LIC Home Loan for Construction

Few things can match up to the joy of constructing your home exactly the way you want. Witnessing the whole journey from a blueprint on a paper to a fully furnished house is an experience like no other. In order to smooth out this process, LIC home construction loans provide monetary assistance of more than 2 crores for building your home right from scratch.

The LIC house building loan is custom-designed for borrowers who already have land in their name and wish to start a new construction. The loan is loaded with benefits like online sanction, minimal documentation and low EMIs. Stay tuned to check out the LIC construction loan interest rate, eligibility criteria, fees and much more. 

LIC Construction Loan Interest Rates 

Take a quick look at the interest rate and other features offered by this loan.

LIC Construction Loan Fees and Charges

A number of charges, apart from the LIC construction loan interest rate, are applicable on the loan. These include processing charges, verification charges, stamp duty charges and others. Apart from these, a Goods and Services Tax (GST) of 18% is also applicable on all loan-related services. 

LIC Construction Loan Eligibility Criteria for Salaried

Salaried applicants need to satisfy the following criteria while applying for the loan:

• Eligible Candidates: Salaried Employees/ Professionals
• Age Limit: 18-70 years*
• Minimum Monthly Income: As specified by the lender
• Minimum Work Experience: 1-2 years
• Residential Status: Indian/ NRI

* The specified age limit may differ

LIC Construction Loan Eligibility Criteria for Self-Employed

Self-employed applicants satisfying the following criteria are eligible for LIC home construction loan.

• Eligible Candidates: Self-Employed/ Non-Professional
• Age Limit: 18-70 years*
• Minimum Income: As specified by the lender
• Minimum Business Age: 1-2 years
• Residential Status: Indian/ NRI

*The specified age limit may differ

LIC Construction Loan Documents Required for Salaried

Salaried applicants are required to submit the following documents while applying for the loan:

• Identity Proofs: PAN Card/ Aadhar Card/ Valid Passport
• Address Proofs: Utility Bills/ Aadhar Card// Voter’s ID
• Income Proof: Salary Slips/ Form 16/ Bank Statements for the last 6-12 months
• Property Documents: Proof of ownership of land/ Approved Plan copy/ Other documents

LIC Construction Loan Documents Required for Self-Employed

Self-employed applicants need to submit the following documents while applying for the loan:

• Identity Proofs: Aadhar Card/ PAN Card/ Valid Passport
• Address Proof: Utility Bills/ Aadhar Card/.Voter’s ID
• Income Proof: Income Tax Returns for last 3 years, Balance Sheet and P&L account for 1-2 years, other documents.
• Property Documents: Proof of land ownership/ Registration of plot/ Approved plan copy/ other documents.

Features of LIC Construction Loans

LIC Housing Loan offers the following features to its borrowers:

• High Loan Amounts up to 15 Cr.
• Accepts Joint Loan Applications
• Available for applicants with low as well as high credit score
• Quick plot loan sanction facility 
• Available to new as well as existing customers