85 Lakh LIC Home Loan

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The 85 Lakh LIC Home Loan is a versatile financial tool that caters to various homeownership needs. Whether you're a first-time homebuyer looking to upgrade your current residence or renovate your home, this loan can be your reliable companion. Loan seekers can choose tenures from 1 to 30 years, with EMIs starting at ₹65,358 for 30 years. Zero pre-payment charges and flexible eligibility criteria make it a preferred choice for home financing.

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Table of Content

1. 85 Lakh LIC Home Loan Highlights

2. 85 Lakh LIC Home Loan EMI for 5 years

3. 85 Lakh LIC Home Loan EMI for 10 Years

4. 85 Lakh LIC Home Loan EMI for 15 Years

5. 85 Lakh LIC Home Loan EMI for 20 Years

6. 85 Lakh LIC Home Loan EMI for 25 Years

7. 85 Lakh LIC Home Loan EMI for 30 Years

8. 85 Lakh LIC Home Loan Fees and Charges

9. 85 Lakh LIC Home Loan Documents Required

10. 85 Lakh LIC Home Loan Eligibility Criteria

Written By

Rahul Gautam

Rahul is a finance writer with a background in Journalism. He specialises in making complex financial topics easy to understand. He writes about credit cards, banking, loans, and financial institutions, helping readers explore the financial world with clarity and confidence. His work is both informative and engaging.

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.

₹85 Lakh LIC Home Loan – Highlights

Look at the key highlights for LIC home loan interest rates for ₹85 Lakh:

Key Highlights	Details
Loan Amount	₹85 Lakh
Interest Rate	8.50% up to ₹5 Cr.
Loan Tenure	From 1 year to 30 years
Pre-payment Charges	Zero

₹85 Lakh LIC Home Loan EMI for 5 years

Here’s the breakdown of LIC housing loan EMI for ₹85 Lakhs:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹85 Lakhs	8.50% p.a.	5 years	1,74,391	19,63,431	1,04,63,431

₹85 Lakh LIC Home Loan EMI for 10 Years

Have a look at the ₹85 Lakhs home loan EMI for 10 years from the LIC:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹85 Lakhs	8.50% p.a.	10 years	1,05,388	41,46,540	1,26,46,540

₹85 Lakh LIC Home Loan EMI for 15 Years

LIC offers a ₹85 Lakh home loan with EMI for 15 years. Here is the price breakdown:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹85 Lakhs	8.50% p.a.	15 years	83,703	65,66,515	1,50,66,515

₹85 Lakh LIC Home Loan EMI for 20 Years

₹85 Lakh home loan EMI for 20 years from LIC is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹20 Lakhs	8.50% p.a.	20 years	73,765	92,03,594	1,77,03,594

₹85 Lakh LIC Home Loan EMI for 25 Years

Let’s have a look at LIC home loan of ₹85 Lakhs EMI for 25 years:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹85 Lakhs	8.50% p.a.	25 years	68,444	1,20,33,291	2,05,33,291

₹85 Lakh LIC Home Loan EMI for 30 Years

Let’s have a look at LIC home loan of ₹85 Lakhs EMI for 30 years:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹85 Lakhs	8.50% p.a.	30 years	65,358	1,50,28,753	2,35,28,753

₹85 Lakh LIC Home Loan – Fees and Charges

LIC Housing Finance provides various home loan schemes, each with specific fees depending on the loan type and amount. The processing charges vary based on the loan category, and certain schemes offer free early closure options. Below is a simplified breakdown of the fees:

LIC Griha Suvidha Home Loan

For loans up to ₹one crore: 0.25% of the loan amount + GST.
For loans ₹one crore to ₹ two crores: ₹20,000 + GST.
For loans ₹two crores to ₹five crores: ₹25,000 + GST.
For loans ₹five crores to ₹15 crores: ₹50,000 + GST.

Other Loan Categories

Loans for pensioners, home renovations, top-ups, and extensions: 0% to 0.50% of the loan amount.
NRI, plot, and Advantage Plus loans: 0.25% of the loan amount or as per LIC’s policies.

Early Loan Closure

Some loan schemes allow borrowers to close the loan early without any extra charges.

₹85 Lakh LIC Home Loan – Documents Required

Salaried and self-employed individuals must provide specific documents when applying for ₹85 Lakh LIC Home Loan. These documents serve as proof of identity, address, income, and other details lenders require. Below is a simplified breakdown of the necessary paperwork:

Identity Proof (mandatory for all applicants)

PAN Card.
Aadhaar Card.
Voter ID.
Passport (mandatory for NRIs).

Address Proof

Aadhaar Card.
Voter ID.
Passport.

For Salaried Individuals (Income Proof)

Previous three months’ salary slips.
Form 16.
Last six months’ bank statements.

For Self-Employed Individuals (Income Proof)

Income Tax Returns (ITR) for the last three years with financials.
Certified profit and loss account and balance sheet by a Chartered Accountant.
Bank statements for the previous six months.
Proof of business existence.

Property Documents (if applicable)

Ownership proof.
Builder or society allotment letter.
Updated tax receipts.

Other Requirements

Two recent passport-size photographs.

₹85 Lakh LIC Home Loan – Eligibility Criteria

LIC Housing Finance Limited provides home loans to help individuals buy, build, or renovate homes. These loans have eligibility criteria to ensure repayment ability and are designed based on income, age, and property value. Here’s the breakdown of eligibility criteria:

Eligibility Age: Applicants must be at least 21 years old. The loan must be repaid by the age of 60 for salaried individuals and 65 for self-employed individuals.
Income Stability: A stable income is required.
Salaried Applicants: Must have at least two years of work experience.
Self-Employed Applicants: Should have a business track record of at least three years.
Credit Score: A good credit score is essential to qualify for a loan.
Property Standards: The property you intend to purchase or construct should meet LIC’s legal and technical standards.
Loan Amount: Determined by the applicant’s income, age, and property value.

Frequently Asked Questions (FAQs)

What is the EMI for an 85 Lakh Home Loan for 20 years in LIC?

The estimated EMI for a home loan of ₹85 lakh from LIC, with an annual interest rate of 8.50% and a tenure of 20 years, would be around ₹73,765 per month.

Who is eligible for an 85 Lakh Home loan in LIC?

To be eligible for an 85 Lakh LIC Home Loan, applicants must be at least 21 years old, with the loan repaid by 60 for salaried individuals and 65 for self-employed. Salaried applicants need at least two years of work experience, while self-employed individuals require a three-year business track record. A good credit score and stable income are also necessary.

What is the monthly interest rate of a ₹85 Lakh home loan in LIC?

The monthly interest rate of a ₹85 Lakh home loan in LIC is 0.70%.

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