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Key Features Of LIC Housing Finance Mortgage Loans

  • Loan Types:
    Home Loans: For purchasing, constructing, or renovating residential properties.
    Loan Against Property (LAP): Secured loans against residential or commercial property for personal or business needs.
    Balance Transfer: Transfer existing home loans from other lenders to LIC HFL for better terms.
    Top-Up Loans: Additional loans for existing borrowers for personal or professional requirements.
  • Loan Amount: Minimum: ₹1 lakh (varies by scheme).
    Maximum: Up to 90% of the property value for home loans (subject to eligibility and property type);
    For LAP, up to 50–60% of property value.
  • Interest Rates: Competitive rates starting from 8.40% p.a. (floating rates, linked to LHPLR - LIC Housing Prime Lending Rate).
    Fixed and floating rate options available.
    Rates vary based on loan amount, credit score (CIBIL score), and borrower profile (salaried/self-employed).
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      • Tenure: Home Loans: Up to 30 years. Loan Against Property: Up to 15 years. Flexible repayment options to suit borrower’s financial capacity.
      • Eligibility: Age: 18 to 70 years (at loan maturity). Income-Stable income source for salaried, professionals, or self-employed individuals. Credit Score-Preferably 700+ for better rates and approval chances. Property-Must meet LIC HFL’s legal and technical standards.
      • Processing Fees: Home Loans: 0.25% to 1% of loan amount (plus GST). Loan Against Property: Up to 1% of loan amount. Concessions may apply during festive offers or for specific borrower categories.
      • Repayment Options: EMI-based repayment (Equated Monthly Installments). Step-Up EMI: Lower EMIs initially, increasing over time. Prepayment: Nil or low prepayment charges for floating-rate loans; fixed-rate loans may have charges.
      • Special Schemes: Griha Shobha: For women borrowers with relaxed terms. Advantage Plus: For affordable housing with subsidies under PMAY (Pradhan Mantri Awas Yojana). Apna Ghar: For NRIs and self-employed individuals. PMAY Subsidy: Eligible borrowers can avail CLSS (Credit Linked Subsidy Scheme) benefits.
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Benefits of LIC Housing Finance Mortgage Loans

  • Competitive Interest Rates: LICHFL provides attractive interest rates starting as low as 8.40% per annum (as per recent data), which can vary based on loan type, tenure, and borrower profile. Lower rates reduce the overall cost of borrowing.
  • Flexible Loan Tenure: Borrowers can choose repayment tenures up to 30 years for salaried individuals and up to 20 years for self-employed individuals, allowing manageable EMIs tailored to financial capacity.
  • High Loan Eligibility: Loans are available up to 90% of the property value for loans up to ₹30 lakh, depending on the applicant's income, credit score, and property type. This helps finance a significant portion of the home purchase.
  • Quick Processing and Disbursal: LICHFL offers streamlined processes with faster loan approvals, especially for applicants with complete documentation, ensuring timely disbursal for property purchases.
        • Tax Benefits: Borrowers can claim tax deductions under Section 80C (up to ₹1.5 lakh on principal repayment) and Section 24(b) (up to ₹2 lakh on interest paid annually) of the Income Tax Act, subject to prevailing laws.
        • Variety of Loan Products: LICHFL caters to diverse needs with products like home loans, loans against property, balance transfer options, and top-up loans for existing borrowers for different financial goals.
        • No Prepayment Charges: For floating-rate home loans, there are no prepayment penalties, allowing borrowers to repay the loan early without additional costs, saving on interest.
        • Wide Reach and Accessibility: With a vast network of branches and online application options through their website or apps like Homify, LICHFL ensures easy access to services across India.
        • Special Schemes: LICHFL offers tailored schemes like the Griha Shobha for women borrowers and loans under PMAY (Pradhan Mantri Awas Yojana) with subsidies for eligible applicants, enhancing affordability.
        • Trusted Brand: As a subsidiary of LIC of India, LICHFL enjoys credibility, offering borrowers reliability and trust in their financial dealings.
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How to Apply for LIC Housing Finance Mortgage Loans

