15 Lakh LIC Home Loan

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Are you a young professional or a first-time homebuyer stepping into the real estate market? LIC's ₹15 lakh home loan is the perfect solution to help you reach your dream of owning a home. With simple qualifying requirements, speedy disbursement, and low EMI alternatives, you may finally own your first house without breaking the bank. The ₹15 lakh loan EMI calculator from LIC makes it easy to plan your monthly payments, ensuring your finances are in order. With flexible tenures and competitive rates, the LIC home loan ₹15 lakh EMI option is designed to fit seamlessly into your budget.

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Table of Content

1. 15 Lakh Home Loan LIC Highlights

2. 15 Lakh Home Loan EMI for 5 Years LIC

3. 15 Lakh Home Loan EMI for 10 Years LIC

4. 15 Lakh Home Loan EMI for 15 Years LIC

5. 15 Lakh Home Loan EMI for 20 Years LIC

6. 15 Lakh Home Loan EMI for 25 Years LIC

7. 15 Lakh LIC Home Loan Fees and Charges

8. 15 Lakh LIC Home Loan Documents Required

9. 15 Lakh LIC Home Loan Eligibility Criteria

Written By

Rishabh Baisoy

With a background in journalism and mass communications, Rishabh might be clueless about his plans for the evening, but he clearly knows what to write. A proud cinephile, Rishabh makes the perfect choice to discuss any movie with. Poetry holds a special place in his heart, which mingles well with his wanderlust personality. While he physically exists in India, his heart beats for the red part of Merseyside. Rishabh educates and empowers readers towards financial success at Urban Money.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

₹15 Lakh Home Loan LIC – Highlights

Here are LIC’s home loan interest rates for ₹15 lakhs, along with highlights:

Key Highlights	Details
Loan Amount	₹15 Lakhs
Interest Rate	Starts from 8.50 % p.a.
Eligibility	Minimum of 25,000 monthly income
KYC Documents	PAN Card Aadhaar Card Proof of Residence Passport (mandatory for NRIs)

₹15 Lakh Home Loan EMI for 5 Years LIC

LIC’s housing loan EMI for ₹15 lakhs for 5 years is mentioned below in detail:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 Lakhs	8.50% p.a.	5 years	₹30,775	₹3,46,488	₹18,46,488

₹15 Lakh Home Loan EMI for 10 Years LIC

Below is the amount for a ₹15 lakh home loan EMI for 10 years from LIC:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 Lakhs	8.50% p.a.	10 years	₹18,598	₹7,31,742	₹22,31,742

₹15 Lakh Home Loan EMI for 15 Years LIC

For a ₹15 lakh home loan, the EMI amount for 15 years is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 Lakhs	8.50% p.a.	15 years	₹14,771	₹11,58,797	₹26,58,797

₹15 Lakh Home Loan EMI for 20 Years LIC

Below mentioned is the ₹15 lakh home loan EMI for 20 years from LIC:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 Lakhs	8.50% p.a.	20 years	₹13,017	₹16,24,164	₹31,24,164

₹15 Lakh Home Loan EMI for 25 Years LIC

LIC’s home loan of ₹15 lakhs EMI for 25 years is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 Lakhs	8.50% p.a.	25 years	₹12,078	₹21,23,522	₹36,23,522

₹15 Lakh LIC Home Loan – Fees and Charges

The fees and charges for LIC’s ₹15 lakh home loan are –

CIBIL Score ≥ 800:

Salaried & Professional: 8.50%
Non-Salaried & Non-Professional: 8.75%

CIBIL Score 775 – 799:

Salaried & Professional: 8.60%
Non-Salaried & Non-Professional: 8.85%

CIBIL Score 750 – 774:

Salaried & Professional: 8.65%
Non-Salaried & Non-Professional: 8.90%

CIBIL Score 700 – 724:

Salaried & Professional: 8.90%
Non-Salaried & Non-Professional: 9.15%

Some other charges include:

Charge Type	Description
Processing Fee	0.25% of the loan amount, capped at â‚¹15,000 plus taxes
Prepayment Charges (Floating Rate Loans)	No charges
Prepayment Charges (Fixed Rate Loans)	2% fee if repaid through other sources
Penal Charges (Up to 12 Months)	1.50% per month for overdue instalments
Penal Charges (Beyond 12 Months)	1.75% per month for overdue instalments
Document Retrieval Fee	₹2,500
Provision of Document List	₹500
Photocopies of Title Documents	₹1,000
Cheque Bounce Fee	₹350 per instance
ECS/NACH Dishonour Fee	₹200 per occurrence

₹15 Lakh LIC Home Loan – Documents Required

The required documents for KYC include:

Document Type	Required Documents
KYC Documents	PAN Card, Aadhaar Card, Proof of Residence
KYC Documents (NRIs)	PAN Card, Aadhaar Card, Proof of Residence, Passport (mandatory)
Income Proof (Salaried Individuals)	Latest Salary Slips, Form 16, Bank Statements (last 6-12 months)
Income Proof (Self-Employed/Professionals)	Income Tax Returns (last 3 years), Financial Statements (last 3 years), Bank Statements (last 6-12 months)
Property Documents (If Property Identified)	Proof of Ownership, Allotment Letter (for flats), Most Recent Tax-Paid Receipts

₹15 Lakh LIC Home Loan – Eligibility Criteria

The following are the eligibility criteria for LIC’s ₹15 lakh home loan:

Eligibility Criteria	Details
Age	Minimum: 21 years at loan application Maximum: 60 years for salaried; 65 years for self-employed at loan maturity
Employment Status	Salaried Individuals: Stable employment with consistent income Self-Employed Professionals: Reliable and consistent income source Non-Resident Indians (NRIs): Eligible for purchasing or constructing residential property in India
Income	Minimum monthly income requirement of ₹25,000 for both salaried and self-employed individuals
Credit Score	A minimum CIBIL score of 600 is generally required
Loan-to-Value (LTV) Ratio	LIC HFL finances up to 90% of the property’s value for loans up to ₹30 lakh

Frequently Asked Questions (FAQs)

What is the EMI for a ₹15 lakh home loan for 20 years in the LIC?

Assuming an interest rate of 8.50% per annum, the estimated EMI for a ₹15 lakh home loan over 20 years is approximately ₹13,159

Who is eligible for a ₹15 lakh home loan in the LIC?

Eligibility includes salaried employees, self-employed individuals, and professionals aged between 21 and 65 years, with a minimum monthly income of ₹25,000.

What is the monthly interest rate of a ₹15 lakh home loan in LIC?

The monthly interest rate of a ₹15 lakh home loan in LIC is approximately 0.72%, based on an annual rate of 8.65%.

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