LIC HFL Loans to Professionals
LIC HFL Loans to Professionals
LIC HFL Loans to Professionals
Financing solutions for your professional needs.
Purpose of the Loan
This loan is designed for the professional's specific needs, primarily for the purchase, extension, modification, or renovation of commercial premises to be used for their professional practice. It can also be utilized for the purchase of necessary professional equipment.
Eligibility
- Professionals: The loan is available to self-employed professionals who are Indian residents.
- Entities: Loans can also be sanctioned to a company or a partnership firm of such professionals.
- Credit Score: A good CIBIL score is highly recommended for favorable interest rates.
Key Features
- Loan Amount: The loan amount starts from ₹10 lakh and can go up to ₹15 crore. The final amount depends on the specific case and credit score.
- Tenure: The maximum repayment tenure is up to 15 years.
- Interest Rates: Interest rates are competitive and vary based on the CIBIL score and loan amount. Rates are floating and linked to the LIC HFL Prime Lending Rate (LHPLR).
- Repayment Mode: Repayment is made through Equated Monthly Installments (EMI).
Documents Required
- Identity & Address Proof: PAN Card, Aadhaar Card, Passport, etc.
- Income Proof: Income tax returns (ITR) for the last 3 years, along with audited financial statements (Profit & Loss Account and Balance Sheet).
- Property Documents: Title deeds, approved building plans, and other relevant legal documents for the commercial property being mortgaged.
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