LIC Housing Finance Home Loan

LIC Housing Finance offers accessible and flexible home loans with competitive interest rates and long repayment tenures, making it easier for you to own your dream home. With various loan amounts, minimal documentation, and tax-saving benefits, LIC Housing Finance caters to both salaried and self-employed individuals.
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Key Features

  • Flexible Tenure
    Up to 30 years
  • Interest Rates
    Starting at 6.75%, based on eligibility
  • Processing fee
    Affordable, varies by loan amount
  • Loan Amount
    Based on applicant's profile and eligibility
  • Prepayment Charges
    Nil for individual borrowers on floating-rate loans
  • Foreclosure Charges
    Charges may apply for fixed-rate loans
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Highlights of LIC Housing Finance Home Loan

  • Affordable EMIs EMI calculator available for accurate financial planning
  • Balance Transfer Facility: Switch for better interest rates
  • Quick Processing and Approval: Streamlined application and approval process for faster access to funds.
  • Top-Up Loan Option: Provides additional loan facilities for existing borrowers to meet extra financial needs.
  • Attractive Interest Rates: Competitive interest rates with options for fixed and floating rates.
  • Minimal Documentation: Simplified documentation requirements make the application process hassle-free

Eligibility Criteria

You should meet the following criteria to apply for this loan:
  • Age: 21-60 years
  • Income: Varies based on applicant profile
  • Employment: Salaried, self-employed, and NRI applicants eligible

Tentative list of documents required for Home Loan

Mandatory documents(To be submitted by all applicants)
  • KYC documents: Pan Card, Aadhaar Card
  • Property Documents (in case property is identified): Proof of ownership of property, In case of flats- allotment letter of builder/society, Up to date tax paid receipt
For Salaried Applicants
Income documents: Salary slips and Form No.16 for salaried, Last 3 years income tax returns along with financials for self-employed or professionals, Bank statements for last 6 to12 months
For Self-employed Applicants
Income documents: Salary slips and Form No.16 for salaried, Last 3 years income tax returns along with financials for self-employed or professionals, Bank statements for last 6 to12 months

Home Loan Calculator

Home Loan EMI Calculator

You are Eligible for EMI Amount
₹56,409
Principal Amount
₹65,00,000
Interest Amount
₹29,53,299
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8,000,000₹
8.5 p.a
20 years

You are Eligible for EMI Amount

0
Principal Amount
0
Interest Amount
7,038,042
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Get Pre - Qualified

You are Eligible for Amount

₹36,00,000.00

Monthly EMI

₹31,241.64
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How much will I save on balance transfer?
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LIC Housing Finance Features & Benefits

Dreaming of a home but facing financial barriers? LIC Housing Finance offers affordable home loans to help you purchase or construct a property, with competitive rates starting at 6.75% and up to 90% financing on property value. Here’s what you can expect:

1. Loan Amount Options: Get financing up to 90% of your property’s value, allowing you to choose from a wide range of properties and budgets without straining your finances. 

2. Affordable Interest Rates: With rates starting as low as 6.75%, LIC Housing Finance offers one of the most competitive options in the market. Rates are tailored based on factors such as your credit score and employment type, giving you a customized rate that best fits your profile. 

3. Prepayment & Foreclosure Charges: Enjoy flexibility with no prepayment or foreclosure charges on floating-rate loans. For fixed-rate loans, a 2% charge applies only on the principal repaid, providing you with cost-effective repayment options should your financial situation change. 

4. Low Processing Fees: With a minimal processing fee of 0.35% of the loan amount (up to ₹50,000), LIC Housing Finance keeps upfront costs low, allowing you to focus on what matters: your new home. 

5. Flexible Tenure: Choose a repayment tenure of up to 30 years, providing ample time to pay off your loan at a comfortable pace, with manageable monthly EMIs that fit your financial plan.

6. Balance Transfer Facility: Transfer your existing home loan to LIC Housing Finance to benefit from lower interest rates. This option allows you to take advantage of better rates, lowering your EMI burden. 

