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LIC Housing Finance Home Loan for Salaried Person

LIC Housing Finance Home Loan for Salaried Person

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Discover the LIC Housing Finance Home Loan for Salaried Persons, tailored to help working professionals finance their dream homes. With floating interest rates tied to LIC's Prime Lending Rate, this loan provides flexible repayment terms of up to 30 years, ensuring affordable monthly payments. It features minimal processing fees and no prepayment penalties on floating-rate loans, making it an appealing option for homebuyers. This guide offers all the details you need on purchasing, constructing, or renovating your home, equipping you with the information to manage your home financing effectively.

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Table of Content

1. LIC Housing Finance Home Loan for Salaried Person Highlights

2. LIC Housing Finance Home Loan for Salaried Person Fees and Charges

3. LIC Housing Finance Home Loan for Salaried Person Documents Required

4. LIC Housing Finance Home Loan for Salaried Person 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 Salaried Person – Highlights

Here are the highlights of the LIC Housing Finance home loan for salaried persons:

Feature	Details
Interest Rate Type	Floating, linked to LIC’s Prime Lending Rate (LHPLR)
Loan Tenure	Up to 30 years, allowing for smaller monthly instalments
Processing Fee	Up to 1% of the loan amount, capped at a maximum amount
Loan Amount	High loan amounts based on the property’s value and borrower’s repayment capacity
Loan for Various Needs	Available for buying, constructing, extending, or renovating a home
Eligibility	Salaried individuals with a stable job and good credit score
Special Products	Griha Suvidha Home Loan for applicants with unique employment or income situations

LIC Housing Finance Home Loan for Salaried Person – Fees and Charges

Here are the fees and charges of LIC Housing Finance home loan for a salaried person:

Fee Type	Details
Processing Fee	Up to 1% of the loan amount or a minimum fixed amount, subject to maximum limits.
Prepayment Charges	There are no charges for prepayment on floating-rate loans for individual borrowers.
Late Payment Penalty	Applicable, usually a percentage of the overdue amount varies by loan terms.
Cheque Bounce Charges	A fixed amount per instance of cheque bounce.
Legal/Technical Fee	Applicable for property verification/legal verification varies by case.
Document Handling Charges	May apply during loan processing or at other stages.
CERSAI Registration Fee	A nominal fee for registration or modification of security interest.
GST	Applicable to all taxable services involved in the loan process.

LIC Housing Finance Home Loan for Salaried Person – Documents Required

Here are the documents required for an LIC Housing Finance home loan for a salaried person:

Document Type	Documents Required
Identity Proof	Aadhaar Card, PAN Card, Passport, Voter ID
Address Proof	Utility bills (recent), Passport, Voter ID, Aadhaar Card
Income Proof	Last 3 months’ salary slips, Form 16 or Income Tax Returns (last 2 years), 6 months’ bank statements
Property Documents	Title documents, Approved plan/layout, Receipts of advance payments, the Allotment letter or buyer agreement
Employment Proof	Employment certificate and job continuity proof
Other	Passport size photographs, Duly filled loan application form, Cheque for processing fee

LIC Housing Finance Home Loan for Salaried Person – Eligibility Criteria

The eligibility criteria for a home loan from LIC Housing Finance for salaried persons include:

Age Requirement:
- Minimum Age: The applicant should be at least 21 years old at the time of loan application.
- Maximum Age: The loan should typically be repaid before the applicant reaches the age of 60.
Employment Stability: Applicants should be employed for at least 2 years, with a minimum of 1 year with the current employer.
Income: The applicant must have a stable and regular income sufficient to cover the loan repayments, in addition to any other existing financial obligations.
Credit Score: A good credit score, generally 750 or above, is required. This score indicates a strong credit history and a high likelihood of repaying the loan.
Residential Status: The loan is available to Indian residents and Non-Resident Indians (NRIs) with a valid Indian passport.
Property: The property being purchased or constructed must be within the geographical limits of LIC HFL’s service area.
Co-applicant: Adding a co-applicant can enhance loan eligibility, especially if the co-applicant is earning. The co-applicant’s income is also considered when determining the loan amount.

Frequently Asked Questions (FAQs)

What is the repayment term for an LIC Housing Finance home loan for a salaried person?

The repayment term for salaried persons in LIC Housing Finance home loans can extend up to 30 years.

What is the minimum age for LIC Housing Finance home loans to salaried persons?

The minimum age for salaried persons to apply for a LIC Housing Finance home loan is 21 years.

What is the tenure limit for a LIC Housing Finance home loan to a salaried person?

The maximum tenure limit for a home loan to salaried persons from LIC Housing Finance is 30 years.

What is the minimum and maximum LIC Housing Finance home loan amount for a salaried person?

The LIC Housing Finance home loan amount depends on the loan-to-value ratio and your repayment capability. They don't advertise a minimum or maximum.

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