40 Lakh LIC Home Loan

Ready to upgrade your living space? LIC's 40 lakh home loan allows you to convert your house into a luxurious home. This loan can also be used to buy a new home. With attractive interest rates, flexible tenure options, and a quick approval process, you can effortlessly fund your home renovation, extension, or purchase. You can also use a ₹40 lakh loan EMI calculator from LIC to preplan your loan repayment. Remember, a better home brings even better joy, which is made possible by LIC.

₹40 Lakh Home Loan LIC – Highlights

Here are LIC’s home loan interest rates for ₹40 lakhs, along with highlights:

₹40 Lakh Home Loan EMI for 5 Years LIC 

LIC’s housing loan EMI for ₹40 lakhs for 5 years is mentioned below in detail:

₹40 Lakh Home Loan EMI for 10 Years LIC 

Below is the amount for a ₹40 lakh home loan EMI for 10 years from LIC:

₹40 Lakh Home Loan EMI for 15 Years LIC

For a ₹40 lakh home loan, the EMI amount for 15 years is as follows:

₹40 Lakh Home Loan EMI for 20 Years LIC

Below mentioned is the ₹40 lakh home loan EMI for 20 years from LIC:

₹40 Lakh Home Loan EMI for 25 Years LIC 

LIC’s home loan of ₹40 lakh EMI for 25 years is as follows:

₹40 Lakh LIC Home Loan – Fees and Charges 

Here are the interest rates and other charges for LIC home loan ₹40 lakh EMI, based on different CIBIL scores and occupation types:

Some additional fees and charges include:

₹40 Lakh LIC Home Loan – Documents Required

The following are the required documents for LIC’s ₹40 lakh home loan:

1. Know Your Customer (KYC) Documents:

• PAN Card
• Aadhaar Card
• Proof of Residence
• Passport (mandatory for NRIs)

2. Income Proof:

• For Salaried Individuals:
• Latest salary slips
• Form 16
• Bank statements for the last 6 to 12 months
• For Self-Employed or Professionals:
• Income Tax Returns (ITR) for the last 3 years
• Financial statements for the last 3 years
• Bank statements for the last 6 to 12 months

3. Property Documents (if the property is identified):

• Proof of ownership of the property
• Allotment letter from the builder or society (in the case of flats)
• Up-to-date tax-paid receipts

₹40 Lakh LIC Home Loan – Eligibility Criteria

The following are the criteria for ₹40 lakh home loan eligibility in LIC:

1. Salaried Individuals:

• Employment: Must be employed with a private or government/public organisation.
• Income: Should have a stable and regular income.

2. Self-Employed Individuals:

• Profession: Includes self-employed professionals and non-professionals.
• Income: Must demonstrate a consistent and reliable income stream.

3. Non-Resident Indians (NRIs):

• Employment: NRIs employed abroad are eligible to apply.
• Purpose: To purchase or construct a residential property in India.

4. Griha Suvidha Home Loan:

• Employees receive part of their salary in cash.
• Salaried individuals are seeking a loan term extending beyond retirement.
• Self-employed individuals were desiring longer loan tenures.