LIC HFL Housing Loan Details

LIC Housing Finance Ltd. (LIC HFL) is a leading housing finance company in India, offering a wide range of home loan products to help you achieve your dream of owning a home. This page provides an overview of the key details you need to know about their housing loan offerings.

Key Features

• Competitive Interest Rates: LIC HFL offers attractive interest rates, starting from as low as 8.50% p.a., with rates often tiered based on your CIBIL score.
• High Loan-to-Value (LTV): You can avail up to 90% of the property's value as a loan for amounts up to ₹30 lakh.
• Flexible Tenure: Enjoy a long repayment period of up to 30 years for salaried individuals and 25 years for self-employed individuals.
• No Prepayment Penalties: For floating rate loans, there are no charges for pre-closing your loan.
• Simple Documentation & Quick Processing: The application process is designed to be straightforward and fast.

Types of Home Loans

LIC HFL provides various loan schemes to suit different needs:

• Home Purchase Loan: For buying a new or old house/flat.
• Home Construction Loan: For building a house on a plot of land you own.
• Home Extension & Improvement Loan: For adding a new floor, room, or renovating your existing home.
• Plot Loan: For the purchase of a residential plot for future construction.
• Top-Up Loan: An additional loan on your existing home loan for any personal or professional needs.
• Home Loan for Pensioners: A special scheme tailored for pensioners, with a repayment tenure that can extend up to the age of 80.

Eligibility Criteria

To be eligible, applicants must generally meet the following criteria:

Age

The minimum age for an applicant is 21 years at the time of application. The maximum age for loan maturity can be up to 60-70 years, depending on the loan scheme and applicant type.

Employment Status & Income

Both salaried individuals and self-employed professionals/businessmen are eligible. A stable and sufficient source of income is required to ensure repayment capacity.

Credit Score

A CIBIL score of 750 or above is generally preferred for the most favorable interest rates.

Documents Required

The following documents are typically needed to process your loan application:

Common Documents

• Application form with a recent photograph
• Identity Proof (PAN Card, Aadhaar, Passport)
• Address Proof (Aadhaar, Utility bills, Passport)

For Salaried Applicants

• Last 3 months' salary slips
• Last 6 months' bank statements
• Latest Form 16 and ITR

For Self-Employed Applicants

• Business profile and proof of business existence
• Last 3 years' ITR with computation of income
• Last 6 months' bank statements
• Balance Sheet and P&L account statements (Audited by a CA)

Property Documents

• Sale Agreement / Registered Sale Deed
• Approved building plan and land documents
• Up-to-date tax paid receipt
• Chain of title deeds of the property