55 Lakh LIC Home Loan

Buying a home is a dream for many, and with LIC Housing Finance, it can come true. A ₹55 lakh home loan offers enough support to buy or build your dream home. Whether it's a ready-to-move house, an under-construction property, or even a plot purchase, this loan covers you. With competitive interest rates starting from 8.50% p.a., flexible repayment options, and low processing fees, it's a great choice for homebuyers. Processing fees are competitive, typically up to 0.50% of the loan amount, ensuring affordability.

₹55 Lakh LIC Home Loan – Highlights

Here are the key highlights for LIC home loan interest rates for ₹55 Lakh:

₹55 Lakh LIC Home Loan EMI for 5 Years

Have a look at the breakdown of LIC housing loan EMI for 5 years for ₹55 Lakhs:

₹55 Lakh LIC Home Loan EMI for 10 Years

Have a look at the ₹55 Lakhs home loan EMI for 10 years from the LIC:

₹55 Lakh LIC Home Loan EMI for 15 Years

LIC offers a ₹55 Lakh home loan with EMI for 15 years. Here is the price breakdown:

₹55 Lakh Home Loan EMI for 20 years LIC

₹55 Lakh home loan EMI for 20 years from LIC is as follows:

₹55 Lakh LIC Home Loan EMI for 25 Years

Let’s have a look at LIC home loan of ₹55 Lakhs EMI for 25 years:

₹55 Lakh LIC Home Loan EMI for 30 Years

Have a sneak peek at a LIC home loan of ₹55 Lakhs EMI for 30 years:

₹55 Lakh LIC Home Loan – Fees and Charges

LIC Housing Finance offers various home loans with specific processing fees based on the loan type and amount. Additionally, there are no foreclosure charges, making it easier to close the loan early. Here’s the detailed information:

• LIC Griha Suvidha Home Loan:
• For loans up to ₹1 crore: The processing fee is 0.25% of the loan amount plus GST.
• For ₹1–2 crores: ₹20,000 plus GST.
• For ₹2–5 crores: ₹25,000 plus GST.
• For loans above ₹5 crores: ₹50,000 plus GST.
• LIC Home Loan for Pensioners, Home Renovation Loan, and Home Extension Loan : Depending on the loan terms, processing fees range from 0% to 0.50% of the loan amount.
• LIC Plot Loan and LIC Advantage Plus Scheme : Processing fees are generally 0.25% or as decided by LIC Housing Finance.
• Zero Foreclosure Charges : Borrowers can repay the loan early without any extra fees.

₹55 Lakh LIC Home Loan – Documents Required

You must provide certain documents to apply for a home loan with LIC Housing Finance. These include personal identification, proof of residence, and income-related paperwork. The exact requirements differ for salaried and self-employed individuals. Below are the details of the required documents:

KYC Documents:

• PAN card.
• Aadhaar card.
• Passport (for NRIs only).

Proof of Residence : Any document showing your current address.

Income Documents:

• Salary slips for salaried individuals
• Form 16.
• Bank statements (last 6 to 12 months) and Income Tax Returns (past 3 years) for self-employed individuals.

Property Documents:

• Proof of ownership.
• Allotment letter (for a flat).
• Recent tax-paid receipt.

₹55 Lakh LIC Home Loan – Eligibility Criteria

LIC offers a variety of home loans designed to meet different needs. Below is a breakdown of the key eligibility details for ₹55 Lakh LIC home loans:

• • Minimum Age: Applicants must be at least 21 to apply for a loan.
  • Stable Income: A consistent and regular source of income is mandatory. Both salaried individuals and self-employed professionals are eligible.

• Work Experience:

• Salaried Individuals: Must have at least 2 years of steady employment.
• Self-Employed Professionals/Business Owners: Should have at least 3 years in the current business or practice.

• Good Credit History: A strong credit score and a clean repayment track record are essential.
• Property Requirements: The property must have proper legal clearance and meet all technical and legal guidelines.
• Co-Applicants: Including co-applicants, such as a spouse or family member, can improve the loan eligibility.