LIC Home Loan is in great demands because it is the most revered and oldest in the category of providing home loans at best rates. LIC Housing Finance Limited provides the home loan to the people. It offers the home loans not only to the residents of India but also for Non Resident Indian (NRI). It also provides loan for the construction of the plots, building, extension and renovation of the plots.
To login for the LIC Housing Finance, you need to register yourself. The registration for the same can be done on the official website of Life Insurance of Corporation you need to fill your user name and password. The eligibility age for a person to apply in the home loans is 25 to 58 years for salaried employees. But for self employed person, the eligibility age is 21 to 70 years. LIC home loans are famous in the cities like Chennai, Hyderabad, Bangalore, Gurgaon and Delhi.
LIC Housing Loan
LIC Housing Finance Limited offers the home loan at floating interest rate. The current rate of interest on the home loan is 9.75%. It has approved the loan sanctions and is growing. The loan eligibility calculator, loan insurance, online payment, review, statement, emi calculator and the details regarding home loan are available on the official website of LIC.
The mode of payment for the home loan is done on the basis of Equated Monthly Instalment (EMI). In order to access the LIC housing loan, the documents required are application form, sanctioned loan letter, NA permission, one guarantor form and the salary details, bank passbook. For the salaried class more documents are needed apart from these documents such as employer's salary certificate, ID card, TDS certificate, and PF slip. For the businessman the document needed is three years income tax returns along with the calculated income assessment done by C.A.
The housing loan products of LIC home loan includes:
- Griha Prakash Loan: It is provided to the people for the purchase and the construction of properties. It is also offered for the extension of the residential homes. The maximum amount offered by them for the scheme is Rs. 1 Crore.
- Griha Sudhar Loan: It is usually offered to people for the repairs and maintenance of the houses. The maximum amount offered is Rs. 10 lakhs.
- Griha Laxmi Loan: It is provided to people for the construction or building of the residential units. The amount offered to the people by them can extend upto Rs. 1 Crore.
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