  • 1. Check Eligibility:
    • Age: Typically 21–60 years for salaried individuals and up to 65 for self-employed applicants.
    • Income: Stable income with proof (salary slips/ITR); varies based on loan amount.
    • Credit Score: Preferably 700+ for higher chances of approval and better interest rates.
    • Property: Must be legally clear and meet LICHFL’s approval criteria.
    • Use the online eligibility calculator on lichousing.com to estimate loan amount and EMI.
  • 2. Choose Loan Product:
    • Select the suitable loan type as per your need – home loan, loan against property, balance transfer, or PMAY-linked loan.
  • 3. Gather Required Documents:
    • Identity Proof: Aadhaar card, PAN card, Voter ID, or Passport.
    • Address Proof: Utility bill, Aadhaar card, or rental agreement.
    • Income Proof:
      • Salaried: 3–6 months’ salary slips, Form 16, bank statements.
      • Self-Employed: ITRs, balance sheet, and profit/loss statement for the last 2–3 years.
    • Property Documents: Agreement to sale, title deed, NOC from society/authority, tax receipts, etc.
    • Others: Passport-size photographs, filled loan application form, and processing fee cheque.
  • 4. Apply for the Loan:
    • Online Application:
      • Visit lichousing.com or download the LICHFL Homify app (iOS/Android).
      • Fill out the online form with personal, income, and property details.
      • Upload scanned copies of required documents.
      • Pay the non-refundable processing fee (typically 0.25%–1% of the loan amount).
    • Offline Application:
      • Visit the nearest LICHFL branch or Area Office.
      • Collect and submit the physical application form with required documents.
      • Pay the processing fee via cheque or demand draft.
  • 5. Loan Processing:
    • LICHFL verifies your application, assesses creditworthiness, and conducts legal and technical evaluation of the property.
    • You may be contacted for additional documents or clarifications.
  • 6. Loan Approval and Sanction:
    • On successful verification, you’ll receive a sanction letter mentioning loan amount, interest rate, tenure, and repayment terms.
    • Review the offer carefully before proceeding.
  • 7. Sign Agreement and Disbursal:
    • Sign the loan agreement and set up EMI payments via ECS or post-dated cheques.
    • Complete property-related formalities such as registration and stamp duty.
    • Loan amount is disbursed directly to the seller, developer, or as per the agreed purpose.
  • 8. Track Your Application:
    • Use the LICHFL Homify app or website to monitor your loan application status using the application/reference number.

Eligibility Criteria for LIC Housing Finance Mortgage Loans

  • Applicant Type:
    • Salaried Individuals: Must be employed with a reputed organization (private, public sector, or MNC).
    • Self-Employed Professionals (SEP): Doctors, engineers, architects, chartered accountants, etc.
    • Self-Employed Non-Professionals (SENP): Business owners, traders, or proprietors.
    • Non-Resident Indians (NRIs): Eligible for specific home loan schemes (additional criteria like valid work visa apply).
  • Age:
    • Minimum Age: 21 years at the time of application.
    • Maximum Age at Loan Maturity:
      • Salaried: Up to 65 years (or retirement age, whichever is earlier).
      • Self-Employed: Up to 70 years (may vary based on loan tenure and bank discretion).
  • Income Requirements:
    • Salaried:
      • Minimum monthly income: ₹25,000 or higher.
      • Stable employment history, usually at least 1-2 years with the current employer or 3+ years overall.
    • Self-Employed:
      • Minimum annual income/profit: ₹3 lakh per year (post-tax, as per ITR), though higher income may be required for larger loans.
      • Business continuity: At least 3–5 years of stable operations with consistent revenue.
    • NRIs: Minimum monthly income equivalent to ₹30,000–₹50,000 (varies by country and loan scheme).
  • Credit Score:
    • A CIBIL score of 700 or above is preferred for better approval chances and competitive interest rates.
    • Applicants with scores between 650-700 may be considered but could face stricter scrutiny or higher rates.
    • No recent defaults, bankruptcies, or frequent loan rejections, as these negatively impact eligibility.
  • Property Ownership:
    • The applicant (or co-applicant) must own a property to offer as collateral.
    • Eligible Property Types: Residential (house, flat, or plot in approved areas), Commercial (office, shop, or other business premises), Select industrial properties (case-by-case basis).
    • The property must have a clear and marketable title, free from legal disputes or encumbrances.
    • Property should meet the bank’s technical and legal standards (e.g., approved building plan, occupancy certificate if applicable).
  • Loan-to-Value (LTV) Ratio:
    • IDFC First Bank typically finances 50-60% of the property’s market value for mortgage loans .
    • Higher LTV (up to 65-70%) may be possible for prime properties or applicants with excellent credit profiles, subject to bank discretion.
    • The property’s value is determined by a bank-appointed valuer during the loan process.
  • Nationality and Residency:
    • Applicants must be Indian residents. Non-Resident Indians may be eligible for specific mortgage loan products, but this is less common and subject to stricter conditions .
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Documents Required for LIC Housing Finance Mortgage Loans

  • Application Form:
    - Duly filled and signed IBHFL loan application form (downloadable from indiabullshomeloans.com or available at branches).
    - 2-3 passport-size photographs of the applicant(s) and co-applicant(s).
  • Identity Proof (Any one, self-attested copy):
    - PAN Card (mandatory for credit processing).
    - Aadhaar Card.
    - Voter ID.
    - Passport.
    - Driving License.
  • Address Proof (Any one, self-attested copy):
    - Aadhaar Card.
    - Utility bill (electricity, water, gas) not older than 3 months.
    - Passport.
    - Voter ID.
    - Rental agreement or registered lease deed.
  • Income Proof:
    For Salaried Individuals:
    - Latest 3-6 months’ salary slips.
    - Form 16 or ITR for the last 2 years.
    - Bank statement (salary account) for the last 6 months.
    - Appointment letter or employer certificate (if requested).
    For Self-Employed Individuals:
    - Income Tax Returns (ITR) with computation of income for the last 2-3 years.
    - Balance sheet and profit & loss account (certified by a CA) for 2-3 years.
    - Bank statement (business/personal account) for the last 6-12 months.
    - Business proof: GST registration, shop act license, partnership deed, or company incorporation certificate.
  • Property Documents:
    - Sale agreement or agreement to sale.
    - Title deed (chain of ownership documents for 13-30 years, as applicable).
    - Approved building plan and layout from local authorities.
    - No Objection Certificate (NOC) from builder, society, or development authority.
    - Encumbrance certificate (showing no legal dues).
    - Occupancy certificate or completion certificate (for ready properties).
    - Property tax receipts or index-II copy.
    - For LAP: Property valuation report and proof of ownership.
    - For PMAY: Property details meeting carpet area norms (e.g., 90 sq.m for MIG-I).
  • Other Documents:
    - Processing fee payment proof (0.5%-2% of loan amount, non-refundable) via cheque, demand draft, or online transaction.
    - Loan statement or repayment track record (for balance transfer cases).
    - Post-dated cheques or ECS/NACH mandate for EMI payments.
  • NRI-Specific Documents (if applicable):
    - Copy of valid passport and visa/work permit.
    - Employment contract or salary certificate (attested by employer/embassy).
    - NRE/NRO bank statement for 6-12 months.
    - Power of Attorney (if a local representative handles the process).
    - Credit report from the country of residence (if required).
  • Scheme-Specific Documents:
    PMAY (Pradhan Mantri Awas Yojana):
    - Income certificate (e.g., ₹6 lakh/year for EWS/LIG, ₹18 lakh for MIG-II).
    - Aadhaar-linked declaration of no pucca house ownership.

Factors for LIC Housing Finance Mortgage Loans

  • Credit Score:
    - A strong credit score (ideally 700+ on CIBIL or equivalent) increases approval chances and may secure lower interest rates.
    - Poor credit history or defaults can lead to rejection or higher rates.
    - Impact: A higher credit score results in better loan terms, lower rates, and more favorable approval conditions.
  • Income and Repayment Capacity:
    - Salaried Applicants: Regular salary with 2-3 years of employment.
    - Self-Employed Applicants: Consistent business income for 2-3 years, verified via ITRs or financials.
    - Debt-to-Income Ratio: EMI (including other loans) should not exceed 40-50% of monthly income.
    - Impact: Higher income supports larger loan amounts and longer tenures.
  • Loan-to-Value (LTV) Ratio:
    - LICHFL offers up to:
    • 90% of property value for loans up to ₹30 lakh.
    • 80% for ₹30 lakh to ₹75 lakh.
    • 75% for above ₹75 lakh.

