20 Lakh LIC Home Loan

Securing a home loan can be a major step toward achieving your dream of homeownership, and with a ₹20 lakh LIC home loan, that step just got easier. LIC Housing Finance offers a balanced approach that pairs affordable interest rates at 8.50% with flexible repayment options that fit a variety of financial situations. Choose a term that suits your lifestyle and opt for up to 30-year tenure or pay it off sooner to keep monthly payments more manageable. This guide will walk you through everything you need to know. From 20 lakh LIC home loan eligibility criteria to EMI breakdowns, we’ve gathered the key details so you can make confident choices that align with your financial goals.

20 Lakh LIC Home Loan – Highlights

Here’s a quick summary of the main features of a ₹20 lakh LIC home loan, covering loan tenure, interest rate, and more.

20 Lakh LIC Home Loan EMI for 5 years

For a ₹20 lakh LIC home loan, the EMI for a 5-year tenure is as follows:

20 Lakh LIC Home Loan EMI for 10 years 

Here’s the EMI breakdown for a ₹20 lakh home loan with LIC, spread over a 10-year repayment period.

20 Lakh LIC Home Loan EMI for 15 years

The table below shows the EMI amount for a ₹20 lakh LIC housing loan over a 15-year tenure.

20 Lakh LIC Home Loan EMI for 20 years

With LIC Housing Finance, a 20-year tenure on a ₹20 lakh home loan offers the following EMI structure:

20 Lakh LIC Home Loan EMI for 25 years

If you’re considering a longer tenure, here’s the EMI breakdown for a ₹20 lakh LIC home loan over 25 years.

20 Lakh LIC Home Loan – Fees and Charges

For a ₹20 lakh LIC home loan, here are the main fees:

• Processing Fee: LIC charges a processing fee of 0.25% of the loan amount, between ₹5,000 and ₹50,000, plus applicable GST. This fee helps cover administrative and processing expenses.
• Prepayment Charges: There are no prepayment charges for floating-rate loans, allowing borrowers to repay the loan early without incurring extra fees. However, a 2% fee may apply for fixed-rate loans if paid using funds from outside sources.
• Late Payment Penalty: If an EMI payment is missed or delayed, LIC may impose a penalty by its policies. The penalty is calculated as a percentage of the overdue amount for each delayed month.
• Additional Charges: Borrowers may incur extra costs, such as fees for legal verification of property documents, documentation fees, and any applicable charges for processing specific requests like loan cancellation or registration. These fees may vary based on the borrower’s particular requirements and the nature of the property.

20 Lakh LIC Home Loan – Documents Required 

To apply for a ₹20 lakh LIC home loan EMI, gather the following essential documents:

• • Identity Proof: Valid documents such as PAN card, Aadhaar card, passport, or voter ID.
  • Address Proof: Include recent utility bills, rental agreement, or passport copy.

• Income Proof:

• • For Salaried Individuals: Latest salary slips, Form 16, and bank statements for the last 6-12 months.
  • For Self-Employed: The last three years’ income tax returns and financial statements verified by a chartered accountant.
• Property Documents: The sale agreement, title deed, and any other required property papers must be included to ensure smooth processing.

20 Lakh LIC Home Loan – Eligibility Criteria 

To qualify for a ₹20 lakh LIC home loan eligibility, applicants must meet the following criteria:

• • Age: Minimum of 21 years at the time of application.
  • Income: Stable and sufficient income to support loan repayment.

• Employment:

• • Salaried Individuals: At least two years in the current job
  • Self-Employed Individuals: Minimum of three years in the current business or profession.
• Credit Score: A good credit history, preferably with a CIBIL score of 750 or above.
• Property: The property should have a clear title and be approved by LIC Housing Finance.