7. Simple Digital Application Process: Apply online conveniently, with a fully digital application process designed for speed and ease. This user-friendly platform lets you manage your application anytime, anywhere. 

8. Streamlined Documentation: With a simplified documentation process, LIC Housing Finance ensures a quick and straightforward approval process, whether you’re salaried or self-employed.

 

Take the step towards securing your dream home with LIC Housing Finance’s reliable home loan options, crafted for affordability and ease.

LIC Housing Finance EMI Calculator

Planning to take a home loan? Use the LIC Housing Finance EMI Calculator to estimate your monthly installments quickly and accurately. With this tool, you can determine the exact EMI based on loan amount, tenure, and interest rate, helping you manage your finances effectively. Whether you're looking at a 15- or 30-year term, the calculator gives a clear breakdown of principal and interest amounts, so you can plan confidently for your dream home. 

Here’s an updated table displaying estimated EMI amounts based on a principal amount and different loan tenures with LIC Housing Finance’s typical interest rates:


Amount

10 Years 

20 Years 

25 Years

Rs 10 Lakh

Rs 11,457

Rs 7,574

Rs 6,878 

Rs 30 Lakh

Rs 34,370

Rs 22,722

Rs 20,633

Rs 50 Lakh

Rs 57,284

Rs 37,870

Rs 34,388

 

This table is based on average LIC Housing Finance interest rates and typical loan tenures. Use the LIC Housing Finance EMI Calculator to get precise amounts based on real-time rates, tenure, and loan amount.

Key Benefits of Using LIC Housing Finance EMI Calculator:

Accurate EMI Calculation:

Get precise monthly payment figures.

Customizable Inputs:

Adjust loan amount, tenure, and interest rate.

Detailed Amortization Schedule:

Understand principal and interest split.

Easy Financial Planning:

Helps you set a realistic home-buying budget.

 

The LIC Housing Finance EMI Calculator offers a quick and precise way to plan your home loan, helping you set an affordable repayment schedule and make informed decisions for a smooth path to homeownership.

Documents Required for LIC Home Loan

Applying for an LIC Housing Finance home loan is straightforward if you have the required documents prepared. Here’s a detailed breakdown of what’s needed:

KYC Documents

Income Documents

Property Documents (If the property has been identified)

Additional Documents for NRIs

Identity Proof: Documents such as PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License are essential for identity verification.

Salaried Employees: Provide recent salary slips and Form 16 as proof of income. Bank statements for the past 6-12 months are also typically required.

Proof of Ownership: A copy of the sale deed, allotment letter from a society/builder, or a title deed establishes the ownership of the property.

Passport: NRIs must provide a valid passport for identity verification.

Address Proof: Proof of residence can include utility bills, rent agreements, Aadhaar, Passport, or a voter ID.

Self-employed Individuals & Professionals: Submit your last three years' income tax returns along with detailed financial documents of your business. This helps assess your consistent income.

Up-to-Date Tax Paid Receipts: Most recent property tax receipts verify that all dues have been cleared.

NRE/NRO Bank Statements: If applicable, recent bank statements from NRE/NRO accounts may be required to validate foreign income sources.

Bank Statements: Six to twelve months of bank statements help validate income stability and expenses.

Allotment Letter: If the property is a flat, include the allotment letter from the builder or society.

 

Having these documents ready ensures a smooth and efficient loan application process, enabling LIC Housing Finance to evaluate your eligibility and process your application faster.

