How will LIC Home Loan help you build your dream home?

A home of one’s own is a dream come true and home loans help you in living that dream. To make it easier for the masses, the government of India has taken a step forward and introduced Pradhan Mantri Awas Yojana (PMAY) that works with the purpose of ‘Housing for All by 2022’. Recently, Credit Limits Subsidy Scheme (CLSS) has also been introduced which is a part of PMAY. CLSS scheme has been implemented from January 1, 2017, for LIG/EWS and MIG groups. With this scheme, you get the option to save on your home loan and hence take a step closer to your dream. The interest subsidy under CLSS scheme will be credited upfront to the loan amount of the beneficiaries through Primary Lending institutions resulting in reduced effective housing loans. The Net Present Value (NPV) of the interest subsidy under this scheme is calculated at a discounted rate of 9% which will lower the home loan EMI.

Primary Lending Institutions include scheduled commercial banks, housing finance companies, small housing banks, state and urban cooperative banks, regional rural banks and NBFC Micro-Financing Institutions. LIC Housing Finance Limited is one of the leading housing loan providing finance companies in India and is presently offering home loans at 8.35% per annum interest rate which is one of the lowest interest rates on home loans. Under CLSS scheme, women (including unmarried and widows), Scheduled Castes (SC), Scheduled Tribes (ST), other minority class, transgender and differently abled people will be given the preference for the interest subsidy. So, if you come under any of this category, you will get to preference and hence enjoy this home loan interest subsidy facility.

LIC home loan is not only affordable but is secure. LIC has been in the business for the times when our grandparents were looking for an affordable and trustworthy home loan options. Having said that, the institution has unbeatable experience in serving the budget-friendly home loans to the people of India. So, if you are also looking for the right place to finance your home, you must have a look at the home loan details at LIC HFL.

LIC Home Loan Interest Rate

The home loan interest rate at LIC is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.35% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:

• Up to ₹25 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)

• From ₹25 lakhs and ₹1 crore- 8.50% p.a. (for all)

• From ₹1 crore to ₹3 crores- 8.70% p.a. (for all)

• From ₹3 crores to ₹5 crores- 8.80% p.a. (for all)

The first and foremost thing when it comes to providing loans to customers is their profile like whether or not they are eligible for it. So, let us see what is the home loan eligibility criterion at LIC so that you can apply for it.

LIC Home Loan Eligibility

Below is the eligibility criteria that an applicant must match to apply for a home loan at LIC:

• Resident of India

• Non-Resident of India

• Pensioners

• Salaried employees

• Self-employed professionals

• Businessmen

• Pensioners below 70 years of age are classified as before-retirement individuals

• Pensioners of 70 years of age and above are classified as post-retirement individuals

Eligibility for Salaried NRI/PIO customers

For Purchase/Construction and Repairs/Renovation:

• You can get minimum loan amount of ₹1 lakh

• You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs

• Qualified professionals can choose loan tenure up to 20 years

• Others can get the loan for the tenure up to 30 years

For Plot Purchase:

• You can get minimum loan amount of ₹1 lakh

• You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs

• The loan can be taken for the maximum tenure of 15 years

For Takeover from other Banks:

• Salaried applicants can get the loan for the maximum tenure of 30 years

• Businessmen can get the loan for the maximum tenure of 20 years