80 Lakh LIC Home Loan

An LIC’s ₹80 lakh home loan is a perfect choice for purchasing a mid-range property. It provides enough funds to own a modern and comfortable home. With competitive interest rates and flexible repayment tenures, it ensures affordability while helping you achieve homeownership. The application process is streamlined for convenience, making it a hassle-free option for ready-to-move homes or property construction. Use the ₹80 lakh loan EMI calculator from LIC to plan your monthly repayments and manage your finances effectively.

₹80 Lakh Home Loan LIC – Highlights

Here are LIC’s home loan interest rates for ₹80 lakhs, along with highlights:

₹80 Lakh Home Loan EMI for 5 Years LIC 

LIC’s housing loan EMI for ₹80 lakhs for 5 years is mentioned below in detail:

₹80 Lakh Home Loan EMI for 10 Years LIC 

Below is the amount for a ₹80 lakh home loan EMI for 10 years from LIC:

₹80 Lakh Home Loan EMI for 15 Years LIC

For a ₹80 lakh home loan, the EMI amount for 15 years is as follows:

₹80 Lakh Home Loan EMI for 20 Years LIC

Below mentioned is the ₹80 lakh home loan EMI for 20 years from LIC:

₹80 Lakh Home Loan EMI for 25 Years LIC 

LIC’s home loan of ₹80 lakh EMI for 25 years is as follows:

₹80 Lakh LIC Home Loan – Fees and Charges 

The interest rates and other charges vary for LIC home loans for ₹80 lahks EMI, based on different CIBIL scores and occupation types. LIC Housing Finance offers varying interest rates based on the applicant’s CIBIL score and profession. For salaried and professional applicants, rates start at 8.50% for a CIBIL score of 800 or above and gradually increase to 8.90% for scores between 700-724. Non-salaried and non-professional applicants are charged slightly higher rates, starting at 8.75% for scores of 800 or above and reaching 9.15% in the 700-724 range. These rates ensure fair pricing based on the applicant’s creditworthiness and financial stability.

Additional charges may apply during the loan tenure. The processing fee is 0.25% of the loan amount, capped at ₹15,000 plus taxes. Prepaying floating-rate loans incurs no charges, while a 2% fee applies to fixed-rate loans prepaid from external sources. Penal charges are 1.50% per month for overdue instalments (up to 12 months) and 1.75% per month beyond that. Document retrieval costs ₹2,500, while other document-related fees include ₹500 for a document list, ₹1,000 for photocopies of title documents, and ₹350 for cheque bounces. ECS or NACH dishonour incurs a charge of ₹200 per instance.

₹80 Lakh LIC Home Loan – Documents Required

The following are the required documents for LIC’s ₹80 lakh home loan:

1. Identity and Address Proof

• PAN Card
• Aadhaar Card
• Residential Address Proof
• Passport (Mandatory for NRIs)

Applicants must provide valid government-issued documents such as PAN and Aadhaar cards for identity verification. Utility bills or similar documents can establish proof of residence, while NRIs must also present a valid passport.

2. Income Documents

• For Salaried Individuals:
• Recent salary slips
• Form 16
• Bank statements (last 6-12 months)

Salaried employees must submit proof of their income, including their latest payslips, Form 16, and bank statements from the last 6 to 12 months, reflecting salary deposits and financial stability.

• For Self-Employed and Professionals:
• Income Tax Returns (last 3 years)
• Audited financial records (last 3 years)
• Bank statements (last 6-12 months)

Self-employed individuals and professionals must provide their ITRs, financial records for the past three years, and bank statements to confirm their financial health.

3. Property Documents (If Property is Identified)

• Ownership title documents
• Allotment letter (for flats)
• Property tax receipts

If the property has been selected, applicants must present the title documents, an allotment letter if applicable, and receipts for any taxes paid to confirm ownership and compliance.

₹80 Lakh LIC Home Loan – Eligibility Criteria

To qualify for a loan, applicants must meet several key eligibility criteria. 

Age Requirements:

• • Minimum age: 21 years.

• Maximum age at loan maturity:

• • 60 years for salaried individuals.
  • 65 years for self-employed individuals.

Employment Stability:

• Salaried applicants must have a stable job and income.
• Self-employed individuals need to demonstrate a reliable income source.

Eligibility for NRIs:

• Non-resident Indians (NRIs) can apply for loans to purchase or construct residential properties in India.

Income Requirement:

• Minimum monthly income: ₹25,000, ensuring the ability to manage EMIs.

CIBIL Score:

• A minimum CIBIL score of 600 indicates creditworthiness and financial discipline.

Loan-to-Value Ratio:

• LIC Housing Finance provides funding up to 90% of the property value for loans up to ₹30 lakh is available. It makes it easier for applicants to secure financing with limited savings.