Home loans from LIC Housing Finance offer multiple options to meet every customer’s unique requirements when buying a new residential property. Customers can easily apply for a home loan online with ULI Loan. Moreover, customers will find it easy to complete their application as it does not require a lot of paperwork. LIC offers home loan solutions with low interest rates and flexible repayment options to meet the diverse needs of its customers. Check out IDFC FIRST Bank Personal Loan.
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Features and Benefits of Home Loans Financed by LIC Housing
One of the top providers of house mortgage loans, LIC Housing Finance is the provider of LIC Housing Finance House Loan. With a starting rate of 8.65% which can increase depending on the borrower’s CIBIL score, the rates are attractive and reasonably priced for its customers. The balance transfer option is available to customers at an annual interest rate of 9.50%.
For those looking for a house loan, LIC Housing Finance House Loan is a great option due to its attractive features and benefits. Learn all the information you need to know about the LIC Housing Finance program in this article, including its features, interest rates, and other relevant details.
Taking a home loan from LIC Housing Finance has many benefits and features. They are listed below.
- Consumers can apply for home loans online from the comfort of their homes.
- Loans are approved quickly.
- Low EMIs are available to borrowers.
- Simple and easy documentation process
- A maximum repayment term of 30 years is available.
- Attractive and competitive interest rates
- There is no penalty on prepayment.
Eligibility for Home Loan Eligibility by LIC Housing Finance
Consumers interested in the home loan program from LIC Housing Finance must meet certain eligibility requirements. They are listed below.
- The loan program is available to both citizens and non-citizens.
- The last date for a loan application is 50 years. Additionally, candidates who work for themselves can be up to 75 years of age.
- Borrowers should preferably have a minimum CIBIL score of 650.
- They should have worked for at least two years.
Additionally, candidates can use the LIC Housing Finance house loan eligibility calculator, but to do so, they must enter specific information including their average monthly income, EMI data, loan interest rate, affordability, and other facts. The online tool will use the facts to display an amount that the borrower can think of. Also, check Kotak Bank Business Loan.
Charges & Fees for Home Loans Financed by LIC Housing
Home loans from LIC Housing Finance attract a small processing fee. A maximum of 0.50% of the loan amount can be charged. Customers have to pay this non-refundable fee before loan approval.
Documents Required for LIC Housing Finance Home Loan
Applicants need to submit certain documents to get their LIC Housing Finance home loan processed. These documents include KYC documents, income documents, and property documents. The documents required to apply for an LIC Housing Finance home loan are as follows.
| KYC Documents | PAN Card Aadhaar Card Passport NRI applicants Proof of Residential address |
| Income Documents | Salary slip 6 Income Tax Return documents Bank statements |
| Property Documents | Proof of property ownership If residing in society, an allotment letter from the society owner Up-to-date tax payment bills |
How is EMI calculated for a home loan from LIC Housing Finance?
Calculating the EMI before applying for a loan can help the consumer make a decision based on several factors such as affordability, spending plans, etc. Use the ULI Loan Home Loan EMI Calculator to know the best loan amount, interest rate, and tenure. However, the following mathematical formula can also be used for manual calculation.
EMI = (P × r × (1+r)^n)/((1+r)^n-1)
Here, “P” stands for principal amount, “r” stands for interest rate, and “n” stands for loan tenure.
Balance Transfer LIC Housing Finance Home Loan
LIC Housing Finance offers the option of balance transfer for home loans with attractive features. Balance transfer allows the borrower to move from one prime home loan lender to another, resulting in reduced interest rates. In the long term, this can help the borrower save on loan costs. Customers using the LIC Housing Finance home loan program can skip up to two EMI payments initially. Apart from this, a top-up loan option is also available for borrowers. Check out Bank of Baroda Personal Loan.
LIC Housing Finance Home Loan Customer Care Information
To connect with LIC Housing Finance customer care representative, there are three main options:
| Visiting a Branch | Customers can visit a local LIC Housing Finance branch for assistance with home loan schemes and guidelines. To find the nearest branch: Go to the official website of LIC Housing. Under the “Contact” section, click on the ‘Visit Us’ option to refine your search for the nearest branch. |
| You can write an email for queries or grievances by providing the following details: Loan application number, Name, Email address, Contact number, Service location, Query details. Send the email to: [email protected]. | |
| Call | The customer service helpline is available on working days from 11 AM to 4 PM. To access the relevant contact numbers: Visit the official website of LIC Housing Finance.Go to the “Call Us” section and filter by your area to get the appropriate contact information. |