LIC Housing Finance Home Loan Eligibility Criteria

To qualify for an LIC Housing Finance home loan, applicants must meet specific criteria regarding age, employment, and income stability. Here’s a summary of the basic eligibility requirements:

Home Loan Type Description Eligibility Criteria
Home Purchase Loan For purchasing a ready or under-construction property Age: 21-60, stable income, salaried or self-employed, good credit score
Home Construction Loan For building a home on owned land Age: 21-60, must own land, proof of income stability
Plot Purchase Loan For buying residential land Age: 21-60, adequate income to cover EMI, some cases may need construction commitment
Home Improvement Loan For renovations or repairs to an existing home Age: 21-60, income stability, salaried or self-employed, satisfactory credit history
Home Extension Loan For expanding an existing property Age: 21-60, steady income, must own the property, good credit score
Balance Transfer Loan Transfer existing home loan to LIC Housing Regular EMI history on current loan, good credit score, proof of stable income
NRI Home Loan Tailored for Non-Resident Indians (NRIs) Age: 21-60, valid passport, proof of overseas income, NRE/NRO bank account statements

 

This overview provides the key home loan options and eligibility requirements for LIC Housing Finance.

LIC Housing Finance Interest Rates

LIC Housing Finance offers competitive interest rates to make homeownership accessible and affordable. Current rates start as low as 6.75%, varying based on loan type, tenure, applicant’s profile, and credit score. These rates apply to a range of loan options, including home purchase, construction, plot purchase, and home improvement loans. Borrowers can also benefit from flexible tenure options of up to 30 years, allowing for manageable EMIs.
Loan Type CIBIL ≥ 700 (Salaried & Professional) CIBIL ≥ 700 (Non-Salaried & Non-Professional) CIBIL 650-699 (Salaried & Professional) CIBIL 650-699 (Non-Salaried & Non-Professional) CIBIL 600-649 (Salaried & Professional) CIBIL 600-649 (Non-Salaried & Non-Professional) CIBIL <600 (Salaried & Professional)
Up to ₹2 Crore 6.75% 6.75% - - - - -
Griha Sidhi (₹2-15 Crores) 6.90% 7.00% - - - - -
2020 Homecoming (₹2-3 Crores) 7.20% 7.10% - - - - -
2020 Homecoming (₹3-5 Crores) 7.20% 7.30% - - - - -
Loans up to ₹50 Lakhs 7.10% 7.20% 7.30% 7.40% 7.50% 7.60% -
Loans ₹50 Lakhs to ₹1 Crore 7.30% 7.40% 7.60% 7.70% 7.70% 7.80% -
Loans ₹1 Crore to ₹3 Crores 7.40% 7.50% 7.70% 7.80% 7.70% 7.80% -
Loans ₹3 Crores to ₹15 Crores 7.50% 7.60% 7.70% 7.80% 7.80% 7.90% -
Fixed Interest Rates (My Choice - Sure Fixed Loan) Up to ₹50 Lakhs: 10.05% ₹50 Lakhs to ₹5 Crores: 10.15% - - - - -

 

This table provides a clear overview of the interest rates for different loan types and applicant categories with LIC Housing Finance.

LIC Housing Finance Tax Benefits – Save More with Your Home Loan

When you take a home loan from LIC Housing Finance, you can take advantage of significant tax benefits under several sections of the Income Tax Act:

1. Section 80C: Deduction of up to ₹1.5 lakh on the principal repayment of the home loan.

2. Section 24(b): Deduction of up to ₹2 lakh on the interest paid for a self-occupied property.

3. Section 80EEA: Additional ₹1.5 lakh deduction on interest for first-time homebuyers, subject to conditions.

These tax deductions reduce your taxable income, helping you save money while you repay your home loan. Be sure to consult with a tax professional for personalized advice on maximizing these benefits.

  • LIC Housing Finance Features & Benefits

  • LIC Housing Finance EMI Calculator

    EMIs allow you to purchase the house of your dream and pay for it slowly over a pre-decided period. They are based on the interest rate, principal amount, and tenure of the loan. Calculating EMIs manually is hard and has scope for errors. However, LIC Housing Finance provides an online EMI calculator which you can use to calculate your EMI. 

    Here is a look at an example to understand how LIC Housing Finance calculates EMI. Let us assume the fixed interest rate is 6.70%.

