To finance your home construction purchase or extension cost you can take home loan from LIC Housing Finance Limited. The housing finance company offers home loans to the customers at an attractive rate of interest with a longer repayment duration for easy loan management. Whether you are salaried, self-employed or a pensioner LIC HFL provides home loans to all. To know about the LIC home loan schemes and their features read the given article.
Type of LIC home loan and their features and benefits
LIC Housing Finance Limited provides home loans to Indian residents, NRIs and pensioners. You can take LIC home loan for construction purchase, extension or renovation of the house. Look at the below-mentioned LIC home loan schemes and know their repayment tenure and eligibility criteria.
LIC home loan for Indian residents: For purchase of a new ready-built home or construction LIC provides maximum 75% of the property cost to both salaried and self-employed. The user can repay the LIC home loan amount in equated monthly loan installments with the charged rate of interest. By providing the necessary documents like ID proof, income proof and address proof to the housing finance company you can apply for the loan. You can repay the borrowed amount in 30 years if you are a salaried applicant otherwise 15 years if you are self-employed. And, for the renovation and extension of the existing property, you can borrow a minimum loan amount of INR 1 lakh and can repay it in maximum 15 years.
LIC home loan for NRIs: The NRIs and PIOs can apply for the desired loan amount for house construction, purchase, extension and renovation from LIC Housing Finance Ltd. The interest rates on the loan amount are not high and payment of the loan installments can be done in 20 years. This LIC home loan scheme is only for the individuals who are salaried and working in a foreign nation. So, the self-employed professionals are not eligible for the LIC NRI home loan scheme.
LIC home loan for pensioner: If you are on pension or going to reach your pension age then you can apply for the LIC home loan for extension or renovation of your home. LIC HFL provides loans to the customers who are at their retirement age or are going to retire. Both government sector and PSU employees who are having a pension can apply for the loan easily. The loan payment can be done in EMIs up to maximum 15 years or if the applicant reaches the age of 70.
Lower LIC home loan interest rate and easy loan sanction procedure
You can apply for the desired home loan scheme by going to the LIC nearest branch or using its online service. The LIC home loan interest rates are starting from 8.10% per annum and you can pay the loan installments easily using easy payment methods like ECS, PDCs and auto-debit. LIC HFL also makes it easier for the user to track the status of their loan application by using the home finance online services. So, build or buy a house using LIC home loan or renovate or extend your exisitng property.