LIC Home Loan Interest Rate - Updated in December 2024

LIC provides an extensive range of home loan products as they believe in meeting the diverse needs of their customers. You could be a salaried individual, self-employed professional, NRI, or fall into any other category, LIC housing loan interest rates are tailored in such a manner to meet your specific requirements.

In this blog, we are going to explore the different offerings that LIC provides for home loans which will help you decide which one is for you.

The LIC housing finance interest rate is dependent on:

• The CIBIL Range
• The type of occupation

CIBIL Range	Occupation Type	Amount of Loan	Rate of Interest
>= 750	Salaried and Professional	Up to 2 Crore	8.50%
	Salaried and Professional	More than 2 Crore and up to 15 Crore	8.70%
	Non-salaried & non-professional	Up to 2 Crore	8.60%
	Non-salaried & non-professional	More than 2 Crore and up to 15 Crore	8.80%
700 to 749	Salaried and Professional	Up to 2 Crore	8.75%
	Salaried and Professional	More than 2 Crore and up to 15 Crore	8.95%
	Non-salaried & non-professional	Up to 2 Crore	8.85%
	Non-salaried & non-professional	More than 2 Crore and up to 15 Crore	9.05%
600 to 699	Salaried and Professional	Up to 50 Lakhs	9.55%
	Salaried and Professional	More than 50 Lakhs and up to 2 Crore	9.75%
	Non-salaried & non-professional	Up to 50 Lakhs	9.65%
	Non-salaried & non-professional	More than 50 Lakhs and up to 2 Crore	9.85%
	Non-salaried & non-professional	More than 2 Crore and up to 15 Crore	10%
< 600	Salaried and Professional	Up to 50 Lakhs	10%
	Salaried and Professional	More than 50 Lakhs and up to 2 Crore	10.20%
	Salaried and Professional	More than 2 Crore and up to 15 Crore	10.40%
	Non-salaried & non-professional	Up to 50 Lakhs	10.10%
	Non-salaried & non-professional	More than 50 Lakhs and up to 2 Crore	10.30%
	Non-salaried & non-professional	More than 2 Crore and up to 15 Crore	10.50%

The aforementioned rates are floating rates of interest.

Period of Repayment

The maximum repayment period is as below:

For Salaried individuals up to	30 years
For Self Employed individuals up to	25 years

Note: The above is dependent on the repaying capacity and age of the applicant.

Home Loan for Resident Indian

LIC Housing Finance Ltd (LIC HFL) understands the dream of many i.e. owning a home. LIC HFL makes certain that you can gain account to the necessary funds to begin your dream of owning a home. LIC HFL provides Home Loans or Housing Loans for the purchase of:

• Under construction or ready-to-move homes.
• Construction of your own home.

Who is eligible for LIC HFL Home Loans?

1. All Salaried employees working in Private or Government/Public Organisations.
2. Self-employed individuals.

What is the Griha Suvidha Home Loan?

LIC HFL believes that having your own home is a dream for many. Hence they have introduced the Griha Suvidha Home Loan. Under this type of home loan, your age and income do not matter as it is a mortgage-backed housing loan.

Who are eligible for LIC HFL Griha Suvidha Home Loans?

1. Employees draw part of their salary in cash.
2. Salaried individuals looking for home loan terms beyond their retirement.
3. Self-employed individuals wanting extended loan tenure. 

Home Loan for Non-resident Indians (NRIs)

If you are an NRI having the aspiration to own a home in India, you have good news! LIC HFL recognizes your aspiration and hence offers a wide range of home loans for you. LIC HFL includes products that are customizable in nature which depends on your eligibility and are available at low rates of LIC housing loan interest. 

Here are the types of Home Loans Available for Non-resident Indians:

1. Home Loan
2. Plot Loan
3. Home Improvement Loan
4. Home Renovation Loan
5. Top Up Loan
6. Balance Transfer

Plot Loans

To create your ideal living space, LIC HFL also provides loans to acquire residential plots for the construction of your home within a period of 3 years. 