    - Impact: Lower LTV (higher down payment) improves approval odds and may reduce interest rates.
  • Property Characteristics:
    - Property must have clear title, approved plans, and no legal disputes.
    - Eligible types: Residential (flats, houses), under-construction properties by approved developers, or commercial (for specific loans).
    - Property valuation by LICHFL’s empaneled valuers impacts loan amount.
    - Location and marketability affect approval (urban properties often preferred).
    - Impact: A property with a clear title and good market value improves eligibility and loan approval.
  • Applicant Profile:
    - Age: 21-60 years (salaried) or up to 65 (self-employed) at loan maturity. Younger applicants may get longer tenures.
    - Employment/Business Stability: Continuous job or business (2-3 years) ensures repayment reliability.
    - Co-Applicant: Adding a spouse or family member with income can boost eligibility.
    - NRI Status: For NRIs, overseas income, work permit, and repatriation terms matter.
    - Impact: A stable applicant profile with a co-applicant can result in better loan terms and larger loan amounts.
  • Loan Amount and Tenure:
    - Loan amount depends on income, property value, and LTV ratio (ranges from ₹1 lakh to several crores).
    - Tenure: Up to 30 years for salaried individuals, 20 years for self-employed applicants, or 15 years for loan against property.
  • Interest Rate Type:
    - Floating Rate: Linked to LICHFL’s Prime Lending Rate (PLR), starting around 8.40% (as per recent data). Fluctuates with market conditions.
    - Fixed Rate: Higher than floating, offers EMI stability but limited tenure.
  • Documentation:
    - Complete and accurate documents (ID, income proof, property papers) expedite processing.
    - Missing or unverifiable documents can delay or derail approval.

Frequently Asked Questions (FAQs)

What types of mortgage loans does LICHFL offer?
LICHFL provides home loans, loans against property, balance transfer loans, top-up loans, and specialized schemes like PMAY (Pradhan Mantri Awas Yojana) and Griha Shobha (for women borrowers).
Who is eligible for an LICHFL mortgage loan?
Eligible Applicants: Resident Indians (salaried or self-employed) and NRIs. Age: 21-60 years (salaried) or up to 65 (self-employed) at loan maturity. Stable income, good credit score (preferably 700+), and ownership of eligible property. Specific schemes (e.g., PMAY) may have additional criteria like income limits.
What is the minimum and maximum loan amount?
Minimum: ₹1 lakh (varies by scheme). Maximum: Depends on income, property value, and repayment capacity (can go up to several crores). Up to 90% of property value for loans up to ₹30 lakh, 80% for ₹30-75 lakh, and 75% for above ₹75 lakh.
What are the interest rates for LICHFL mortgage loans?
Floating rates start around 8.40% p.a. (as per recent data), linked to LICHFL’s Prime Lending Rate (PLR). Fixed rates are higher and available for shorter tenures. Rates vary based on loan type, credit score, and borrower profile. Check lichousing.com for current rates.
What is the maximum loan tenure?
Up to 30 years for salaried individuals. Up to 20 years for self-employed individuals, subject to age at loan maturity.
What documents are required to apply?
Identity proof: PAN, Aadhaar, etc.
Address proof: Passport, voter ID.
Income proof: Salary slips, ITRs, bank statements.
Property documents: Sale agreement, title deed, NOC.
Additional documents for NRIs or schemes like PMAY (e.g., income certificate). Full list available on lichousing.com.
How can I apply for an LICHFL mortgage loan?
Online: Through lichousing.com or the Homify app (upload documents, pay processing fee).
Offline: Visit an LICHFL branch with documents and the application form. Processing typically takes 7-15 days if documents are complete.
What is the processing fee?
Non-refundable fee of 0.25%-1% of the loan amount (varies by loan type). Additional charges like legal/technical valuation fees may apply.
Are there prepayment or foreclosure charges?
Floating-rate loans: No prepayment charges.
Fixed-rate loans: Charges may apply (e.g., 2% of the outstanding amount). Confirm terms at the time of loan sanction.
Can I transfer my existing home loan to LICHFL?
Yes, LICHFL offers balance transfer facilities with competitive rates and potential top-up loans. Submit existing loan details and documents for processing.

List of Mortgage Loans by LIC Housing Finance

  • LIC Griha Suvidha Home Loan
  • LIC Home Loan for Pensioners
  • LIC Home Renovation Loan
  • LIC Home Loan Top-up
  • LIC Home Extension Loan
  • LIC Home Loan for NRI
  • LIC Plot Loan
  • LIC Advantage Plus