LIC Housing Finance: Different Types Of Home Loans

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LIC Housing Finance Limited provides home loans to individuals, builders, NRIs, pensioners, etc, catering to different needs. LIC Housing Loan offers a loan with minimal documentation, fast processing and quick approvals with disbursal.

The interest rate applicable is 9.40 per cent for government employees with floating interest rate up to Rs 5 crore for other individuals. The interest varies between 9.50-9.60 per cent.

LIC Housing Finance: Different Types Of Home Loans

Here are different types of home loan offered by LIC Housing Finance:

LIC Housing Loan for purchase

This loan can be used to purchase  a new house or an apartment. The minimum amount that can be availed is Rs 1,00,000. The maximum loan tenure is 30 years for salaried borrowers and 20 years for self-employed. Repayment can be through Equated Monthly Installments (EMI).

Loan to property cost by LIC Housing Finance  is 85 per cent of total cost of the property which includes stamp duty & registration charges for a loan up to Rs 20 lakhs.

For amount above Rs 20 lakhs,  80% of total cost of the property including stamp duty & registration charges for loan.

For loan amount above Rs 75 lakhs, 75 per cent of  total cost of the property including stamp duty & registration charges.

LIC Housing Loan for construction

LIC Housing Loan can avail for the construction of a home which includes the cost of construction and other expenses. Individuals have to pay the loan amount through EMI on a monthly basis.

Loan to property cost by LIC HF is 85 per cent of total cost of the property which includes stamp duty & registration charges for a loan up to Rs 20 lakhs.

For amount above Rs 20 lakhs,  80 per cent of total cost of the property including stamp duty & registration charges for a loan. For loan amount above Rs 75 lakhs, 75 per cent of  total cost of the property.

LIC Housing Loan for extension

Home loan borrowers can avail housing loan to extend part of your home. Individuals can use this loans to extend a room, add an additional floor etc. The maximum loan tenure is 30 years for salaried borrowers and 20 years for self-employed. The minimum amount which can be availed for extension is Rs 1,00,000.

LIC Housing Loan for repairs and renovations

Existing home owners can approach LIC Housing loan for repair and renovation of existing home.  Loan to property cost will be 85 per cent of the cost of the estimate for a loan up to Rs 20 lakhs. For loan above Rs 20 lakh, 80 per cent of cost of the estimate for a loan will be
applicable.

LIC Housing Loan for plot purchase

Individuals can avail loan for the purpose of the residential plot from statutory authorities. Loan to property cost will be 75 per cent of the property value. The maximum tenure which can be availed is 15 years. Repayment should be made through Equated Monthly Installments (EMI) on a monthly basis.

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