LIC Housing Finance Home Loan for Senior Citizens and Pensioners

Introducing the LIC Housing Finance home loan for senior citizens, a specialised financial solution designed to empower pensioners to fulfil their dream of homeownership. This scheme is apt for retired individuals who seek a comfortable and secure living space of their own. Eligible applicants include those who formerly worked for the government or other organisations and are currently receiving a pension. The LIC Housing Finance housing loan for senior citizens offers flexible terms, allowing borrowers to avail of loans until age 80.

Additionally, if your children are employed, they can co-apply with you to qualify for a higher loan amount. With benefits such as a moratorium on EMIs for a specified period and competitive LIC Housing Finance home loan interest for senior citizens tied to LIC's lending rate, this scheme is ideal for retirees. Applicants can borrow up to ₹15 crores for purchasing, building, or expanding their homes.

LIC Housing Finance Home Loan for Senior Citizens – Highlights

The highlights of LIC Housing Finance Home Loan for Senior Citizens are as follows:

LIC Housing Finance Home Loan for Senior Citizen – Fees and Charges

In addition to the LIC Housing Finance home loan interest for senior citizens, you should also understand that there are specific extra fees and charges that you should consider.

LIC Housing Finance Home Loan for Senior Citizen – Documents Required

Here are the documents required for LIC Housing Finance housing loan for senior citizens:

• Proof of Identity: Aadhar card, driver’s license, or any other valid government-issued ID.
• Photograph: A recent passport-sized photo is necessary for your loan application.
• Property Documentation: You must furnish pertinent property documents, such as the sale deed, title deed, or any other evidence of ownership.
• Bank Account Statements from the Last 6 Months: Submit bank statements for all active accounts covering the past six months.
• Loan Statement (if relevant): If you have any outstanding loans that are still being repaid, include the loan statement for the previous year.
• Salary Slips for 3 Months (for Guarantors): If a spouse, child, or another individual acts as a guarantor, their salary slips for the last three months are required.

LIC Housing Finance Home Loan for Senior Citizen – Eligibility Criteria

To be able to avail of a home loan from LIC Housing Finance, you must meet the following eligibility criteria:

• Age:  State government workers and pension recipients under Defined Benefit Pension Schemes (DBPS) who are up to 65 years old as of their last birthday.
• Under the Defined Benefit Pension Scheme (DBPS), employees of PSU insurers, PSUs, nationalised banks, and central and state governments are eligible for pensions.
• Income: The applicant needs a steady pension to demonstrate repayment capability.
• Property: The property intended for purchase or construction must be collateral for the bank.
• Creditworthiness: A favourable credit score and repayment track record are prerequisites for the applicant.