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LIC Housing Finance Home Loan for Government Employees

LIC Housing Finance Home Loan for Government Employees

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LIC Housing Finance home loan for government employees is a specialised home loan program featuring several attractive benefits. First, you can apply for a home loan online, making the process convenient and quick. The LIC Housing Finance home loan interest rate for government employees is highly competitive, ensuring your monthly payments remain affordable.

The required documentation is simple and straightforward, simplifying the application process. The loan allows for a long repayment period of up to 30 years, giving you flexibility in managing your finances over time. Additionally, there are no penalties if you decide to pay off your loan early, which can be a significant advantage if you wish to clear your debt sooner.

The loan can be used for various purposes, including buying new or existing homes, constructing a house, making repairs or renovations, or transferring an existing home loan. This flexibility makes the LIC Housing Finance home loan scheme for government employees an excellent option for those looking to invest in their homes.

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Table of Content

1. LIC Housing Finance Home Loan for Government Employees Highlights

2. LIC Housing Finance Home Loan for Government Employees Fees and Charges

3. LIC Housing Finance Home Loan for Self-Employed Documents Required

4. LIC Housing Finance Home Loan for Government Employees Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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.

LIC Housing Finance Home Loan for Government Employees – Highlights

Here are the key highlights of LIC Housing Finance home loan for government employees:

Interest rate	8.50% p.a. onwards
Loan Amount	Up to 90% of property value
Loan Tenure	Up to 30 years
Eligibility	Government Employees with a regular source of income

LIC Housing Finance Home Loan for Government Employees – Fees and Charges

The associated LIC Housing Finance home loan processing fee for government employees is as follows:

Fee/Charge	Amount
Processing fee	0.25% of the loan amount (Minimum Rs 5,000 to Maximum Rs 50,000)

LIC Housing Finance Home Loan for Self-Employed – Documents Required

Here is the list of LIC Housing Finance home loan documents required for government employees:

KYC Documents: Required are a PAN Card, Aadhaar Card, Passport, or other proof of residence.
Photographs: Recent passport-size photos are necessary.
Address Proof: Aadhaar card, passport, driving license, telephone bill, ration card, election card, or any other document recognised by a statutory authority.
Income Proof: Bank statements from the past 6 to 12 months, Salary slips and Form No.16.
Property Documents: Proof of property ownership, Builder/society allotment letter if purchasing a flat, and Receipts for property tax payments.

LIC Housing Finance Home Loan for Government Employees – Eligibility Criteria

The following are the eligibility criteria for LIC Housing Finance home loan for central government employees:

Employees must be between 21 and 50 years old.
The minimum income requirement is Rs 25,000 per month or Rs 3,00,000 annually.
At least two years of work experience is needed.
A credit score above 600 is mandatory.

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Frequently Asked Questions (FAQs)

How much of a home loan can a government employee take from LIC Housing Finance?

Government employees can take a home loan of up to 90% of the property’s value, up to Rs 30 lakh.

What is the maximum age for government employees to repay the LIC Housing Finance home loan?

Borrowers up to the age of 65 can apply for an LIC housing finance home loan. The repayment tenure can range from 25 to 30 years.

Who is eligible for LIC Housing Finance Home Loan for Government Employees?

Salaried government employees are eligible for LIC Housing Finance Home loans for government employees.