC HFL Advantage Plus 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Home Loan for Pensioners 8.50% p.a. onwards 8.60% p.a. onwards
LIC HFL Plot Loan 8.70% p.a. onwards 8.80% p.a. onwards
LIC HFL Home Renovation Loan 8.50% p.a. onwards 8.60% p.a. onwards

Types of LIC Housing Finance Home Loan

LIC Housing Loan for Public

Purposes: LIC offers Home Loans for the public to help with buying or building a house/flat, making additions, repairs, renovations, alterations, or furnishing existing properties, purchasing under-construction houses/flats from various authorities or builders, buying land for constructing a home, and covering cost increases for existing home loan borrowers' under-construction flats.

Loan Amount:

  • Plot/land purchase for house construction: Maximum loan amount up to Rs 50 lakh.
  • Repair/renovation/alteration: Maximum loan amount up to Rs 25 lakh.
  • Addition/construction/purchase of house or flat: Loan amount depends on the project cost and the borrower's repayment capacity.
  • Furnishing Cost: Included in the project cost, with a maximum of up to 10% of the housing loan or Rs 25 lakh, whichever is lower.

Tenure:

  • For repair/renovation/alteration of house/flat- Up to 15 years
  • For Others- Up to 30 years

LTV Ratio:

  • Home Loans (all variants) above Rs 75 lakh with a CIC Score of 750 and above, a discount of 20% is applicable.
  • Top-up Home Loans, Term Loans, and Overdrafts with a CIC Score of 750 and above, a discount of 20% is also applicable.

LIC Housing Finance Scheme for Public- LIC Max Saver

Purposes: LIC Max Saver is a home loan overdraft facility designed for existing home loan borrowers. It allows borrowers to withdraw the required loan amount from a linked overdraft account within the sanctioned overdraft limit.

Consumers can use the LIC Max Saver scheme to finance various purposes, including:

  • Purchase or construction of a house/flat
  • Addition, repair, renovation, alteration, or furnishing of existing properties
  • Purchase of under-construction houses or flats from housing boards, co-operative societies, development authorities, projects, or approved private builders
  • Meeting the escalation cost of under-construction flats for existing home loan borrowers.

Loan Amount: Rs 10 lakh onwards

LIC Pride Housing Loan for Government Employees

Purposes: Punjab National Bank offers the LIC Pride Housing Loan specifically tailored for government employees, including permanent employees of the State Government, Central Government, Defense Personnel, Paramilitary forces, PSUs, and pensioners of State/Central Government.

Loan Amount:

  • For Plot/land purchase for house construction: Up to Rs 50 lakh
  • For addition/construction/purchase of a house or flat: Determined based on the applicant’s requirement, depending on the project cost and the borrower's repayment capacity.
  • For repair/renovation/alteration: Up to Rs 50 lakh
  • Furnishing Cost: Included in the project cost, with a maximum of up to 15% of the home loan amount or Rs 50 lakh, whichever is lower.

Tenure:

  • For repair/renovation/alteration of house/flat- Up to 15 years
  • For Others- Up to 30 years

LTV Ratio:

  • Up to Rs 30 lakh- 20%/15%*
  • Above Rs 75 lakh- 25%
  • Above Rs 30 lakh to Rs 75 lakh- 20%
  • For purchase of Plot/Land for home construction- 25%

LIC Gen-Next Housing Finance Scheme for Public

Purposes: Gen-Next salaried borrowers can utilize the 'LIC Gen-Next Housing Finance Scheme for Public' to secure funds for various purposes such as:

  • Purchase of ready-to-move-in flats/houses
  • Construction of houses/flats
  • Purchase of under-construction flats from approved private builders.

Loan Amount: Rs 20 lakh onwards

Tenure: Flat 30 years

LIC Composite Loan

Purposes: Punjab National Bank provides a Composite Loan option to its applicants, enabling them to finance the purchase of a residential plot along with the construction of a house on the same plot.

Loan Amount:

  • The loan amount is determined based on the borrower's repayment capacity and the cost of the project.
  • For plot purchase, the loan amount should be less than 60% of the eligible loan amount.
  • At least 40% of the total eligible loan amount must be utilized for home construction purposes.

LTV Ratio:

For plot purchase+home construction Loan Amount LTV Ratio
Up to Rs 30 lakh 20%/15%*
Above Rs 30 lakh to Rs 75 lakh 20%
Above Rs 75 lakh 25%
For purchase of Plot/Land for home construction 25%

Tenure: Flat 30 years

Also Read : Best Home Loan EMI Calculator

 

LIC Housing Loan Fees and Charges

Charges Charges Applicable
Processing Fees Up to Rs. 0.50%
Statutory Charges Rs. 250 – Rs. 1,000
Rewriting Charges Rs. 2,500
Cheque Bounce Charges Rs. 350
ECS Dishonour Charges Rs. 200
Document Retrieval Charges Rs. 2,500
Providing List of Documents Rs. 500
Photocopies of Title Documents Rs. 1,000
Late EMI Payment Charges 1.5% - 2% p.m.

Also read: Best Home Loan Fees and Charges

LIC Home Loan Eligibility Criteria

  • Max Age - Salaried: 50 Years; Self-employed: 75 Years
  • Credit Score - Minimum 600
  • Income - 30,000 Per month
  • Nationality - Resident and Non-resident Indian
  • Work Experience - 2 Years

Also Read : Best Home Loan Eligibility

Documents Required for LIC HFL Home Loan

KYC documents

  • Pan Card
  • Aadhaar Card
  • Proof of residence
  • For NRIs, a passport is required

Income documents

  • Bank statements for the last 6 to12 months
  • Salary slips and Form No.16 for salaried
  • Last 3 years income tax returns along with financials for self-employed or professionals

Property Documents (in case property is identified)

  • Up to date tax paid receipt
  • Proof of ownership of property
  • In the case of flats, the allotment letter of the builder/society

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.