Lic home loan interest rate

• 90% of Property value for loan upto Rs.30 lakh • 80% of Property value for loan more than Rs. 30 lakh and upto Rs.75 lakh • 75% of Property value for loan above Rs.75 lakh • For salaried maximum repayment period is up to 30 years • For self-employed maximum repayment period upto 25 years Home Loan Documents KYC documents Property Documents • Proof of ownership of property • In case of flats, allotment letter of builder/society • Up to date tax paid receipt Processing fee on Griha Suvidha Upto 2 Crore For CIBIL >= 725, 0.25% of loan amount subject to maximum of Rs 20,000 +GST For CIBIL = 725, Rs 50,000/- + GST For CIBIL < 725, Rs 60,000 + GST. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

LIC Housing Finance is the housing finance wing of LIC (Life Insurance Corporation of India), one of the biggest insurance companies in India. Like the State Bank of India (SBI), LIC also has a big presence in all the parts of the country and this is important in the context of home loans as their sanction requires the physical presence of both the borrower and the lender at the site. Interest rates are competitive and loans are available for the purchase of plots as well. Amount given as loan by LIC Griha Suvidha Home Loan INR 10 lakh to INR 3 crore Time Period Maximum 30 years (this will depend on the age of the person). Moratorium Period Up to 36 months Credit Score Requirement If the credit score is 750 then the person can get a home loan at an interest rate of 7.45%. The maximum interest rate is 8.80%. Prepayment or Foreclosure Charges There are nil pre-closure charges. Approval Process Approval process of a home loan is a little different and takes some time. Once an application has been accepted, the lender sends their people to analyze the property and then submit the report to the bank. In accordance with the report LIC concludes whether a loan can be given or not, how much can be given and at what rate. This process takes time and may take weeks or even a month. The process can be quick in metros and differ in different parts of the country. Processing Fees Loan below INR 2 crore • For credit score above and equal to 725 the processing fee is 0.25% of loan amount...

LIC Housing Finance (LIC HF) has increased its prime lending rates by 50 basis points, with effect from August 22, 2022. With the hike in rates, the home loan interest rate at the housing finance company would be 8% as against 7.50% earlier. In June this year, LIC had increased the rate by 60-basis point to bring it at 7.50% from 6.90% According to the company website, LIC HF will now charge 8.05% interest on home loans up to Rs 50 lakh if borrowers have a CIBIL score of 700. The rate will be 8.30% for those with a CIBIL score of between 600 and 699, and 8.75% on those with a score less than 600. “The hike in repo rate has caused some minimum fluctuation in the equated monthly installments (EMI) or the tenure on the home loans, but demand for housing will remain robust. Hence, the interest rate hike of LIC HFL is in line with the market scenario,” Y Viswanatha Gowd, LIC HF MD & CEO, said. *** In a move that could intensify the price war in the housing finance market, LIC Housing Finance (LIC HF) has lowered its minimum home loan rate from 6.90% to 6.66% for salaried customers. The move by the mortgage lender comes more than a month after the The low rate offered by India’s largest insurer-backed housing finance company, however, is available to borrowers for a limited period till August 31, 2021. Borrowers can apply for LIC Housing Finance home loans through the mortgage lender’s app, HomY. This means there is no need for the applicant to visit the LIC Housing Finance bran...