When it comes to home, it is surely one of the most obsessed possessions of many, don't you think so? Yes, a large number of people after settling down in their professional life start planning their personal life. And, when we say personal life, the planning of buying a dream home comes first, after all we all wanted to have that personal space, where we can do whatever we want. However, one thing that needs to be mentioned here is the fact that buying a property, especially in today's time is not everyone's cup of tea as the real estate prices are beyond the reach of many. Keeping this thing into consideration, these days not only one but many lenders available in the marketplace, known for giving the financial help to those who are in urgent need of money to build their dream home.
But, again the big task is how to choose the best lender. Well, nothing to worry as for your help, in this article we are going to share the insights of LIC home loan so that it becomes easy for you to choose a lender, which offers the best deal. So, let's not waste any time and try to understand more about this product.
LIC Housing Finance is undoubtedly one of the leading NBFCs (Non Banking Financial Company), worldwide known for providing the secured financing solutions to the needful at affordable rates. This financial firm apart from providing the regular home loan to purchase, construct, repair, renovate also offers gives finance to professionals to purchase as well as construct clinics, nursing homes, diagnostic centres, etc. If you want to avail this credit facility, LIC offers you the same at an interest rate of 8.50%-8.65% p.a.(women) and 8.55%-8.70% p.a.(others) for a tenure that ranges between 20-30 years. The best part about this credit facility is that it comes to you at nil processing and foreclosure charges, and you can avail the loan amount for upto 75%-85% of the property value. Both salaried as well as self-employed can go for the same by fulfilling the eligibility criteria set by the lender. So, let's just know more about the eligibility norms of the same product.
Now, that you know the eligibility, so let's just discuss the types of loans offered by LIC to all its esteemed customers. This NBFC offers different types of home loans to the people belonging to the different categories such as Indian, NRI and Pensioners.
Resident Indians: The lender offers the credit facility to the resident Indians so as to fulfill their need of buying a new house/residential unit, constructing a new home/residential unit or doing an extension in the existing property.
Non Resident Indians: The lender do understand the fact that NRIs can also have their own property in their own country, hence offers them this scheme, wherein the NRIs can avail this credit facility to purchase or construct a new house or can also make the extensions in their existing property.
Pensioners: LIC makes life simpler for those who are in the process of retirement or have crossed the same. Under this scheme, the pensioners can avail the multiple benefits such as attractive interest rates, flexible tenures, less fee and charges and so on.
Well, my friends now you must be wondering what all documents are required to avail LIC home loan, isn't it? If that is the case, here we are letting you know about the documents so that you can avail the same without any hassle. So, take a look below to know about the documentation required.
Common requirement for all applicants:
For Salaried persons:
For Purchase from Builder:
For Direct allotment in a Co-operative Housing Society:
For Direct allotment in a Co-operative Housing Society by Public Agency:
For Public Agency's allotment to individuals: