10 Lakh LIC Home Loan

A 10 lakh LIC home loan can help salaried individuals or business owners renovate property, expand the built-up area, or make essential home improvements. Customers can expect a smooth borrowing experience with this loan as the financial institution provides flexibility, enabling borrowers to fulfil important needs and improve their living standards. LIC offers home loans starting at an interest rate of 8.50% per annum, with the exact rate depending on factors like your credit score and loan amount. You can borrow up to 90% of the property's value, with a maximum loan tenure of up to 30 years.

10 Lakh LIC Home Loan – Highlights

Here are the key highlights for LIC home loan interest rates for ₹20 Lakh:

10 Lakh LIC Home Loan EMI for 5 Years

Have a look at the breakdown of LIC housing loan EMI for ₹10 Lakhs:

10 Lakh LIC Home Loan EMI for 10 Years

Have a look at the ₹10 Lakhs home loan EMI for 10 years from the LIC:

10 Lakh LIC Home Loan EMI for 15 Years

LIC offers a 10 lakh home loan with EMI for 15 years. Here is the price breakdown:

10 Lakh Home Loan EMI for 20 years LIC

₹10 Lakh home loan EMI for 20 years from LIC is as follows:

10 Lakh LIC Home Loan EMI for 25 Years

Let’s have a look at LIC home loan of ₹10 Lakhs EMI for 25 years:

10 Lakh LIC Home Loan EMI for 30 Years

Have a sneak peek at an LIC home loan of ₹10 Lakhs EMI for 30 years:

10 Lakh LIC Home Loan – Fees and Charges

LIC offers a home loan called LIC Griha Suvidha. For this home loan, the processing fee is 0.25% of the loan amount plus GST. For the LIC Home Loan for Pensioners, LIC Home Renovation Loan, and LIC Home Extension Loan, processing fees typically range from 0% to 0.50% of the loan amount, depending on specific loan terms and requirements. The LIC Home Loan Top-up comes with similar fees, while the LIC Plot Loan and LIC Advantage Plus schemes have identical charges, generally around 0.25% or as decided by LIC Housing Finance based on the loan amount. Additionally, LIC Housing Finance offers zero foreclosure charges across these loans, allowing borrowers to close the loan early without extra fees.

10 Lakh LIC Home Loan – Documents Required

You need some basic documents to apply for a home loan with LIC. You’ll need KYC documents like a PAN card and an Aadhaar card. If you’re an NRI, you’ll also need a passport. You must provide proof of residence, which shows where you live. For income documents, salaried individuals should give salary slips and Form 16. Self-employed people need to provide bank statements for the last 6 to 12 months and income tax returns for the past 3 years. If you’ve chosen a property, include property documents. This includes proof of ownership, an allotment letter if it’s a flat, and a recent tax-paid receipt. All loans are approved based on LIC HFL’s decision.

10 Lakh LIC Home Loan – Eligibility Criteria

LIC offers various home loans, each with specific eligibility requirements. The LIC Griha Suvidha Home Loan is available to salaried individuals who receive part of their income in cash, those nearing retirement, and self-employed applicants seeking longer loan terms. The LIC Home Loan for Pensioners is designed for retirees up to 65 years old, including government employees under the Defined Benefit Pension Scheme. The LIC Home Renovation Loan is open to new and existing customers aiming to renovate their homes, while the LIC Home Loan Top-up provides additional funds to current LIC borrowers. The LIC Home Extension Loan is for individuals expanding their existing property, and the LIC Home Loan for NRIs caters to Non-Resident Indians planning to purchase or construct a home in India. The LIC Plot Loan allows for residential plot purchases, expecting construction within three years, and the LIC Advantage Plus facilitates home loan transfers from other institutions to LIC.