Home Loan: LIC Housing Finance
The added advantages of applying for a home loan from LIC Housing Finance Home Loan are minimal documentation, quick loan procedure, expert advice related to the various queries of the customers, minimal processing fees and nil prepayment charges.
LIC Housing Finance Home Loan Interest Rate in Bangalore
| Base Interest Rate | 8.50% 11.55% |
| Maximum Tenure | 30 years |
| Processing Fee | Up to 0.25% of loan amount + GST (For loan amounts up to 1 crore) |
| Prepayment and Foreclosure Charges | Allowed and no charges for floating rate loans |
| Age Limit | Min 21 years and Max 65 years |
LIC Housing Finance Home Loan Checklist in Bangalore
| KYC Documents |
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| Income Documents and Bank Statement |
For Self-employed – for both applicant and co-applicant
For Salaried – for both applicant and co-applicant
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| Additional documents required in case of Balance Transfer of Home Loan |
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| Property documents |
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Home Loan - EMI Calculator
Why choose LIC Housing Finance Housing Loan
LIC Housing Finance offers wide variety of home loans which will fulfil your needs at one of the lowest interest rates available. LIC Housing Finance realizes the importance of a home of your own and offers Home Loans that can make building your dream living space easier. LIC Housing Finance gives Home Loans at attractive interest rates with easy repayment facilities. You can also enjoy LIC Housing Finance Bank loan offers that make financing truly simple.
Benefits of taking LIC Housing Finance housing loan
When you opt for a Home Loan, you can enjoy the following benefits:
- Taxation: A Home Loan allows you to claim income tax deductions on the interest and principal amount due. Under the Income Tax Act, 1961, as per Section 80C, you can claim up to INR 1.5 lakh on principal repayments, and up to INR 2 lakh on interest repayments under Section 24B. You can avail of other tax benefits via a Home Loan, as well.
- Interest Rate: When compared to the various kinds of loans available, the interest rate on a Home Loan is relatively lower. Plus, in case of a cash crunch, you can also apply for a Top-Up Loan in addition to the existing Home Loan.
- Due Diligence: When you apply for a Home Loan, banks check the property from a legal standpoint and ensure that the documents are valid and the title is clear. This step can prevent you from being scammed and passing this due diligence can validate your property.
Different types of loan provided by LIC Housing Finance
LIC Griha Suvidha Home Loan
These home loans are available to candidates who get a portion of their pay in cash or who want longer loan terms due to approaching retirement age. This lending program is also available to self-employed individuals who want a longer loan term.
LIC Home Loan For Pensioners
This home loan scheme is eligible for State government employees and individuals who are drawing pension under Defined Benefit Pension Schemes (DBPS) and are up to 65 years of age. It provides the benefits of EMI exemptions for retirees, Central/State government employees, and PSU personnel who are eligible for the Defined Benefit Pension Scheme.
LIC Home Renovation Loan
LIC Home Renovation or Construction Loan can be availed for home construction purposes. The interest rate starts from 8.50% p.a., with a maximum repayment period of 30 years for salaried employees and 25 years for self-employed.
LIC Home Extension Loan
The interest rates for LIC Home Extension Loan start from 8.50% per annum. The maximum tenure allowed for this scheme is 30 years.
LIC Plot Loan
This type of loan can be availed for purchasing a residential plot from a government body/development authority/ approved entities. The maximum loan term is 15 years.
LIC Advantage Loans
Customers can switch their existing home loan to LIC Housing Finance with the help of LIC Advantage Plus to avail of several benefits such as lower interest rates, EMI waiver and zero foreclosure charges.
LIC Housing Finance – Top up loans
This is an additional loan on an existing home loan for both new and current borrowers. New borrowers can get a top-up when they transfer their existing home loan to LIC Housing Finance.
LIC Housing Finance balance transfer of existing loan at lower interest rate
LIC Housing Finance offers Balance Transfer Loans at attractive interest rates to lower your loan repayments. Move your Home Loan outstanding balances to LIC Housing Finance, pay lower monthly instalments and enjoy the savings for the other things in life that really matter to you and your family.
Balance Transfer Benefits
- Home loan approval in 4 simple steps.
- Customized Repayment Options
- Tailor-made home loans to suit your requirements.
- Easy documentation
- Apply with minimal documents, save time and effort.
- 24×7 assistance
- Connect with us on Chat, WhatsApp anytime, anywhere
- Online loan account
- Login to your account to conveniently manage your loan
LIC Housing Finance – NRI Home Loans
Your work might have taken you abroad but the yearning for the homeland remains unabated. With LIC Housing Finance Home Loans turning your dream home in India, into a reality, is convenient and easy.
- Loans to NRIs, PIOs and OCIs* for the purchase of a flat, row house, bungalow from private developers in approved projects in India
- Loans for the purchase of properties from Development Authorities such as DDA, MHADA etc.
- Loans for construction on a freehold / lease hold plot or on a plot allotted by a
- Development Authority in India
- Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners’ Association or Development Authorities settlements or privately built up homes
- Attractive interest rates
- Avail of Home Loan Advisory Services in the country where you currently reside
- Property Search Advisory Services – expert legal and technical counselling to help you make the right home buying decision
- Valuable insights on developer projects, location, documentation and offerings
- Loan for purchase of property located anywhere in India**
- Loans also available for those employed in the Merchant Navy