Types of Plot Loans:

• Purchase of Plots from Government bodies/Developed Authorities/ Approved Layout: The maximum amount of loan here will be 75% of the property value and the maximum loan tenure is a period of 15 years.

• Composite Loan for Purchase of Plot and House Construction 

Home Improvement Loans

LIC HFL offers a Home Improvement Loan for the improvement of your home. This type of loan is available for both the types of customers i.e. the existing customers as well as the new customers.

Home Renovation Loan

LIC HFL offers the Home Renovation Loan for renovation of your home. This type of loan is available for both the types of customers i.e. the existing customers as well as the new customers.

Top-Up Loan

The Top Up Loan offered by LIC HFL is given over the home loan provided to the existing customers as an additional loan. This type of loan is also available to new customers once they convert their existing home loan to LIC HFL. 

Who are the eligible customers?

• Existing customers with default-free housing loan seasoning 
• New customers transfer their loan from another financial institution 

What will be the eligible amount?

The eligible amount will be known when the application is filed. This is dependent on certain factors such as the repayment capacity, outstanding loan amount (if any), etc.

Home Loan for Pensioners

Who are the eligible applicants for this loan?

• Employees of the State Government and individuals drawing pensions under Defined Benefit Pension Schemes (DBPS) who are up to 65 years of age as per last birthday.
• Individuals working with PSUs Insurers, PSUs Nationalised Banks, Central Government, and State Government and eligible for pension under the Defined Benefit Pension Schemes (DBPS)

For availing of the LIC HFL Home Loan for Pensioners, the spouse must be the joint applicant. This must be certain, regardless of the ownership of the property. 

One of the salient features of the LIC HFL Home Loan for Pensioners is that children can be co-applicants while applying for the loan. Their income can be added as it will allow for a longer term and higher eligibility amount.

Tenure of the Loan: 

• In the case of joint applicants drawing a pension, the maximum loan term is up to the attainment of 80 years of age.
• If the income of younger applicants (son/daughter/spouse) is considered, then:
  • The maximum loan term is up to 30 years 
  • Till the attainment of 80 years of the younger applicant, whichever is earlier 

One of the additional benefits received by borrowers with default-free track records is eligible for a waiver of EMI. The EMI waiver is as follows:

• 1st waiver of EMI at the 61st month of the loan tenure.
• 2nd waiver wave of EMI is at the 121st  month of the loan tenure. 

Balance Transfer

If you have any existing home loan with another financial institution LIC HFL allows for the takeover of your existing home loan or Balance Transfer. 

Documents Required for the Purpose of Availing a LIC HFL Home Loan

1. Income Documents
2. Property Documents 
3. KYC Documents 

Income Documents will include the following:

1. Salary slips and Form No. 16 for salaried employees
2. Last 3 years' income tax returns for self-employed individuals or professionals 
3. Last 3 years of Financial Statements for self-employed individuals or professionals 
4. Last 6 months to 12 months Bank Statements 

Property Documents will include the following (in case the property is identified)

1. Proof of ownership of property 
2. In the situation of ownership of Flats, the allotment letter of the builder/society
3. Up-to-date tax paid receipt

KYC Documents will include the following:

1. PAN Card
2. Aadhar Card
3. For Non-resident Indians, the requirement of a passport is mandatory 
4. Proof of residence 

Note: All loans will be sanctioned at the sole discretion of the LIC HFL.

With quick sanctioning, low EMIs, and simplified documentation, LIC HFL guarantees a seamless borrowing experience.

In addition, the competitive LIC home loan current interest rate, absence of pre-payment penalties, and options for purchasing, constructing, repairing, or transferring existing home loans make LIC HFL an ideal choice for fulfilling your housing finance needs.

LIC Home Loans stand out not only for their wide range of offerings but also for catering to both working professionals and retired individuals. Their competitive loan schemes and ability to cater to a diverse customer base make them an ideal choice for home financing.

When considering a home loan, it's essential to compare various options, including interest rates and processing fees. Additionally, maintaining a good credit score can also enhance your chances. Contact NoBroker expert Home Loan advisors to get more help with your home loan.

Disclaimer

This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.

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