LIC NRI Home Loan

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Everyone dreams of having a place to call their own in their home country even while residing in another country. If you also have similar thoughts this LIC NRI home loan is a perfect rescue for you. It offers loan products that are customisable according to one's NRI home loan eligibility.

This NRI home loan is specifically tailored to meet the unique needs of NRIs. The seamless blend of financial flexibility, simplified application process along with lowest interest rates available makes this a compelling option. Let's dive into everything you need to know about this convenient and flexible financing option.

An LIC NRI Home Loan empowers you to:

Finance the purchase of a ready-to-move-in apartment or a plot for construction.
Renovate or extend your existing property.
Transfer your existing home loan from another lender to LIC Housing Finance for better interest rates.

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Table of Content

1. Feature & Benefits of LIC NRI Home Loan

2. Types of LIC Home Loans for NRIs

3. Purpose of LIC NRI Home loan

4. LIC NRI Home Loan Interest Rates

5. LIC NRI Home Loan Documents Required

6. LIC NRI Home Loan Eligibility Criteria

7. Fees and Charges for LIC NRI Home Loan

8. Tax Benefits of LIC NRI Home Loans

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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.

Feature & Benefits of LIC NRI Home Loan

Let’s take a quick overview of the features offered by LIC NRI loan:

Feature	Benefit
Competitive Interest Rates	Starting at 8.40% p.a., making your dream home affordable.
Flexible Loan Tenures	Up to 30 years, allowing comfortable EMI management.
Hassle-free Online Application	Streamlined process from application to approval.
Transfer Facility	LIC enables its borrowers to takeover or transfer existing home loans.
Dedicated NRI Relationship Managers	Personalized guidance throughout the loan journey.

Types of LIC Home Loans for NRIs

LIC caters to diverse needs with a range of NRI home loan options. Here are some of the prominent types:

LIC NRI Plot Loan Scheme: To finance the purchase of a residential plot for future construction.
LIC NRI Home Improvement Loan Scheme: To upgrade or renovate your existing property.
LIC NRI Home Renovation Loan Scheme: To expand your living space through extensions.
Balance Transfer Loan Scheme: Switch your existing home loan to LIC for potentially better rates and terms.
Top Up Loan Scheme: Avail additional credit on your existing loan amount offered to existing LIC NRI home loan applicants.

Purpose of LIC NRI Home loan

LIC Home Loan for NRI assist borrowers to fulfill the following needs:

Invest in your future: Build a strong asset base in India for long-term wealth creation.
Secure a comfortable retirement: Have a place to call your own when you return to India.
Accommodate your family’s needs: Provide a home for your loved ones while you’re abroad.

LIC NRI Home Loan Interest Rates

LIC offers some of the most competitive interest rates in the market for NRI home loans. The actual rate depends on your income, loan amount, credit score, and chosen loan scheme. The LIC NRI home loan interest rates start at:

Interest rate for loan amount up to 2 crore: 8.40%
Interest rate for loan amount up to above 2 crore and up to 15 crore: 8.70%

LIC NRI Home Loan Documents Required

Here is the list of LIC Home Loan documents required for NRI:

Passport and KYC documents (PAN card, Adhaar Card, Proof of residence).
Employment contract and recent salary slips.
Bank statements for the past 6 to 12 months.
ITR returns for the past 3 years.
Property documents.

LIC NRI Home Loan Eligibility Criteria

The eligibility criteria are designed to evaluate applicants’ financial stability and repayment capacity. Different factors affect the eligibility criteria depending on the specifications of one application. Here’s an overview of key factors that decide the eligibility for LIC NRI home loan:

Loan amount and loan tenure
Minimum and maximum age
Annual income
Good credit score.

Quick note: Applicants can use the LIC EMI calculator to efficiently check their eligibility.

Fees and Charges for LIC NRI Home Loan

Let’s understand the fees and charges applicable to LIC housing loans for NRI:

Processing fee: Flat Rs 3,000 (Get 50% off with LIC NRI home loan festive offer)
Documentation fee: ₹2,000 to ₹5,000.
Prepayment penalty: Applicable if the loan is repaid within 3 years of disbursement.

Tax Benefits of LIC NRI Home Loans

You can claim tax deductions on the interest paid on your LIC NRI Home Loan under Section 24(b) of the Income Tax Act.
Additional deductions can be claimed on principal repayment under Section 80C.