LIC Home Loan for Construction

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LIC NRI Home Loan

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.

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Table of Content

1. LIC Construction Loan Interest Rates

2. LIC Construction Loan Fees and Charges

3. LIC Construction Loan Eligibility Criteria for Salaried

4. LIC Construction Loan Eligibility Criteria for Self-Employed

5. LIC Construction Loan Documents Required for Salaried

6. LIC Construction Loan Documents Required for Self-Employed

7. Features of LIC Construction Loans

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

LIC Construction Loan Interest Rates

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

Loan Name	LIC Home Construction Loan
Interest Rate	8.40% p.a. (on loan amounts 2 crore) 8.70% p.a. (on loan amounts from 2 crore to 15 crore)
Loan Tenure	25 years for self-employed 30 years for salaried
LTV Ratio	75%-90% of the property value

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