    Amount

    10 Years 

    20 Years 

    25 Years

    Rs 10 Lakh

    Rs 11,457

    Rs 7,574

    Rs 6,878 

    Rs 30 Lakh

    Rs 34,370

    Rs 22,722

    Rs 20,633

    Rs 50 Lakh

    Rs 57,284

    Rs 37,870

    Rs 34,388

  • Documents Required for LIC Home Loan

    KYC Documents

    Income Documents

    Property Documents (In case the property is identified)

    PAN Card and Aadhar Card

    Form 16 and salary slips (For salaried employees)

    Proof of ownership of property

    Passport for NRIs

    Last 3 years’ income tax returns with financials (for self-employed & professionals)

    Allotment letter of society/builder in case of flat

    Proof of Residence

    Bank statements for the last 6-12 months

    Up to date tax paid receipt

     

  • LIC Housing Finance Eligibility Criteria

    Home Loan Type

    Eligibility

    Griha Suvidha Home Loan

    A part of salary in cash

    Nearing retirement and needing an extension on loan term

    Self-employed persons requiring an extension on loan term

    Top-up

    New customer: Transfer of existing home loan

    Existing customer: Default-free loan seasoning

    PMAY

    Family includes husband, wife, and unmarried children

    Beneficiary and family should not own a pucca house anywhere in the country

    In case of married couples, either spouse alone or together can be eligible for a single house

    No central assistance under any housing scheme from the Indian Government availed

    In case of EWS/LIG, the property must be either in the name of the female head of the house or together with the male head. In the absence of a female head, the house can be in the name of the male member.

  • LIC Housing Finance Interest Rates

    LIC Housing Finance has different interest rates under different schemes and for people with different credit scores.

    Scheme

    Loan (CIBIL>= 700)

    Salaried & Professional

    Non-Salaried & Non-Professional

    Up to 2 crore

    6.75%

    6.75%

    Griha Sidhi

    2-15 crores

    6.90%

    7.00%

    2020 Homecoming

    2-3 crores

    7.20%

    7.10%

    2020 Homecoming

    More than 3 crores and up to 5 crores

    7.20%

    7.30%

    For loans up to 50 lakhs

    CIBIL Score

    Salaried & Professional

    Non-Salaried & Non-Professional

    650-699

    7.10%

    7.20%

    600-649

    7.30%

    7.40%

    <600

    7.50%

    7.60%

    101-200 or NTC

    7.20%

    NA

    For loans of more than 50 lakhs and up to 1 crore

    CIBIL Score

    Salaried & Professional

    Non-Salaried & Non-Professional

    650-699

    7.30%

    7.40%

    600-649

    7.60%

    7.70%

    <600

    7.70%

    7.80%

    101-200 or NTC

    7.40% 

    NA

    For loans of more than 1 crore and up to 3 crores

    CIBIL Score

    Salaried & Professional

    Non-Salaried & Non-Professional

    650-699

    7.40%

    7.50%

    600-649

    7.70%

    7.80%

    <600

    7.70%

    7.80%

    For loans of more than 3 crores and up to 15 crores

    CIBIL Score

    Salaried & Professional

    Non-Salaried & Non-Professional

    650-699

    7.50%

    7.60%

    600-649

    7.70%

    7.80%

    <600

    7.80%

    7.90%

    Fixed Interest Rates: My Choice - Sure Fixed Loan

    Loan Slab

    Rate of Interest

    Up to 50 lakhs

    10.05%

    50 lakhs to 5 crores

    10.15%

  • LIC Housing Finance Tax Benefits – Save More with Your Home Loan

    When you take a home loan from LIC Housing Finance, you can take advantage of significant tax benefits under several sections of the Income Tax Act:

    1. Section 80C: Deduction of up to ₹1.5 lakh on the principal repayment of the home loan.

    2. Section 24(b): Deduction of up to ₹2 lakh on the interest paid for a self-occupied property.

    3. Section 80EEA: Additional ₹1.5 lakh deduction on interest for first-time homebuyers, subject to conditions.

    These tax deductions reduce your taxable income, helping you save money while you repay your home loan. Be sure to consult with a tax professional for personalized advice on maximizing these benefits.

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